TORONTO, Aug. 7, 2015 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) ("Automotive Properties REIT" or the "REIT") announced today pursuant to the debt strategy outlined in the REIT's IPO Prospectus, the REIT has completed the interest rate hedging program related to the existing Credit Facilities.
The REIT's total Credit Facilities of $193.8 million will now have a remaining effective term to maturity of 6.3 years, increased from 5.6 years. In addition, the final effective weighted average interest rate of 3.15% is lower than the 3.2% weighted average interest rate initially contemplated.
"We have successfully completed the debt strategy outlined in our prospectus, securing a longer term to maturity and more favourable fixed interest rates, positioning us to pursue our growth strategy," said Milton Lamb, President and CEO of Automotive Properties REIT.
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 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
Forward –Looking Statements
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 "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: Milton Lamb, President and Chief Executive Officer, Automotive Properties REIT, Tel: (647) 789-2445; Andrew Kalra, Chief Financial Officer & Corporate Secretary, Automotive Properties REIT, Tel: (647) 789-2446