Mr. Bruce Wigle reports

AUTOMOTIVE PROPERTIES REIT ENTERS JOINT VENTURE AGREEMENT WITH STORAGEVAULT CANADA TO PURCHASE AUTOMOTIVE DEALERSHIP PROPERTY IN BROSSARD, QUEBEC

Automotive Properties Real Estate Investment Trust has entered into a 50/50 joint venture with Storagevault Canada Inc. to acquire an automotive dealership property located at 9425 Taschereau Blvd. in Brossard, Que., from a third party vendor. Storagevault currently owns a self-storage property that is adjacent to the Brossard property. The acquisition of the Brossard property has closed.

Under the terms of the joint venture, Automotive Properties and Storagevault each financed 50 per cent of the $16.1-million purchase price, which included related expenditures.

The Brossard property consists of a 50,415-square-foot, full-service automotive dealership facility situated on approximately 3.4 acres of land and is currently under triple-net leases with Groupe Park Avenue Volvo and Jaguar Land Rover. The leases are subject to annual adjustments linked to the consumer price index in Quebec.

The Brossard property will be managed by the REIT for so long as it is used for automotive purposes for customary management fees. The joint venture expects to consider the highest value and best use for the Brossard property over the long term to maximize value, including automotive, self-storage or other uses.

About Automotive Properties Real Estate Investment Trust

Automotive Properties is an internally managed, 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 77 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.

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