− NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES −
TORONTO, Dec. 16,
2024 /CNW/ - Automotive Properties Real Estate
Investment Trust (TSX: APR.UN) (the "REIT") today announced its
regular monthly cash distribution to REIT unitholders
("Unitholders") for December 2024
(the "Regular Distribution") and a special distribution to
Unitholders of $0.55 per REIT unit
(the "Special Distribution").
The Regular Distribution of $0.067
per REIT unit ("Unit") for the month of December 2024, which represents $0.804 per Unit on an annualized basis, will be
made on January 15, 2025 to
Unitholders of record as at December 31,
2024.
The Special Distribution of $0.550 per Unit will be comprised of
$0.081 per Unit payable in cash and
$0.469 per Unit payable by the
issuance of Units to Unitholders of record as at December 31, 2024.
The Special Distribution is being made primarily to distribute
to Unitholders a portion of the capital gain realized by the REIT
during the 12-month period ending December
31, 2024 from the previously announced sale of the Kennedy
Lands on October 1, 2024.
Accordingly, the Special Distribution will be in the form of a
capital gain for income tax purposes. The cash portion of the
Special Distribution is intended to assist Unitholders in funding
any additional tax liability that may arise in connection with the
Special Distribution.
The portion of the Special Distribution payable in Units will be
paid on December 31, 2024 by the
issuance of Units from treasury that have a fair market value equal
to the dollar amount of the Special Distribution payable in Units
based on the volume-weighted average trading price of the Units on
the Toronto Stock Exchange for the five trading days ending on
December 30, 2024. Immediately
following the Special Distribution, the outstanding Units of the
REIT will be consolidated such that each Unitholder will hold,
after the consolidation, the same number of Units as held
immediately prior to the Special Distribution. The cash
portion of the Special Distribution will be paid to Unitholders on
January 6, 2025.
For Unitholders who are residents of Canada for Canadian federal income tax
purposes, the amount of the Special Distribution payable in Units
will increase the aggregate adjusted cost base of each Unitholders'
consolidated Units. Unitholders who are not resident in
Canada for Canadian federal income
tax purposes may be subject to applicable withholding taxes in
connection with the payment of the Special Distribution.
The REIT cautions that the foregoing comments are not intended
to be, and should not be construed as, legal or tax advice to any
Unitholder. The REIT recommends that Unitholders consult their own
tax advisors regarding the income tax consequences to them of this
anticipated Special Distribution and the related Unit
consolidation.
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 and other OEM dealership and service
properties located in Canada. The
REIT's portfolio currently consists of 78 income-producing
commercial properties, representing approximately 2.9 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 and
OEM dealership and service real estate properties. For more
information, please visit: www.automotivepropertiesreit.ca.
Forward-Looking Information
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 statements regarding the
intended monthly cash distribution by the REIT and the Special
Distribution. 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's Discussion
and Analysis (MD&A) for the year ended December 31, 2023 and in the REIT's MD&A for
the interim period ended September 30,
2024, and under "Risk Factors" in the REIT's annual
information form dated March 7, 2024,
which are available on SEDAR+ (www.sedarplus.ca) 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
