UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 22, 2016

 

 

Industrial Property Trust Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   000-55376   61-1577639

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

518 Seventeenth Street, 17th Floor

Denver, CO 80202

(Address of principal executive offices)

(303) 228-2200

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 8.01. Other Events.

Public Earnings Call

Industrial Property Trust Inc. (the “Company”) will host a public conference call on Tuesday, November 29, 2016 to review quarterly operating and financial results for the quarter ended September 30, 2016. Dwight Merriman, Chief Executive Officer, and Tom McGonagle, Chief Financial Officer, will present operating and financial data and discuss the Company’s corporate strategy and acquisition and development activity. The conference call will take place at 2:15 p.m. MST and can be accessed by dialing (877) 742-5590; conference ID 74274299. To access a replay of the call, contact Dividend Capital at (866) 324-7348.

Status of Investments in Real Estate

As of October 31, 2016, Industrial Property Trust Inc. (the “Company”) owned and managed, either directly or through its 20.0% ownership interest in a joint venture partnership, a real estate portfolio that included properties with an aggregate total purchase price of approximately $2.8 billion, comprised of 240 industrial buildings totaling approximately 38.3 million square feet located in 25 markets throughout the U.S., with 473 customers, and was 91.9% occupied (92.7% leased) with a weighted-average remaining lease term (based on square feet) of approximately 4.7 years. The occupied rate reflects the square footage with a paying customer in place. The leased rate includes the occupied square footage and additional square footage with leases in place that have not yet commenced. As of October 31, 2016:

 

    226 industrial buildings totaling approximately 36.0 million square feet comprised the Company’s operating portfolio, which includes stabilized properties, and was 95.3% occupied (95.5% leased). The Company’s operating portfolio has an estimated weighted-average aggregate purchase price capitalization rate of approximately 5.3% (5.5% excluding contractual free rent during a portion of the year following acquisition for certain of the properties).

 

    14 industrial buildings totaling approximately 2.3 million square feet comprised the Company’s development and value-add portfolio, which includes buildings acquired with the intention to reposition or redevelop, or buildings recently completed which have not yet reached stabilization. The Company generally considers a building to be stabilized on the earlier to occur of the first anniversary of a building’s shell completion date or achieving 90% occupancy.

As of October 31, 2016, the Company owned and managed 27 industrial buildings totaling approximately 4.4 million square feet of the total 38.3 million square feet (discussed above) through its 20.0% ownership interest in a joint venture partnership.

The weighted-average aggregate purchase price capitalization rate is calculated based on the aggregate projected cash net operating income from in-place leases for the 12 months from the date of the respective acquisition, including any contractual rent increases contained in such leases for those 12 months, divided by the aggregate purchase price, exclusive of transfer taxes, due diligence expenses, and other closing costs including acquisition costs and fees paid to the Company’s advisor and its affiliates.

Forward-Looking Statement

This Current Report on Form 8-K contains forward-looking statements (such as those concerning the remaining lease terms and the weighted-average aggregate purchase price capitalization rate) that are based on the Company’s current expectations, plans, estimates, assumptions, and beliefs that involve numerous risks and uncertainties, including, without limitation, risks associated with the Company’s customers’ ability to continue to comply with the terms of their leases, and those risks set forth in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although these forward-looking statements reflect management’s belief as to future events, actual events or the Company’s investments and results of operations could differ materially from those expressed or implied in these forward-looking statements. To the extent that the Company’s assumptions differ from actual results, the Company’s ability to meet such forward-looking statements may be significantly hindered. You are cautioned not to place undue reliance on any forward-looking statements. The Company cannot assure you that it will attain its investment objectives.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    INDUSTRIAL PROPERTY TRUST INC.
November 22, 2016     By:   /s/ THOMAS G. MCGONAGLE
      Name: Thomas G. McGonagle
      Title:   Chief Financial Officer