TORONTO--(BUSINESS WIRE)--Agellan Commercial Real Estate Investment Trust (the “REIT”) (TSX:ACR.UN) is pleased to provide an update on positive leasing activity which the REIT experienced in its portfolio during the third quarter of 2015.
Parkway Place, Toronto, Ontario:
- The REIT obtained two lease commitments for approximately 30,000 square feet (“sqft”) of vendor tenant leased space at its Parkway Place complex. The first lease is in respect of approximately 2,000 sqft for a term of five years and the second lease is in respect of approximately 28,000 sqft for a term of ten years. The new leases were completed at net rental rates approximately 4.1% higher than the expiring vendor tenant lease.
- The REIT renewed the final outstanding lease which was set to expire in 2015 at its Parkway Place complex. The REIT is pleased to report that during the nine month period ended September 30, 2015, the REIT renewed all leases at Parkway Place set to expire in 2015, other than certain leases entered into in connection with the IBM lease amendment signed in July 2013.
240 Bank Street, Ottawa, Ontario:
- A major tenant at 240 Bank Street has expanded its lease at the property, bringing the total occupancy of the property to 94%.
- The REIT continued to experience steady leasing activity throughout its Houston industrial assets. The REIT entered into new leases representing in aggregate approximately 36,000 sqft with occupancy dates that were all on or before October 1, 2015.
- The REIT also completed renewals of approximately 32,000 sqft throughout its Houston industrial assets. These leases were completed at net rental rates that are approximately 7.8% higher than the expiring rates.
- The REIT is pleased to announce that it has completed several renewals and new leases at its newest properties, Oakbrook and Sandy Plains. The REIT renewed approximately 58,490 sqft at a net rental rate approximately 6.1% higher than the expiring rates.
- The REIT also entered into two additional new leases totaling approximately 4,000 sqft.
Third Quarter Conference Call
The REIT also announced today that it will hold a conference call to discuss the REIT’s financial performance for the period ended September 30, 2015 on Tuesday, October 27, 2015 at 2:00 p.m. EST. The results will be released prior to the call.
To access the call, please dial 1-416-340-2217 or 1-866-696-5910 and enter the participant pass code: 9576065. For operator assistance during the call, please press *0.
A replay of the conference call will be available from 5:00 p.m. EST on October 27, 2015 until midnight EST, November 10, 2015. To access the replay, call 1-905-694-9451 or 1-800-408-3053 and enter participant pass code: 3290267.
About Agellan Commercial Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.
The REIT’s current portfolio aggregates approximately 4.7 million square feet of gross leasable area in 32 properties. The properties are primarily located in major urban markets in the United States and Canada.
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.