News Releases
122658feedYesenAutomotive Properties REIT Acquires Lexus Laval Dealership Property in Greater Montreal Area


TORONTO, March 1, 2021 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive Properties REIT” or the “REIT”) announced today that it has acquired the Lexus Laval dealership property in Laval, Quebec (the “Property”) from the Dilawri Group (“Dilawri”) for a purchase price of approximately $14.8 million. The addition of the Property is expected to be accretive to the REIT’s Adjusted Funds from Operations (“AFFO”)¹ per unit on a leverage-neutral basis.

The Property consists of a 30,000 square-foot, full-service Lexus dealership facility, built in 2006 with expansions in 2009 and 2013, that is situated on three acres of land at 2000 Boulevard Chomedey. The Property is located in an area of substantial commercial development and in close proximity to the Trans-Canada Highway and the Island of Montreal. The operating tenant of the Property has entered into a 17-year, triple-net lease with the REIT that includes a contractual 1.5% annual rent increase and is indemnified by a Dilawri company.

The REIT satisfied the purchase price by issuing 1,369,102 trust units of the REIT (“Units”) to Dilawri, increasing Dilawri’s effective interest in the REIT to approximately 28.1%. The REIT’s independent trustees unanimously approved the acquisition and issuance of the Units. The REIT completed due diligence in connection with the acquisition, which included receipt of an arm’s length appraisal supporting, among other things, the purchase price.

“This transaction is consistent with our long-term focus on generating growth through the acquisition of high-quality dealership properties in major Canadian markets, and our near-term focus on maintaining a more conservative financial liquidity position during the pandemic. It also demonstrates Dilawri’s continued commitment to the REIT’s success,” said Milton Lamb, President and CEO of the REIT.

About Automotive Properties REIT
Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT’s portfolio currently consists of 66 income-producing commercial properties, representing approximately 2.5 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 dealership real estate properties. For more information, please visit:

(1) Non-IFRS Financial Measure
This news release contains a financial measure which is not defined under IFRS and may not be comparable to similar measures presented by other real estate investment trusts or enterprises. AFFO is a key measure of earnings performance used by real estate businesses. This measure is not defined by IFRS and does not have a standardized meaning prescribed by IFRS, and therefore should not be construed as an alternative to net income or cash flow from operating activities calculated in accordance with IFRS. The REIT believes that AFFO is an important measure of economic earnings performance and is indicative of the REIT’s ability to pay distributions from earnings. The IFRS measurement most directly comparable to AFFO is net income. Please refer to the REIT’s Management Discussion & Analysis (“MD&A”) most recently filed on SEDAR for further discussion of this non-IFRS financial measure.

Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events and in some cases can be identified by such terms as “will” and “is expected”. Forward-looking information includes statements regarding the financial impact of the acquisition on the REIT’s AFFO per unit. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risks & Uncertainties, Critical Judgements & Estimates” in the REIT’s most recent MD&A and in the REIT’s annual information form dated March 23, 2020, both of which are available on SEDAR ( The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release.

SOURCE Automotive Properties Real Estate Investment Trust

Bruce Wigle, Investor Relations, Bay Street Communications, Tel: 647-496-7856; Milton Lamb, President & CEO, Automotive Properties REIT, Tel: (647) 789-2445; Andrew Kalra, CFO & Corporate Secretary, Automotive Properties REIT, Tel: (647) 789-2446

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TORONTO, March 1, 2021 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive…

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