Mr. Milton Lamb reports
AUTOMOTIVE PROPERTIES REIT PROVIDES UPDATE ON CREDIT FACILITIES
As part of the recently announced acquisitions and expansion of credit facilities, Automotive Properties Real Estate Investment Trust has entered into new interest rate swaps totalling $126.0-million on its credit facilities, including: $15.0-million with a six-year term, $66.6-million with a seven-year term and $44.4-million with a 10-year term. The REIT has also blended and extended its July, 2020, interest rate swaps totalling $37.2-million, to a weighted-average term of 5.6 years.
The above transactions provide a well-balanced level of annual maturities with interest rate swap terms ranging between four and 10 years, and a weighted-average interest rate swap term remaining of 6.7 years. The REIT's fixed weighted-average effective interest rate on its debt (excluding revolving credit facilities) is now 3.79 per cent.
About Automotive Properties Real Estate Investment Trust
Automotive Properties REIT 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 54 income-producing commercial properties and one development property, representing approximately 2.0 million square feet of gross leasable area, in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia and Quebec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties.
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