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TORONTO, Dec. 19, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the "REIT") announced today that as part of the recently announced acquisitions and expansion of its credit facilities, the REIT has entered into new interest rate swaps totaling $126.0 million on its credit facilities, including: $15.0 million with a six-year term, $66.6 million with a seven-year term, and $44.4 million with a 10-year term. The REIT has also blended and extended its July 2020 interest rate swaps totaling $37.2 million, to a weighted average term of 5.6 years.
The above transactions provide a well-balanced level of annual maturities with interest rate swap terms ranging between four and 10 years, and a weighted average interest rate swap term remaining of 6.7 years. The REIT's fixed weighted average effective interest rate on its debt (excluding revolving credit facilities) is now 3.79%.
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 54 income-producing commercial properties and one development property, representing approximately 2.0 million square feet of gross leasable area, in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia 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", "anticipates" 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 "Risks and Uncertainties" in the REIT's management's discussion and analysis ("MD&A") most recently filed on SEDAR (www.sedar.com) and in the REIT's current annual information form which is also available on SEDAR. 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 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