Automotive Properties Real Estate Investment Trust (APR-UN) Q3 2026 earnings summary

Executive summary

• Q3 rental revenue increased 19.9% YoY to $30.458M; NOI rose 19.1% to $25.168M, driven mainly by acquisitions and contractual rent increases.

• Cash NOI grew 18.6% to $24.9M, while AFFO rose 15.8% to $14.735M and diluted AFFO per unit increased to $0.260 from $0.252.

• Net income was $34.831M vs. $8.958M, including positive fair value movements in investment properties and interest rate swaps.

Financial highlights

• Q3 same-property Cash NOI increased 2.3% to $21.286M, primarily from contractual rent increases.

• Q3 FFO rose 16.8% to $15.075M; diluted FFO per unit was $0.266 vs. $0.255.

• 9M rental revenue was $89.759M, up 21.5%; FFO increased 18.9% to $45.568M and AFFO rose 17.9% to $44.460M.

• Q3 fair value gains were $9.631M on investment properties and $9.289M on interest rate swaps.

Portfolio and segment performance

• Portfolio comprised 95 properties and 3.465M sq. ft. of GLA at September 30; it was 100% leased, with an 8.1-year weighted average lease term.

• Same-property Cash NOI increased 2.3% to $21.286M in Q3 and 2.2% to $62.817M YTD.

• Dilawri accounted for 44.5% of Q3 base rent, down from 48.2% a year earlier; Honda represented 15.6%, Volkswagen 10.4% and Tesla 6.3%.