Bullboard - Stock Discussion Forum Automotive Properties Real Estate Investment Trust T.APR.UN

Alternate Symbol(s): APPTF

Automotive Properties Real Estate Investment Trust (the REIT) is a Canada-based open-ended real estate investment trust. The REIT is focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT's portfolio consists of 77 income-producing commercial properties, representing approximately 2.9 million square feet of gross leasable area, in... see more

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Automotive Properties Real Estate Investment Trust > Completes Acquisitions of Two Tesla Automotive Properties

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Post by Betteryear2 on Feb 28, 2022 2:18pm

Completes Acquisitions of Two Tesla Automotive Properties

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TORONTO, Feb. 28, 2022 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) ("Automotive Properties REIT" or the "REIT") announced today that it has waived all conditions and completed the acquisitions of two Tesla automotive service properties (the "Properties") for a combined purchase price of approximately $25.9 million. The Properties are located at 2180 / 2200 Cyrille-Duquet Street in Qubec City, Qubec (the "Cyrille-Duquet Street Property") and 2474 Doral Drive in Innisfil, Ontario (the "Doral Drive Property"). The Properties are tenanted by Tesla Canada. The addition of the Properties is expected to be immediately accretive to the REIT's Adjusted Funds from Operations ("AFFO")¹ per unit on a leverage-neutral basis.

"We continue to increase the electric vehicle component within our portfolio. We now own five properties tenanted by Tesla Canada in urban markets across Canada," said Milton Lamb, CEO of Automotive Properties REIT.

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