SPECIAL DISTRIBUTION 2024-12-16 21:00 ET - News Release
Mr. Andrew Kalra reports
AUTOMOTIVE PROPERTIES REIT ANNOUNCES DECEMBER 2024 DISTRIBUTION AND SPECIAL DISTRIBUTION
Automotive Properties Real Estate Investment Trust has declared a regular monthly cash distribution to REIT unitholders for December, 2024, and a special distribution to unitholders of 55 cents per REIT unit.
The regular distribution of 6.7 cents per REIT unit for the month of December, 2024, which represents 80.4 cents per unit on an annualized basis, will be made on Jan. 15, 2025, to unitholders of record as at Dec. 31, 2024.
The special distribution of 55.0 cents per unit will comprise 8.1 cents per unit payable in cash and 46.9 cents per unit payable by the issuance of units to unitholders of record as at Dec. 31, 2024.
The special distribution is being made primarily to distribute to unitholders a portion of the capital gain realized by the REIT during the 12-month period ending Dec. 31, 2024, from the previously announced sale of the Kennedy lands on Oct. 1, 2024. Accordingly, the special distribution will be in the form of a capital gain for income tax purposes. The cash portion of the special distribution is intended to assist unitholders in financing any additional tax liability that may arise in connection with the special distribution.
The portion of the special distribution payable in units will be paid on Dec. 31, 2024, by the issuance of units from treasury that have a fair market value equal to the dollar amount of the special distribution payable in units based on the volume-weighted average trading price of the units on the Toronto Stock Exchange for the five trading days ending on Dec. , 2024. Immediately following the special distribution, the outstanding units of the REIT will be consolidated such that each unitholder will hold, after the consolidation, the same number of units as held immediately prior to the special distribution. The cash portion of the special distribution will be paid to unitholders on Jan. 6, 2025.
For unitholders who are residents of Canada for Canadian federal income tax purposes, the amount of the special distribution payable in units will increase the aggregate adjusted cost base of each unitholders' consolidated units. Unitholders who are not resident in Canada for Canadian federal income tax purposes may be subject to applicable withholding taxes in connection with the payment of the special distribution.