TORONTO, Aug. 14, 2025 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive Properties REIT” or the “REIT”) today announced its financial results for the three-month (“Q2 2025”) and six-month (“YTD 2025”) periods ended June 30, 2025. The REIT also announced today that it has entered into two agreements to acquire a total of seven automotive properties (collectively, the “Property Acquisitions”) and that its Board of Trustees approved a 2.2% increase to the REIT’s regular cash distributions.
“We generated continued growth in our rental revenue, Cash NOI, Same Property Cash NOI and AFFO per Unit in the quarter and our AFFO payout ratio1 declined to 80.7%,” said Milton Lamb, CEO of Automotive Properties REIT. “Supported by this strong financial performance, the Trustees and management of the REIT have determined that an increase to our unitholder distributions is appropriate at this time.”
“We continue to advance our strategy of acquiring properties in growing metropolitan markets and enhancing our tenant and geographic diversification. We look forward to further expanding our presence in the Greater Montreal Area with the acquisition of five automotive properties and one collision centre property and also adding our second Rivian-tenanted property in Florida to our portfolio,” added Mr. Lamb. “Upon closing, we expect these Property Acquisitions to be immediately accretive to our AFFO per Unit.1”
Q2 2025 Highlights
- The REIT generated AFFO per Unit1 of $0.249 (diluted) and paid regular cash distributions of $0.201 per Unit (as defined below) in Q2 2025, representing an AFFO payout ratio1 of approximately 80.7%. For the comparable three-month period ended June 30, 2024 (“Q2 2024”), the REIT generated AFFO per Unit of $0.233 (diluted) and paid regular cash distributions of $0.201 per Unit, representing an AFFO payout ratio of approximately 86.3%.
- The REIT had a Debt to Gross Book Value (“Debt to GBV”)2 ratio of 44.4% as at June 30, 2025, and had $68.5 million of undrawn capacity under its revolving credit facilities, $0.6 million of cash on hand, and five unencumbered properties with an aggregate value of approximately $85.8 million. As at the date of this news release, the REIT has approximately $69.4 million of undrawn capacity under its revolving credit facilities, cash on hand of $0.6 million, and five unencumbered properties with an aggregate value of approximately $85.6 million.
- On April 11, 2025, the REIT completed the acquisition of a Rivian-tenanted automotive property located in Tampa, Florida (the “Tampa Property”) for a purchase price of approximately US$13.1 million (approximately C$18.8 million). The REIT funded the purchase price for the acquisition of the Tampa Property with draws on its revolving credit facilities.
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________________________ |
|
1 Cash NOI, Same Property Cash NOI and AFFO per Unit are non-IFRS measures and AFFO payout ratio is a non-IFRS ratio. See “Non-IFRS Financial Measures” at the end of this news release. |
|
2 Debt to GBV is a supplementary financial measure. See “Non-IFRS Financial Measures” at the end of this news release. |
Property Acquisitions
The Île-Perrot Properties
The REIT announced today that it has waived conditions for the purchase of a portfolio of five automotive properties and one collision centre property located in Île-Perrot, Québec, a suburb of Montreal (collectively, the “Île-Perrot Properties”) indemnified by Groupe AutoForce Inc. for an aggregate purchase price of approximately $70.5 million, subject to customary adjustments. The Île-Perrot Properties (GM Île-Perrot, Île-Perrot Toyota, Mazda 2-20, Hyundai Île-Perrot, Ford Île-Perrot and a body shop) comprise an aggregate of 177,932 square feet of gross leasable area situated on approximately 28.0 acres of land. The acquisition of the Île-Perrot Properties is expected to close in the third quarter of 2025, subject to customary closing conditions. The REIT expects to fund this acquisition through the issuance of $10.0 million of Class B Limited Partnership Units (“Class B LP Units”) by Automotive Properties Limited Partnership, the REIT’s operating subsidiary, at a price per Class B LP Unit equal to $12.00, with the balance to be funded by the REIT by increasing and drawing on its existing credit facilities.
The respective operators of each of the Île-Perrot Properties are under long-term net leases with the REIT. The leases are subject to annual adjustments linked to the consumer price index in Québec. The leases will be indemnified by Groupe AutoForce Inc., a private entity that owns and operates several automotive dealerships in the Greater Montreal Area.
