Automotive Properties REIT Announces January 2025 Distribution

Automotive Properties REIT (APR.UN) has announced its monthly cash distribution for January 2025, representing $0.067 per REIT unit on an annualized basis. The payment will be made on February 18, 2025, to unitholders of record as at January 31, 2025. This distribution is in line with the REIT's commitment to providing unitholders with stable, predictable, and growing monthly cash distributions on a tax-efficient basis.

The REIT's portfolio currently consists of 78 income-producing commercial properties, representing approximately 2.9 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Québec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive and OEM dealership and service real estate properties.



The REIT's valuation of its investment properties decreased nominally in Q4 2024 compared to the prior quarter, reflecting current market conditions. The capitalization rate applicable to the REIT's entire portfolio increased to 6.59% as at December 31, 2024, compared to 6.56% as at September 30, 2024, and 6.42% as at December 31, 2022. The REIT's Debt to Gross Book Value (GBV) ratio was 45.0% as at December 31, 2024, and it had $57.2 million of undrawn capacity under its revolving credit facilities, $0.3 million of cash on hand, and five unencumbered properties with an aggregate value of approximately $70.6 million.



The REIT's financial performance for Q4 2024 and full year 2024 is as follows:

| Metric | Q4 2024 | Full Year 2024 |
| --- | --- | --- |
| Rental Revenue | $23.291 million | $92.484 million |
| Net Operating Income (NOI) | $19.741 million | $72.840 million |
| Cash NOI | $19.317 million | $76.372 million |
| Same Property Cash NOI | $17.279 million | $67.568 million |
| Net Income | ($15.199 million) | $50.991 million |
| Funds From Operations (FFO) | $11.939 million | $48.010 million |
| Adjusted Funds From Operations (AFFO) | $11.532 million | $45.930 million |
| Distributions per Unit | $0.201 | $0.804 |

The REIT generated AFFO per Unit of $0.230 (diluted) and paid total cash distributions of $0.201 per Unit in Q4 2024, representing an AFFO payout ratio of approximately 87.4%. For the comparable three-month period ended December 31, 2023, the REIT generated AFFO per Unit of $0.213 (diluted) and paid cash distributions of $0.201 per Unit, representing an AFFO payout ratio of approximately 94.4%.

In conclusion, Automotive Properties REIT's January 2025 distribution reflects the REIT's commitment to providing unitholders with stable, predictable, and growing monthly cash distributions. The REIT's financial performance for Q4 2024 and full year 2024 demonstrates the REIT's ability to generate solid returns for unitholders, despite a slight increase in the Debt to GBV ratio. The REIT's valuation and financial health remain strong, with ample liquidity and flexibility to manage its debt obligations and maintain its financial health.