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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.
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
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