Pursuant to the terms of the purchase agreement, in the event that the five day volume-weighted average trading price of the REIT Units on the Toronto Stock Exchange (the “VWAP”) is less than $12.00 per REIT Unit on the date that is two years following closing of the acquisition (the “Reference Date”), the REIT has agreed to make a cash payment to Groupe AutoForce Inc. in an amount equal to the difference between (i) $12.00 and (ii) the VWAP as of the Reference Date, subject to a maximum cash payment of $1.25 million.
The Orlando Property
The REIT also announced today that it has waived conditions for the purchase of the real estate underlying a 34,938 square-foot automotive property situated on 6.4 acres of land located at 4000 Shader Rd. in Orlando, Florida (the “Orlando Property”) for a purchase price of US$16.8 million (approximately C$23.0 million). The Orlando Property is comprised of a sales, delivery and service facility tenanted by Rivian LLC under a long-term, net lease that includes contractual fixed annual rent increases. The REIT expects the close the Orlando Property acquisition in the third quarter of 2025, subject to customary closing conditions. The REIT expects to fund the acquisition by increasing and drawing on its credit facilities.
Distribution Increase
The REIT also announced today that its Board of Trustees have approved a 2.2% increase to the REIT’s annual cash distribution, from $0.804 per Unit to $0.822 per Unit. The new monthly distribution will be $0.0685 per Unit, up from the current level of $0.0670 per Unit. The increase will be effective for the REIT’s August 2025 cash distribution, to be paid on or about September 15, 2025 to Unitholders of record on August 29, 2025. The increase to the distribution reflects management’s and the Trustees’ confidence in the REIT’s business.
Financial Results Summary
|
Three months ended |
Six months ended |
|||||
|
($000s, except per Unit amounts) |
2025 |
2024 |
Change |
2025 |
2024 |
Change |
|
Rental revenue (1) |
$24,601 |
$23,515 |
4.6 % |
$48,503 |
$46,928 |
3.4 % |
|
NOI (2) |
20,859 |
19,824 |
5.2 % |
41,070 |
39,667 |
3.5 % |
|
Cash NOI (2) |
20,635 |
19,535 |
5.6 % |
40,653 |
39,044 |
4.1 % |
|
Same Property Cash NOI (1) (2) |
19,536 |
19,086 |
2.4 % |
39,035 |
38,159 |
2.3 % |
|
Net Income (3) |
11,240 |
37,288 |
-69.9 % |
18,881 |
58,189 |
-67.6 % |
|
FFO (2) |
12,807 |
12,015 |
6.6 % |
25,428 |
24,084 |
5.6 % |
|
AFFO (2) |
12,578 |
11,714 |
7.4 % |
25,005 |
23,437 |
6.7 % |
|
Distributions per Unit |
0.201 |
0.201 |
– |
0.402 |
0.402 |
– |
|
FFO per Unit – basic (2) (4) |
0.261 |
0.245 |
0.016 |
0.518 |
0.491 |
0.027 |
|
FFO per Unit – diluted (2) (5) |
0.254 |
0.239 |
0.015 |
0.504 |
0.480 |
0.024 |
|
AFFO per Unit – basic (2) (4) |
0.256 |
0.239 |
0.017 |
0.509 |
0.478 |
0.031 |
|
AFFO per Unit – diluted (2) (5) |
0.249 |
0.233 |
0.016 |
0.496 |
0.467 |
0.029 |
|
Ratios (%) |
||||||
|
FFO payout ratio (2) |
79.1 % |
84.1 % |
5.0 % |
79.8 % |
83.8 % |
4.0 % |
|
AFFO payout ratio (2) |
80.7 % |
86.3 % |
5.6 % |
81.0 % |
86.1 % |
5.1 % |
|
Debt to GBV (6) |
44.4 % |
43.6 % |
-0.8 % |
44.4 % |
43.6 % |
-0.8 % |
|
(1) |
Rental revenue is based on rents from leases entered into with tenants, all of which are triple-net leases and include recoverable realty taxes and straight-line adjustments. Same Property Cash NOI is based on rental revenue for the same asset base having consistent gross leasable area in both periods. |
|
(2) |
NOI, Cash NOI, Same Property Cash NOI, FFO, AFFO, FFO per Unit, AFFO per Unit, FFO payout ratio and AFFO payout ratio are non-IFRS measures or non-IFRS ratios, as applicable. See “Non-IFRS Financial Measures” at the end of this news release. References to “Same Property” correspond to properties that the REIT owned in Q2 2024, thus removing the impact of acquisitions and dispositions. |
|
(3) |
Net income for Q2 2025 includes changes in fair value adjustments of $1.5 million for Deferred Units (“DUs”), Income Deferred Units (“IDUs”), Performance Deferred Units (“PDUs”) and Restricted Deferred Units (“RDUs”), $1.9 million for interest rate swaps and foreign exchange forward contracts and $0.2 million for investment properties. Please refer to the consolidated financial statements of the REIT and the notes thereto for additional information. |
