Automotive Properties Real Estate Investment Trust (APR-UN) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly AFFO per unit, driven by 13 property acquisitions in 2025 and two more in Q1 2026, totaling approximately $200 million in purchase price.

• Rental revenue grew 21.7% year-over-year to CAD 29.1 million, with cash NOI up 19.0%.

• Net income surged to CAD 25.3 million, up from CAD 7.6 million year-over-year, driven by higher NOI and fair value adjustments.

• Portfolio expanded to nearly 100 properties, with acquisitions in Québec City and California, maintaining 100% occupancy and rent collection.

Financial highlights

• AFFO per unit (diluted) rose to CAD 0.262 from CAD 0.247 year-over-year; AFFO payout ratio improved to 78.6% from 81.4%.

• FFO increased 20.4% to CAD 15.2 million; FFO per unit (diluted) up to CAD 0.268.

• Same Property Cash NOI increased 2.1% to CAD 20.4 million.

• Distributions per unit were CAD 0.206, up from CAD 0.201 in Q1 2025.

Outlook and guidance

• Expect continued AFFO per unit growth from recent and ongoing acquisitions.

• Positive momentum anticipated, supported by high-quality tenants, 100% occupancy, and prime market locations.

• Monitoring risks from inflation, interest rates, currency fluctuations, and capital availability.

• Ongoing assessment of trade tariffs, geopolitical events, and their impact on property valuations and financial condition.

• Expects continued industry consolidation due to increased sophistication and capital requirements.