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November 9, 2019 - IPL
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November 8, 2019 - CRT.UN
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November 6, 2019 - KEY
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November 5, 2019 - VET
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November 3, 2019 - TRP
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Recommendation Changes
VET, SRV.UN, PLZ-UN, ESI, KEG.UN, more...

Automotive Properties REIT - Q1-2019 Earnings, Price Target Update

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Automotive Properties REIT is focused on owning and acquiring income-producing automotive dealership properties located in Canada. The proceeds from the initial public offering in Jul-2015 were used to acquire a portfolio of 26 auto dealership properties from the Dilawri Group. The portfolio has since increased to 57 properties located in metropolitan areas across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec, comprising 2.1M sq. ft. The Dilawri Group is a privately held corporation owning auto dealerships. They currently hold 27% (45% as of the IPO) following the recent issue of 7M units to fund acquisitions. Automotive Properties REIT is the only public REIT in Canada focused on consolidating automotive dealership real estate properties. Dilawri Group of Companies is Canada's largest automotive group with 61 franchised dealerships representing 30 automotive brands throughout Quebec, Ontario, Saskatchewan, Alberta, and British Columbia. They have been privately owned and operated by the Dilawri family since 1985.

Out of the 57 income-producing commercial properties, 32 are exclusively occupied by the Dilawri Group for use as automotive dealerships or, in one case, an automotive repair facility, while two of the other 25 properties are jointly occupied by the Dilawri Group (for use as automotive dealerships) and one or more third parties (for use as automotive dealerships or complementary uses, including restaurants), and the remaining 23 properties are exclusively occupied by other dealership groups for use as automotive dealerships or for automotive dealership ancillary services, such as a vehicle service compound facility or a repair facility. The Dilawri Group is the REIT's most significant tenant and accounts for 64% of rental income.

Recent Acquisitions

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New Issues & Acquisition
November 8, 2019
New! Coverage Universe - Weekly Price Change: Nov 1-8, 2019
November 1, 2019
Coverage Universe - Weekly Price Change: Oct 25-Nov 1, 2019
October 26, 2019
Coverage Universe - Weekly Price Change: Oct 18-25, 2019
October 18, 2019
Coverage Universe - Weekly Price Change: Oct 11-18, 2019
October 11, 2019
Melcor REIT - 5.1% Convertible Debenture New Issue
October 11, 2019
Coverage Universe - Weekly Price Change: Oct 4-11, 2019
October 5, 2019
Coverage Universe - Weekly Price Change: Sept 27- Oct 4, 2019
September 27, 2019
Coverage Universe - Weekly Price Change: Sept 20-27, 2019