|
(4) |
FFO per Unit and AFFO per Unit – basic is calculated by dividing the total FFO and AFFO by the amount of the total weighted average number of outstanding trust units of the REIT (“REIT Units” and together with the Class B LP Units, “Units”) and Class B LP Units. The total weighted average number of Units outstanding – basic for Q2 2025 was 49,117,113. |
|
(5) |
FFO per Unit and AFFO per Unit – diluted is calculated by dividing the total FFO and AFFO by the amount of the total weighted average number of outstanding Units, DUs, IDUs, PDUs and RDUs granted to independent trustees and management of the REIT. The total weighted average number of Units outstanding (including Class B LP Units, DUs, IDUs, PDUs and RDUs) on a fully diluted basis for Q2 2025 was 50,496,712. |
|
(6) |
Debt to GBV is a supplementary financial measure. See “Non-IFRS Financial Measures” at the end of this news release. |
Rental revenue in Q2 2025 increased by 4.6% to $24.6 million, compared to $23.5 million in Q2 2024. The increase in rental revenue reflected growth from properties acquired subsequent to Q2 2024 and contractual annual rent increases, partially offset by the reduction of rent from the sale of the automotive dealership property located at 8210 and 8220 Kennedy Road and 7 and 13/15 Main Street, in Markham, Ontario (collectively, the “Kennedy Lands”) in October 2024.
The REIT generated total Cash NOI of $20.6 million in Q2 2025, representing an increase of 5.6% compared to Q2 2024. The increase was primarily attributable to properties acquired subsequent to Q2 2024 and contractual rent increases, partially offset by the reduction of rent from the sale of the Kennedy Lands. Same Property Cash NOI was $19.5 million in Q2 2025, representing an increase of 2.4% compared to Q2 2024. The increase was primarily attributable to contractual rent increases.
The REIT recorded net income and other comprehensive income of $11.2 million in Q2 2025, compared to $37.3 million in Q2 2024. The decrease was primarily due to changes in non-cash fair value adjustments for investment properties and investment properties held for sale and for Class B LP Units, DUs, IDUs, PDUs and RDUs (collectively, “Unit-based compensation”) in Q2 2025 compared to Q2 2024. The Kennedy Lands were classified as an investment property held for sale in Q2 2024, which resulted in a fair value gain of $23.8 million in the quarter. The impact of the movement in the traded value of the REIT Units resulted in a decrease in fair value adjustment for Unit-based compensation of $1.5 million in Q2 2025. In Q2 2024, the impact of the movement in the traded value of the REIT Units resulted in an increase in fair value adjustment for Class B LP Units and Unit-based compensation of $5.3 million.
FFO in Q2 2025 increased 6.6% to $12.8 million, or $0.254 per Unit (diluted), compared to $12.0 million, or $0.239 per Unit (diluted), in Q2 2024. The increase in FFO reflected the impact of the properties acquired subsequent to Q2 2024 and contractual rent increases, partially offset by the reduction of rent from the sale of the Kennedy Lands.
AFFO in Q2 2025 increased 7.4% to $12.6 million, or $0.249 per Unit (diluted), compared to $11.7 million, or $0.233 per Unit (diluted), in Q2 2024. The increase in AFFO reflected the impact of the properties acquired subsequent to Q2 2024 and contractual rent increases, partially offset by the reduction of rent from the sale of the Kennedy Lands. Straight-line rent adjustment is excluded from the calculation of AFFO.
Adjusted Cash Flow from Operations (“ACFO”)3 for Q2 2025 was $14.0 million, an increase of 12.7% compared to $12.4 million in Q2 2024. The increase was primarily attributable to properties acquired subsequent to Q2 2024 and contractual rent increases, partially offset by the reduction of rent from the sale of the Kennedy Lands.
