TORONTO, May 14, 2024 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX:APR) ("Automotive Properties REIT" or the "REIT") today announced its financial results for the three-month period ended March 31, 2024 ("Q1 2024") "We generated continued solid financial performance in the quarter, reflecting growth from our contractual rent increases and acquisitions completed last year," said Milton Lamb, CEO of Automotive Properties REIT. "Given the fixed and CPI-linked annual rent increases built into our triple-net leases, we expect ongoing steady organic growth, while we continue to pursue strategic acquisition opportunities." Q1 2024 Highlights                            The REIT generated AFFO per Unit1 of $0.234 (diluted) and paid total cash distributions of $0.201 per Unit (as defined below) in Q1 2024, representing an AFFO payout ratio1 of approximately 85.9%. For the comparable three-month period ended March 31, 2023 ("Q1 2023"), the REIT generated AFFO per Unit of $0.229 (diluted) and paid cash distributions of $0.201 per Unit, representing an AFFO payout ratio of approximately 87.8%. The REIT had a Debt to Gross Book Value ("Debt to GBV")2 ratio of 44.6% as at March 31, 2024, and $57.7 million of undrawn capacity under its revolving credit facilities, $0.4 million of cash on hand, and four unencumbered properties with an aggregate value of approximately $62.8 million. The REIT's valuation of its investment properties increased nominally in Q1 2024 compared to the prior quarter to reflect current market conditions, resulting in a fair value gain of $0.1 million. The capitalization rate applicable to the REIT's entire portfolio increased to 6.63% as at March 31, 2024, compared to 6.59% as at December 31, 2023 and 6.48% as at March 31, 2023. _______________________________ 1 AFFO per Unit and AFFO payout ratio are non-IFRS measures and non-IFRS ratios, respectively. 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. Financial Results Summary              Three months endedMarch 31, 2024 2023 Change ($000s, except per Unit amounts) Rental revenue (1) $23,413 $22,876 2.3 % NOI(2) 19,843 19,457 2.0 % Cash NOI(2) 19,509 18,846 3.5 % Same Property Cash NOI(2) 17,594 17,172 2.5 % Net Income (3) 20,901 16,967 23.2 % FFO(2) 12,068 12,029 0.3 % AFFO(2) 11,722 11,409 2.7 % Distributions per Unit $0.201 $0.201 - FFO per Unit - basic (4) 0.246 0.245 0.001 FFO per Unit - diluted (5) 0.241 0.241 - AFFO per Unit - basic (4) 0.239 0.233 0.006 AFFO per Unit - diluted (5)    0.234 0.229 0.005 Ratios (%) FFO payout ratio(2) 83.4 % 83.4 % AFFO payout ratio(2) 85.9 % 87.8 % -1.9 % Debt to GBV (6) 44.6 % 45.2 % -0.6 % (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 Q1 2023, thus removing the impact of acquisitions. (3) Net income for Q1 2024 includes changes in fair value adjustments of $5.0 million for Class B Limited Partnership Units of Automotive Properties Limited Partnership ("Class B LP Units"), Deferred Units ("DUs"), Income Deferred Units ("IDUs"), Performance Deferred Units ("PDUs") and Restricted Deferred Units ("RDUs"), $5.5 million for interest rate swaps and $0.1 million for investment properties. Please refer to the unaudited, condensed consolidated interim financial statements of the REIT and notes thereto. (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 Q1 2024 was 49,054,833. (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 ...