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TORONTO, Aug. 20, 2015 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the "REIT") today announced its initial cash distribution of $0.089 per unit. The initial distribution includes $0.022 per unit for the period from July 22, 2015 (the closing date of the REIT's initial public offering) to July 31, 2015, and $0.067 per unit for the month of August 2015. Payment of the initial distribution will be made on September 15, 2015 to unitholders of record as at the close of business on August 31, 2015. The REIT currently intends to make subsequent regular monthly distributions of $0.067 per unit commencing in October 2015, representing $0.80 per unit on an annualized basis.
The policy of the REIT is to pay cash distributions on or about the 15th day of each month to the unitholders of record at the close of business on the last business day of the preceding month.
About Automotive Properties Real Estate Investment Trust
Automotive Properties Real Estate Investment Trust 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 of 26 income producing commercial properties represents approximately 958,000 square feet of gross leasable area in Ontario, Saskatchewan, Alberta and British Columbia. For more information, please visit: www.automotivepropertiesreit.ca
This press 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 "intends", "will" and "expected". 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 "Risk Factors" in the prospectus of the REIT dated July 10, 2015 filed 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.
SOURCE Automotive Properties Real Estate Investment Trust
For further information: Bruce Wigle, Investor Relations, Bay Street Communications, Tel: 647-496-7856; Milton Lamb, President & CEO, Automotive Properties REIT, Tel: (647) 789-2445; Andrew Kalra, CFO & Corporate Secretary, Automotive Properties REIT, Tel: (647) 789-2446