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____________________ |
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3 ACFO is a non-IFRS measure. See “Non-IFRS Financial Measures” at the end of this news release. |
Cash Distributions
For Q2 2025, the REIT declared and paid regular cash distributions of $9.87 million, or $0.201 per Unit, representing an AFFO payout ratio of 80.7%. The AFFO payout ratio was lower in Q2 2025 compared to the 86.3% AFFO payout ratio in Q2 2024, primarily due to the positive impact of the properties acquired subsequent to Q2 2024 and contractual rent increases, partially offset by the reduction of rent from the sale of the Kennedy Lands.
Liquidity and Capital Resources
As at June 30, 2025, the REIT had a Debt to GBV ratio of 44.4%, $68.5 million of undrawn capacity under its revolving credit facilities, $0.6 million of cash on hand, and five unencumbered properties with an aggregate value of approximately $85.8 million. As at the date of this news release, the REIT has approximately $69.4 million of undrawn capacity under its revolving credit facilities, cash on hand of $0.6 million, and five unencumbered properties with an aggregate value of approximately $85.6 million. Assuming the successful completion of the Property Acquisitions, the REIT’s Debt to GBV ratio would increase to approximately 47.6%.
As at June 30, 2025, 91% of the REIT’s debt was fixed with a weighted average interest rate of 4.36%, a weighted average interest rate swap term and mortgages remaining of 4.0 years, and a weighted average term to maturity of debt of 2.4 years.
Units Outstanding
As at June 30, 2025, there were 49,117,113 REIT Units and nil Class B LP Units outstanding.
Outlook
The REIT is subject to risks associated with inflation, interest rates, currency fluctuations and availability of capital. The REIT is actively monitoring risks associated with trade tariffs and other trade restrictions, which could impact cross-border trade, material costs, and overall economic market conditions in Canada and the United States. While the full extent and impact of these proposed trade tariffs and trade restrictions remains uncertain, the REIT is continuing to assess their potential effect on its business, property valuations and financing conditions.
The Canadian and United States automotive and original equipment manufacturer (“OEM”) dealership and service industry is highly fragmented, and the REIT expects continued consolidation over the mid to long term due to increased industry sophistication and growing capital requirements for owner operators, which encourages them to pursue increased economies of scale. The REIT plans to continue to grow its portfolio of properties leased to OEMs, OEM dealers and other automotive related uses. Assuming successful completion of the Property Acquisitions, the REIT’s Debt to GBV ratio would increase to approximately 47.6%.
Financial Statements
The REIT’s unaudited condensed consolidated interim financial statements and related Management’s Discussion & Analysis (“MD&A”) for Q2 2025 are available on the REIT’s website at www.automotivepropertiesreit.ca and on SEDAR+ at www.sedarplus.ca.
Conference Call
Management of the REIT will host a conference call for analysts and investors on Friday, August 15, 2025 at 9:00 a.m. (ET). To join the conference call without operator assistance, participants can register at https://registrations.events/easyconnect/2914539/recVOw7z6znQdexA8/ to receive an instant automated call back. Alternatively, they can dial (647) 932-3411 or (800) 715-9871 to reach a live operator who will join them into the call. A live and archived webcast of the call will be accessible via the REIT’s website www.automotivepropertiesreit.ca.
To access a replay of the conference call, dial (647) 362-9199 or (800) 770-2030, passcode: 2914539 #. The replay will be available until August 22, 2025.
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 and the United States. The REIT’s portfolio currently consists of 80 income-producing commercial properties, representing approximately three million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec in Canada, and 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.
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 REIT’s expectations with respect to the impact of changes in economic conditions, including changes in interest rates, currency fluctuation and the rate of inflation, and the impact of tariffs or other trade restrictions, including the impact of each of the foregoing on the REIT and its tenants, completion of the Property Acquisitions, including the timing thereof, the method of funding the purchase price therefor, and the benefits anticipated to be derived therefrom, including the financial impact of the Property Acquisitions on the REIT’s AFFO per Unit. 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 MD&A for the year ended December 31, 2024 and in the REIT’s MD&A for the interim period ended June 30, 2025 and under “Risk Factors” in the REIT’s annual information form dated March 5, 2025, which are available on SEDAR+ (www.sedarplus.ca) and the REIT’s website (www.automotivepropertiesreit.ca). The forward-looking statements relating to the Property Acquisitions are subject to the further risk that the closing conditions may not be satisfied or waived such that one or more of the Property Acquisitions do not close on current terms or at all. 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.
