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

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Provides Third 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, June 17, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, June 17, 2020 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") today provided its third unitholder update on the impact of the novel coronavirus (COVID-19) pandemic on its business, reporting that 100% of its tenants are now current with their rental obligations under their leases or rent deferral agreements (the \"Deferral Agreements\"). Accordingly, the REIT has collected approximately 78% of its base rent for the second quarter of 2020, with the remaining amount subject to Deferral Agreements.\n\"This concludes the process of working with our tenant partners to provide support while they are managing the economic challenges imposed by the pandemic,\" said Milton Lamb, President and CEO of Automotive Properties REIT. \"Our ability to either collect rent or enter into constructive Deferral Agreements with 100% of the REIT's tenants, with no expected impact to the REIT's distribution policy, underlines both the quality of our tenant base and the value of the dealership properties.\"\nAbout Automotive Properties REITAutomotive 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 64 income-producing commercial properties, representing approximately 2.4 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties. For more information, please visit: www.automotivepropertiesreit.ca.\nForward-Looking Information This news release c...

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