Mr. Milton Lamb reports

AUTOMOTIVE PROPERTIES REIT ANNOUNCES RESULTS OF VOTING AT ANNUAL MEETING

Automotive Properties Real Estate Investment Trust has released the results of voting at its annual meeting of unitholders held earlier today. Each of the matters voted upon at the meeting as set out herein is described in greater detail in the notice of annual meeting of unitholders and management information circular of the trust dated April 13, 2023.

The total number of trust units and special voting units represented by holders by proxy at the meeting was 13,981,593, representing 28.5 per cent of the trust's outstanding trust units and special voting units entitled to be voted.

Election of trustees

All of the nominees listed in the management information circular prepared in connection with the meeting were elected as trustees to hold office until the next annual meeting following their election or until their successors are elected or appointed. The results of the vote are set out herein.

                   VOTING RESULTS FOR ELECTION OF TRUSTEES

Trust units 
  
Nominee          Votes for   % votes for   Votes withheld   % votes withheld

Kapil Dilawri    4,562,827         98.46%          71,333               1.54%          
Patricia Kay     4,283,087         92.42%         351,073               7.58%          
Milton Lamb      4,549,730         98.18%          84,430               1.82%          
Stuart Lazier    4,551,230         98.21%          82,930               1.79%          
James Matthews   4,560,630         98.41%          73,530               1.59%          
Julie Morin      4,573,188         98.68%          60,972               1.32%          
John Morrison    4,561,054         98.42%          73,106               1.58%          

Special voting units
  
Nominee          Votes for   % votes for   Votes withheld   % votes withheld

Kapil Dilawri    9,327,487           100%             Nil                Nil             
Patricia Kay     9,327,487           100%             Nil                Nil             
Milton Lamb      9,327,487           100%             Nil                Nil             
Stuart Lazier    9,327,487           100%             Nil                Nil             
James Matthews   9,327,487           100%             Nil                Nil             
Julie Morin      9,327,487           100%             Nil                Nil             
John Morrison    9,327,487           100%             Nil                Nil             

Appointment of auditor

BDO Canada LLP was reappointed as auditor of the trust, and the trustees were authorized to fix the auditor's remuneration. The results of the vote are set out herein.

                 VOTING RESULTS FOR AUDITOR

Trust units
  
Votes for   % votes for   Votes withheld   % votes withheld

4,605,304         98.95%          48,802               1.05%          

Special voting units
  
Votes for   % votes for   Votes withheld   % votes withheld
     
9,327,487           100%             Nil                Nil  

About Automotive Properties Real Estate Investment Trust

Automotive Properties is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT's portfolio currently consists of 76 income-producing commercial properties, representing approximately 2.8 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. Automotive Properties is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties.