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TORONTO, April 13, 2022 /CNW/ - Automotive Properties
Real Estate Investment Trust (TSX: APR.UN) (the "REIT") today
announced that it has extended the maturity of one of its existing
credit facilities ("Credit Facility 1") for a five-year term
to June 2027 and increased the amount available under the
non-revolving component of Credit Facility 1 from $176.3
million to $226.3 million. The additional $50
million will be drawn to pay down existing indebtedness under
the REIT's revolving credit facilities. The REIT's revolving
component under Credit Facility 1 will remain at $30 million. The interest rate spreads on both
the non-revolving and revolving components of Credit Facility 1
remain unchanged at bankers' acceptance rate plus 150 basis points
or the Canadian prime rate plus 25 basis points. Consistent with
the REIT's past practice, the REIT expects to fix the interest rate
on a portion of the additional $50 million available
under the non-revolving component of Credit Facility 1 using
interest rate swaps in due course. The REIT's Credit Facility 1 is
provided by a syndicated lending group led by a Schedule 1
chartered bank.
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 72 income-producing commercial properties,
representing approximately 2.7 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: www.automotivepropertiesreit.ca.
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 "expected".
Forward-looking information includes the impact of the COVID-19
pandemic on the REIT and its tenants. 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 Judgments & Estimates" in the REIT's
Management Discussion & Analysis for the year ended
December 31, 2021 and in the REIT's
annual information form dated March 22,
2022, which are available on SEDAR (www.sedar.com) and the
REIT's website (www.automotivepropertiesreit.ca). 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