Mr. Greg Vorwaller reports

AIP REALTY TRUST ANNOUNCES MARCH DISTRIBUTION AND PROVIDES BUSINESS UPDATE

AIP Realty Trust's board of trustees has declared a quarterly cash distribution in the amount of two cents per unit. The declared amount represents a 50-per-cent decrease from the distributions of four cents per unit paid by the trust for each of the past three quarters. The distribution will be payable on April 17, 2023, to unitholders of record on March 31, 2023. All dollar amounts are stated in U.S. dollars.

After careful consideration of the trust's financial resources and while the currently owned Eagle Court facility in Lewisville, Tex., remains fully leased and occupied and is performing in accordance with pro forma expectations, the board made the decision to revise its distribution policy to preserve working capital and maintain financial flexibility. The board believes the decision supports the trust's priority of preserving capital needed to accomplish two primary objectives. The first objective is to complete the acquisitions of two newly built properties identified in purchase agreements the trust has entered into with its development partner, AllTrades Industrial Properties Inc., namely the Mesquite, Tex., and Plano, Tex., facilities. Both facilities were completed in the second half of 2022 and were 100 per cent leased within a month of delivery at rents above pro forma expectations. The second objective is to provide AllTrades with mezzanine financing for the continued development of its growing pipeline of secured sites. The board believes delivering on both objectives is the most effective means to create recurring cash flow for the trust and drive long-term value for unitholders.

The reduction of the distribution is intended to be a temporary measure, and the board plans to re-evaluate the distribution on a quarterly basis.

AIP Realty has implemented a distribution reinvestment plan, enabling Canadian holders of trust units of AIP Realty to reinvest distributions paid on such units, subject to applicable withholding taxes, into additional units of the trust at a 3-per-cent discount to the average market price based on the daily volume-weighted average price of the units for five consecutive trading days prior to the distribution date. Unitholders who enroll in the DRIP by 3 p.m. EST on March 24, 2023, will be entitled to reinvest the distribution declared today, and any subsequent distributions declared while they remain enrolled, in the form of units.

As of the date hereof, insider participation in the DRIP represents 100 per cent of total participation for the distribution payable on the distribution date. A total of 4,124 units have been issued under the DRIP since implementation.

The DRIP and the enrolment form may be obtained from TSX Trust Company by calling 1-866-600-5869, by visiting the agent's website or by visiting the AIP Realty website.

About AIP Realty Trust

AIP Realty is a real estate investment trust with a growing portfolio of light industrial flex facilities focused on small businesses and the trade and service sectors in the United States. 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 capital expenditure intensity, as well as significant growth opportunities. With an initial focus on the Dallas-Fort Worth market, AIP Realty plans to roll out this innovative property offering nationally. AIP Realty 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.

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