Automotive Properties Real Estate Investment Trust (APR-UN) Investor presentation summary

Investment highlights

• Portfolio of 95 prime urban properties valued at $1.47 billion, with 100% occupancy and 3.5 million sq. ft. of GLA, focused on major Canadian and select U.S. markets.

• Long-term, triple-net leases with leading automotive groups and OEMs, providing stable, growing cash flows and 100% rent collection.

• Distribution increases of 2.0% in August 2026 and 2.2% in August 2025, supporting a 6.9% yield and reflecting confidence in AFFO per unit growth.

• Attractive debt structure with 74% of debt fixed, reducing interest rate risk and maintaining a debt to GBV of 47.5%.

• Trading below historical AFFO/unit multiples and at a discount to NAV, with potential for multiple recovery.

Financial and operational performance

• Record quarterly AFFO per unit of $0.263 in Q2 2026, with a payout ratio of 78.3%.

• AFFO per unit has grown 15.5% since IPO, with a 177.2% total return to unitholders since 2015.

• $278 million deployed on 17 property acquisitions in 2025-2026, driving significant AFFO per unit growth.

• Same property cash NOI increased by 2.2% in Q2 2026, supported by contractual rent escalators and CPI-linked adjustments.

• LTM AFFO payout ratio at 79.6%, with no distribution cuts since inception.

Portfolio and tenant diversification

• High-quality, diversified tenant base including major automotive groups (Dilawri, AutoCanada, Go Auto, Penske) and OEMs (Tesla, Rivian).

• Multi-brand, multi-location tenant mix supports rental income stability.

• Lease maturity profile features a weighted average term of 8.1 years, with 58% of leases having fixed escalators and 42% CPI-linked.

• Portfolio expansion since IPO includes 72 acquisitions, four expansions, and two divestitures, adding 2.5 million sq. ft. of GLA.

• Exposure to high-growth urban markets, with properties in areas showing strong population and income growth.