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Automotive Properties REIT Reports Financial Results for Second Quarter of 2026 and Announces 2% Distribution Increase
– Acquisitions drive strong year-over-year growth of 22.8% in rental revenue, 20.0% in Cash NOI and 18.6% in AFFO –
Toronto, Aug. 13, 2026 /CNW/ — Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive Properties REIT” or the “REIT”) today announced its financial results for the three-month (“Q2 2026”) and six-month (“YTD 2026”) periods ended June 30, 2026. The REIT also announced today that its Board of Trustees approved a 2.0% increase to the REIT’s regular cash distributions.
“We generated strong year-over-year growth in rental revenue, cash NOI, and AFFO for the quarter, reflecting the positive impact of the 17 property acquisitions we completed during 2025 and to date in 2026, and our contractual rent increases. We have posted record quarterly AFFO per unit in both our first and second quarters this year,” said Milton Lamb, CEO of Automotive Properties REIT. “With our strong financial performance, the REIT’s Trustees have approved a 2.0% increase to our cash distributions, marking the second consecutive year we have implemented a distribution increase.”
“We are well positioned to build on our positive momentum, supported by a growing property portfolio anchored by high-quality tenants providing essential automotive retail and services, locations in prime metropolitan markets in Canada and the U.S. with GDP and population growth, and an attractive net lease structure with embedded fixed or CPI-adjusted rental growth.”
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The REIT generated AFFO per Unit1 of $0.263 (diluted) and paid regular cash distributions of $0.206 per Unit (as defined below) in Q2 2026, representing an AFFO payout ratio1 of approximately 78.3%. For the comparable three-month period ended June 30, 2025 (“Q2 2025”), the REIT generated AFFO per Unit of $0.249 (diluted) and paid regular cash distributions of $0.201 per Unit, representing an AFFO payout ratio of approximately 80.7%.
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The REIT had a Debt to Gross Book Value (“Debt to GBV”)2 ratio of 47.5% as at June 30, 2026, and had $58.0 million of undrawn capacity under its revolving credit facilities, $0.7 million of cash on hand, and 11 unencumbered properties with an aggregate value of approximately $166.7 million. As at the date of this news release, the REIT has a Debt to GBV ratio of 47.5%, approximately $64.0 million of undrawn capacity under its revolving credit facilities, and 11 unencumbered properties with an aggregate value of approximately $166.7 million.
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On April 7, 2026, the REIT acquired two automotive dealership properties located in Santa Ana, Orange Country, California (the “Orange Country Properties”) for a purchase price of US$30.15 million. The REIT funded the purchase price of the Orange Country Properties, which include the Audi South Coast and South Coast Volkswagen dealership properties, by drawing on its revolving credit facilities. The Orange County Properties are tenanted by Penske Automotive Group, Inc (NYSE: PAG).
