WPT Industrial Real Estate Investment Trust provided an update today on ongoing business and operational matters.
RENT COLLECTION
The REIT continues to closely monitor developments regarding the COVID-19 pandemic and work proactively to provide tenants safe and continuous access to their buildings while maximizing rent collections. As of October 13, 2020, the REIT has received over 99% of contractual rents for August, September and October 2020.
Further disclosure surrounding the impact of COVID-19 are included in the REIT’s management discussion and analysis for the three months ended June 30, 2020 under the REIT’s profile on SEDAR at www.sedar.com.
LEASING ACTIVITY
Renewals
Since the REIT’s last earnings release on August 5, 2020, the REIT has renewed six leases totaling approximately 570,000 square feet, with a weighted average cash re-leasing spread and straight-line rent re-leasing spread of 16.1% and 20.8%, respectively.
This recent leasing activity reduces the REIT’s remaining 2020 lease expirations to approximately 0.6% and 2021 expirations to approximately 5.6% of the portfolio’s gross leasable area.
Lease-Up of Vacant Space
Since August 5, 2020, the REIT leased approximately 200,000 square feet of previously vacant space, including 182,954 square feet of space acquired as part of the REIT’s March 2020 portfolio acquisition, for a weighted average lease term of 3.4 years.
The REIT also recently entered into a long-term lease with a large online retailer for its 188,000 square foot private capital development project in Bayonne, New Jersey.
Expansions
The REIT recently agreed to expand the parking lot for its property located at 9929 and 9943 Doerr Lane in San Antonio, Texas. Total costs for the expansion are estimated to be approximately $4.5 million. Upon completion (estimated to be December 1, 2020) annual base rent will increase by approximately $459,000 per year and the building lease term will be extended for a total of three years to November 2030.
DISPOSITION ACTIVITY
On August 28, 2020, the REIT sold the property located at 1370 Discovery Court Industrial Court, in Mableton, Georgia for net cash proceeds of approximately $10 million (inclusive of closing and working capital adjustments).
PORTFOLIO SUMMARY
The REIT’s portfolio currently consists of 99 properties totaling approximately 31.7 million square feet with occupancy of approximately 98% and a weighted average remaining lease term of 4.5 years.
For more information, please contact:
Scott Frederiksen, Chief Executive Officer
WPT Industrial Real Estate Investment Trust
Tel: (612) 800-8501