Automotive Properties REIT Announces Agreements to Acquire One Automotive Property in Tampa and Two Construction Equipment Dealership Properties in Greater Montreal

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TORONTO, Oct. 31, 2024 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) ("Automotive Properties REIT" or the "REIT") announced today that it has entered into two separate agreements to acquire a total of three properties (the "Acquisitions"). The first agreement is to acquire a Rivian-tenanted automotive property in Tampa, Florida (the "Tampa Property") for a purchase price of approximately US$13.5 million. The second agreement is to acquire two heavy construction equipment dealership properties in the Greater Montreal Area (the "Greater Montreal Properties") for a purchase price of approximately $25.4 million. The additions of the Tampa Property and the Greater Montreal Properties are expected to be accretive to the REIT's Adjusted Funds from Operations ("AFFO")¹ per unit.