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TORONTO, April 7, 2026 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) ("Automotive Properties REIT" or the "REIT") announced today the completion of its previously announced acquisition of an automotive and service property located at 3280 Corporate View in Vista, San Diego County, California (the "Vista Property") from a third party for a purchase price of US$16.0 million. The Vista Property is tenanted by Rivian LLC under a mid-term, net lease that includes contractual fixed annual rent increases with renewal options. The Vista Property consists of an approximately 59,828 square-foot Rivian sales, delivery and service facility that is situated on approximately 3.75 acres of land.

The REIT also announced it has completed the acquisition of the two automotive dealership properties, including Audi South Coast and South Coast Volkswagen, located at 1425 and 1450 Auto Mall Drive in Santa Ana, Orange County, California (the "Orange County Properties") from a third party, for a purchase price of US$30.15 million.

The Orange County Properties' automotive dealerships are tenanted by affiliates of Penske Automotive Group Inc. under mid-term, triple-net leases, with renewal options based on the California Consumer Price Index, subject to a cap. The Orange County Properties consist of an approximately 31,900 square-foot, full-service Audi dealership and an approximately 29,300 square-foot, full-service Volkswagen dealership situated on parcels of land totaling 5.95 acres within the Santa Ana Auto Mall, one of Orange County's premier automotive dealership corridors with immediate access to Interstate 5 and State Route 55.

The REIT funded the purchase prices of the Vista Property and the Orange County Properties by drawing on its revolving credit facilities.

About Automotive Properties REIT

Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring income-producing automotive and other OEM dealership and service properties located in Canada and the United States. The REIT's portfolio currently consists of 95 income-producing commercial properties, representing approximately 3.5 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec in Canada, and California, Florida and Ohio in the United States. 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.

SOURCE Automotive Properties Real Estate Investment Trust

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April 07, 2026 17:38 ET (21:38 GMT)