Non-IFRS Financial Measures
This news release contains certain financial measures and ratios which are not defined under International Financial Reporting Standards (“IFRS”) and may not be comparable to similar measures presented by other real estate investment trusts or enterprises. FFO, AFFO, FFO payout ratio, AFFO payout ratio, NOI, Cash NOI, Same Property Cash NOI and ACFO are key measures of performance used by the REIT’s management and real estate businesses. Debt to GBV, a supplementary financial measure, is a measure of financial position defined by agreements to which the REIT is a party. These measures, as well as any associated “per Unit” amounts, are not defined by IFRS and do not have standardized meanings prescribed by IFRS, and therefore should not be construed as alternatives to net income or cash flow from operating activities calculated in accordance with IFRS. The REIT believes that AFFO is an important measure of economic earnings performance and is indicative of the REIT’s ability to pay distributions from earnings, while FFO, NOI, Cash NOI and Same Property Cash NOI are important measures of operating performance of real estate businesses and properties. The IFRS measurement most directly comparable to FFO, AFFO, NOI, Cash NOI and Same Property Cash NOI is net income. ACFO is a supplementary measure used by management to improve the understanding of the operating cash flow of the REIT. The IFRS measurement most directly comparable to ACFO is cash flow from operating activities. For reconciliations of NOI, FFO, AFFO and Cash NOI to net income and comprehensive income, and ACFO to cash flow from operating activities, please see the tables below. For further information regarding these non-IFRS measures and supplementary financial measures, please refer to Section 1 “General Information and Cautionary Statements – Non-IFRS Financial Measures” and Section 6 “Non-IFRS Financial Measures” in the REIT’s Q2 2025 MD&A which is incorporated by reference herein and is available on the REIT’s website at www.automotivepropertiesreit.ca and on SEDAR+ at www.sedarplus.ca.
Reconciliation of NOI, Cash NOI, FFO and AFFO
|
Three Months Ended |
Six Months Ended |
|||||||
|
($000s, except per Unit amounts) |
2025 |
2024 |
Variance |
2025 |
2024 |
Variance |
||
|
Calculation of NOI |
||||||||
|
Property revenue |
$24,601 |
$23,515 |
$1,086 |
48,503 |
46,928 |
$1,575 |
||
|
Property costs |
(3,742) |
(3,691) |
(51) |
(7,433) |
(7,261) |
(172) |
||
|
NOI (including straight–line adjustments) |
$20,859 |
$19,824 |
$1,035 |
41,070 |
39,667 |
$1,403 |
||
|
Adjustments: |
||||||||
|
Land lease payments |
(99) |
(86) |
(13) |
(198) |
(172) |
(26) |
||
|
Straight–line adjustment |
(125) |
(203) |
78 |
(219) |
(451) |
232 |
||
|
Cash NOI |
$20,635 |
$19,535 |
$1,100 |
40,653 |
39,044 |
$1,609 |
||
|
Reconciliation of net income to FFO and AFFO |
||||||||
|
Net income |
$13,003 |
$37,288 |
$(24,285) |
20,698 |
58,189 |
$(37,491) |
||
|
Adjustments: |
||||||||
|
Change in fair value – Interest rate swaps and foreign exchange translation adjustment |
(1,868) |
2,781 |
(4,649) |
2,860 |
(2,722) |
5,582 |
||
|
Distributions on Class B LP Units |
– |
1,250 |
(1,250) |
– |
3,125 |
(3,125) |
||
|
Change in fair value – Class B LP Units and Unit-based compensation |
1,527 |
(5,333) |
6,860 |
764 |
(10,335) |
11,099 |
||
|
Change in fair value — investment properties and investment properties held for sale |
