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TORONTO, June 17, 2020 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the “REIT”) today provided its third unitholder update on the impact of the novel coronavirus (COVID-19) pandemic on its business, reporting that 100% of its tenants are now current with their rental obligations under their leases or rent deferral agreements (the “Deferral Agreements”). Accordingly, the REIT has collected approximately 78% of its base rent for the second quarter of 2020, with the remaining amount subject to Deferral Agreements.
“This concludes the process of working with our tenant partners to provide support while they are managing the economic challenges imposed by the pandemic,” said Milton Lamb, President and CEO of Automotive Properties REIT. “Our ability to either collect rent or enter into constructive Deferral Agreements with 100% of the REIT’s tenants, with no expected impact to the REIT’s distribution policy, underlines both the quality of our tenant base and the value of the dealership properties.”
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 64 income-producing commercial properties, representing approximately 2.4 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and QuÃ©bec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties. For more information, please visit: www.automotivepropertiesreit.ca.
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 “expects”. Forward-looking information includes the REIT’s expectation of the impact of COVID-19 on its tenants and the REIT’s distribution policy. 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 MD&A for the year ended December 31, 2019 and in the REIT’s annual information form dated March 23, 2020, both of which are available on SEDAR (www.sedar.com). 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
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