AIP Realty Trust Announces Late Filings of Annual Financial Statements and Failure-to-File Cease Trade Order

VANCOUVER, British Columbia , May 07, 2024 (GLOBE NEWSWIRE) -- AIP Realty Trust (the “Trust” or “AIP”) (TSXV: AIP.U) today announces that it is not in a position to file its audited consolidated annual financial statements, management’s discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2023 and accompanying management discussion and analysis (the “Annual Financial Filings”) prior to the applicable deadline due to internal and external delays associated with the preparation and audit process as part of the Annual Financial Filings due to a lack of funds, which prevented the Trust from being able to engage its auditor, which has impacted the continuous availability of the auditor, as well as unanticipated complexities with the completion of the Annual Financial Filings.

As a result of the delay in filing, the British Columbia Securities Commission has issued a failure to file cease trade order (the “FFCTO”) pursuant to National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions against the Trust, effective so long as the Annual Financial Filings are not filed. The FFCTO prohibits the trading by any person of any securities of the Trust in Canada, including trades in the Trust’s class A trust units made through the facilities of the TSX Venture Exchange, until the Annual Financial Filings have been filed and the FFCTO revoked.

The Trust continues to work closely with its auditors and anticipates that the Annual Financial Filings will be filed on or before May 13, 2024. The Trust has not taken any steps towards any insolvency proceeding and the Trust has no material information to release to the public. The Trust has made the foregoing representations in accordance with the requirements of applicable securities laws.

About AIP Realty Trust

AIP Realty Trust is a real estate investment trust with a growing portfolio of AllTrades branded Serviced Industrial Business Suites (“SIBS”) light industrial flex facilities focused on small businesses and the trades and services sectors in the U.S. These properties appeal to a diverse range of small space users, such as contractors, skilled trades, suppliers, repair services, last-mile providers, small businesses and assembly and distribution firms. They typically offer attractive fundamentals including low tenant turnover, stable cash flow and low capex intensity, as well as significant growth opportunities. With an initial focus on the Dallas-Fort Worth market, AIP plans to roll out this innovative property offering nationally. AIP holds the exclusive rights to finance the development of and to purchase all the completed and leased properties built across North America by its development and property management partner, AllTrades Industrial Properties, Inc. For more information, please visit www.aiprealtytrust.com.