219 |
(23,893) |
24,112 |
1,256 |
(24,031) |
25,287 |
||
|
ROU asset net balance of depreciation/interest and lease payments |
(74) |
(78) |
4 |
(150) |
(142) |
(8) |
||
|
FFO |
$12,807 |
$12,015 |
$792 |
$25,428 |
$24,084 |
$1,344 |
||
|
Adjustments: |
||||||||
|
Straight–line adjustment |
(125) |
(203) |
78 |
(219) |
(451) |
232 |
||
|
Capital expenditure reserve |
(104) |
(98) |
(6) |
(204) |
(196) |
(8) |
||
|
AFFO |
$12,578 |
$11,714 |
$864 |
$25,005 |
$23,437 |
$1,568 |
||
|
Number of Units outstanding (including Class B LP Units) |
49,117,113 |
49,054,833 |
62,280 |
49,117,113 |
49,054,833 |
62,280 |
||
|
Weighted average Units Outstanding — basic |
49,117,113 |
49,054,833 |
62,280 |
49,105,788 |
49,054,833 |
50,955 |
||
|
Weighted average Units Outstanding — diluted |
50,496,712 |
50,268,740 |
227,972 |
50,414,069 |
50,191,972 |
222,097 |
||
|
FFO per Unit – basic(1) |
$0.261 |
$0.245 |
$0.016 |
$0.518 |
$0.491 |
$0.027 |
||
|
FFO per Unit – diluted(2) |
$0.254 |
$0.239 |
$0.015 |
$0.504 |
$0.480 |
$0.024 |
||
|
AFFO per Unit – basic(1) |
$0.256 |
$0.239 |
$0.017 |
$0.509 |
$0.478 |
$0.031 |
||
|
AFFO per Unit – diluted(2) |
$0.249 |
$0.233 |
$0.016 |
$0.496 |
$0.467 |
$0.029 |
||
|
Distributions per Unit |
$0.201 |
$0.201 |
- |
$0.402 |
$0.402 |
– |
||
|
FFO payout ratio(3) |
79.1 % |
84.1 % |
5.0 % |
79.8 % |
83.8 % |
4.0 % |
||
|
AFFO payout ratio(3) |
80.7 % |
86.3 % |
5.6 % |
81.0 % |
86.1 % |
5.1 % |
||
|
(1) |
FFO and AFFO per Unit — basic is calculated by dividing the total FFO and AFFO by the amount of the total weighted-average number of outstanding REIT Units and Class B LP Units. |
|
(2) |
FFO and AFFO per Unit — diluted is calculated by dividing the total FFO and AFFO by the amount of the total weighted-average number of outstanding REIT Units, Class B LP Units and Unit-based compensation granted to independent trustees and management of the REIT. |
|
(3) |
FFO payout ratio and AFFO payout ratio excludes the cash portion of the special distribution paid to unitholders effective December 31, 2024. |
Same Property Cash Net Operating Income
|
Three Months Ended |
Six Months Ended |
|||||||
|
2025 |
2024 |
Variance |
2025 |
2024 |
Variance |
|||
|
Same property base rental revenue |
$19,635 |
$19,185 |
$450 |
$39,233 |
$38,344 |
$889 |
||
|
Land lease payments |
(99) |
(99) |
– |
(198) |
(185) |
(13) |
||
|
Same Property Cash NOI |
$19,536 |
$19,086 |
$450 |
$39,035 |
$38,159 |
876 |
||
Reconciliation of Cash Flow from Operating Activities to ACFO
|
Three Months Ended |
Six Months Ended |
|||||
|
($000s) |
2025 |
2024 |
Variance |
2025 |
2024 |
Variance |
|
Cash flow from operating activities |
$19,595 |
$19,205 |
$390 |
$38,496 |
$38,454 |
$42 |
|
Change in non-cash working capital |
866 |
(293) |
1,159 |
(502) |
(956) |
454 |
|
Interest paid |
(6,088) |
(6,164) |
76 |
(11,729) |
(12,314) |
585 |
|
Amortization of financing fees |
(297) |
(198) |
(99) |
(574) |
(401) |
(173) |
|
Amortization of indemnification fees |
(7) |
(36) |
29 |
(32) |
(72) |
40 |
|
Net interest expense and other financing charges in excess of interest paid |
(12) |
28 |
(40) |
(52) |
56 |
(108) |
|
Capital expenditure reserve |
(104) |
(98) |
(6) |
(204) |
(196) |
(8) |
|
ACFO |
$13,953 |
$12,444 |
$1,509 |
$25,403 |
$24,571 |
$832 |
|
ACFO payout ratio |
70.7 % |
79.2 % |
8.5 % |
77.7 % |
80.3 % |
2.6 % |
SOURCE Automotive Properties Real Estate Investment Trust
