AIP.U

AIP Realty Trust (“AIP” or the “Trust”) (TSXV: AIP.U) is pleased to announce that it has implemented a Distribution Reinvestment Plan (“DRIP”) enabling Canadian holders of trust units of AIP (the “Units”) to reinvest distributions paid on such Units, subject to applicable withholding taxes, into additional Units of the Trust. The DRIP provides investors with a way to steadily increase their ownership in AIP without incurring any commission or other transaction costs.

To encourage participation, Units purchased through the DRIP will be purchased at a three percent (3%) discount to the average market price based on the daily volume weighted average price of the units for five consecutive trading days. Participants will also be able to make optional cash payments towards the purchase of additional Units in accordance with the terms and conditions of the DRIP. Units purchased through the DRIP will be issued from Treasury by the Trust.

Up to 10% of the aggregate number of issued and outstanding Units may be issued pursuant to the DRIP at any time during a financial year (being 341,786 at the effective date of the DRIP, or such greater number permitted by the TSX Venture Exchange (the “TSXV”) from time to time). Any increases in the maximum number of Units that the Trust may issue pursuant to the DRIP is subject to (i) approval of the Trust’s board of trustees, (ii) approval of the TSXV, and (iii) public disclosure by way of a news release regarding the increase in the maximum number of Units.

TSX Trust Company (the “Agent”) has been appointed as the Agent for the DRIP. AIP will pay to the Agent all cash distributions which are to be reinvested on behalf of unitholders participating in the DRIP, subject to applicable withholding taxes. The Agent will then use these funds to purchase additional Units on behalf of participants directly from the Trust or from the TSXV (or applicable market). Proceeds received by the Trust from the issuance of Units under the DRIP will be used for general corporate purposes. Participation in the DRIP is optional and does not affect unitholders’ cash distributions, unless they elect to participate in the DRIP.

The Trust provides unitholders with quarterly distributions that reflect the underlying strengths of the Trust. The Units are listed on the TSXV (under the trading symbol AIPV.U) and may be eligible for registered retirement savings plans, registered retirement income funds, registered education savings plans, registered disability savings plans, tax-free savings accounts and deferred profit sharing plans.

The DRIP will be effective commencing December 15, 2022. The DRIP and the enrollment form may be obtained from the Agent by calling 1-866-600-5869, by visiting the Agent’s website at https://www.tsxtrust.com/t/investor-hub/drips, or by visiting the AIP website at www.aiprealtytrust.com.

About AIP Realty Trust AIP Realty Trust is a real estate investment trust with a growing portfolio of 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.

For further information from the Trust, contact:Leslie WulfExecutive Chairman   (214) 679-5263les.wulf@aiprealtytrust.com

or

Greg VorwallerChief Executive Officer(778) 918-8262Greg.vorwaller@aiprealtytrust.com

Cautionary Statement on Forward-Looking Information

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of AIP Realty Trust with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding, future acquisitions by the Trust, the ability to obtain regulatory and unitholder approvals and other factors. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to proposed financing activity, proposed acquisitions, regulatory or government requirements or approvals, the reliability of third-party information and other factors or information. Such statements represent the Trust’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Trust, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements. The Trust does not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release is not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The Trust has not registered and will not register the securities under the U.S. Securities Act. The Trust does not intend to engage in a public offering of their securities in the United States.

Source: AIP Realty Trust