VANCOUVER, BC, May 9, 2024 /CNW/ - AIP Realty Trust (the "Trust" or "AIP Realty") (TSXV:AIP) today announced its financial results for the year ended December 31, 2023. All dollar amounts are stated in U.S. dollars. 2023 Highlights The Trust owns a 100% leased multi-tenant light industrial flex facility located on Eagle Court in Lewisville, Texas (the "Eagle Court Property"). The Eagle Court Property has been 100% leased since substantial completion in June 2020.  The Eagle Court Property had expected normal tenant turnover but even through this, has realized an overall ~10% increase in investment property revenue from higher lease rates. The Eagle Court Property generated investment property revenue of $595,793, comprised of tenant rental revenue and revenue from contracts with customers, specifically common area maintenance. Investment property operating expenses were $197,740, resulting in net rental income of $398,053. The Trust has previously announced entering into forward purchase agreements with the option to acquire up to 12 Serviced Industrial Business Suites ("SIBS") in the shallow bay light industrial flex space being developed in the Dallas-Fort Worth ("DFW") market by AllTrades Industrial Properties, Inc. ("AllTrades"), the Trust's exclusive development partner, and a related party of the Trust.1 Suspended its Q2 through Q4 quarterly distributions to support the Trust's priority of preserving capital to fund working capital until the properties discussed above are acquired. Announced that its Board of Trustees (the "Board") has initiated a process to explore and evaluate strategic alternatives available to the Trust and any other options that may be at hand and considered by the Board to be in the best interests of the Trust and its unitholders. Selected Financial Information  Year ended December 31 2023 2022 Investment property revenue $595,793 $352,548 Investment property operating expenses ($197,740) ($103,156) Net rental income $398,053 $249,392 Other income (expense) ($3,147,917) ($4,829,810) Fair value adjustment to investment property $78,310 ($8,841) Net loss and total comprehensive loss ($2,671,554) ($4,589,259) ________________________________ 1 The acquisition of each of the properties is subject to certain conditions, including but not limited to completion of the construction of each facility, receipt of audited financial statements for ...