Automotive Properties REIT Provides an Update on its COVID-19 Tenant Support

About this update from Automotive Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Provides an Update on its COVID-19 Tenant Support\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 8, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, May 8, 2020 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") today provided a further update on the impact of the novel coronavirus (COVID-19) pandemic on its business. As previously announced, the business of the REIT's tenants has been severely impacted as a result of COVID-19 and the REIT has been in active discussions with its tenants in light of that. \nTo-date, the REIT has either collected base rents, or entered into rent deferral agreements (the \"Deferral Agreements\") with tenants, representing in the aggregate approximately 94% of the REIT's base rent in April and May. Specifically, the REIT has collected base rent from tenants representing approximately 75% of its aggregate monthly base rents in April and May, with approximately 63% of base rents being paid in full and a further 12% paid pursuant to the Deferral Agreements.  The Deferral Agreements have been entered into with tenants representing, in the aggregate, approximately 31% of the REIT's base rent in the months of April and May. Pursuant to the Deferral Agreements, the REIT has agreed to defer, interest free, a portion of the applicable tenants' base rents for a three month period occurring between April and July, 2020.\nThe REIT is continuing its efforts to enter into a rent deferral arrangement with one tenant group representing the balance of the REIT's current monthly base rent.\n\"As previously announced, we entered into discussions with our tenants regarding the impact that COVID-19 has had, and is continuing to have, on their respective automotive dealership businesses, and we committed to providing support to those that needed it,\" said Milton Lamb, President and CEO of Automotive Properties REIT. \"Our solid financial liquidity positio...

More updates from Automotive Properties Real Estate Investment Trust