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Automotive Properties REIT- Q3-2020 Earnings, Price Target Update

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Automotive Properties REIT (APR.UN) 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 64 properties located in metropolitan areas across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec, comprising 2.4M sq. ft. and $910M in value.(Sept-30-2020).

Of the 64 properties, 35 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 29 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 27properties 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 contributing 62% of base rent. The Dilawri Group is a privately held corporation owning auto dealerships. They currently hold 26% (45% as of the IPO) following the recent issues of 8M units in Jun-2019 and 7.9M units in Dec-2019. Overall, at Sept-30-2020, the average rental rate of $24.90 per sq. ft. ($25.01as at Sept-30-2019).

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. Dealerships represent 20 auto brands. Each of the leases with the Dilawri Group contains annual contractual basic rent escalators in the amount of 1.5% per annum. The Dilawri leases are structured as triple-net leases under which the tenant is responsible for all costs relating to repair and maintenance, realty taxes, property insurance, utilities and non-structural capital improvements.

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