Automotive Properties REIT Completes Property Acquisition in Vista, California and Announces Completion of an Additional Property Acquisition in Santa Ana, California

• On 7 April 2026 the REIT closed two property purchases in California: a Rivian‑tenanted service facility in Vista for US$16 million and two dealership sites (Audi South Coast and South Coast Volkswagen) in Santa Ana for US$30.15 million.
• Both deals were financed entirely through draws on the REIT’s revolving credit facilities; no new debt or equity was issued.
• The acquisitions add roughly 121,000 sq ft of automotive service and dealership space, increasing exposure to high‑growth California markets.

• Expectation vs. outcome: The REIT has been actively expanding in the U.S. throughout 2025‑2026 (e.g., Vista acquisition announced in Q4 2025). Closing these deals was anticipated by investors following prior guidance on “U.S. growth” and the availability of credit capacity.
• Financial effect: Funding via existing revolving facilities avoids dilution but raises short‑term leverage; debt‑to‑GBV rose modestly (from 45.9% at year‑end 2025 to an estimated ~48% after the draws). The cash impact is limited because the REIT had minimal cash on hand at year‑end 2025 ($0.7 M) and relies on credit capacity, which was increased to $102.3 M in Q4 2025.
• Strategic significance: Adds a high‑profile EV brand (Rivian) tenant and two premium dealer brands (Audi, Volkswagen), diversifying tenant mix and strengthening presence in California’s large automotive market. However, the properties are under mid‑term net leases with fixed escalations; upside is limited to lease terms.
• Overall materiality: The news is positive but largely incremental—consistent with the REIT’s disclosed growth plan. It does not constitute a game‑changer or a surprise that would materially reprice the stock.

Automotive Properties REIT (APR) is a Canadian‑listed REIT focused on owning and leasing automotive service centers, collision facilities, and dealership properties across Canada and the United States. Its flagship assets include high‑visibility dealer locations in major metropolitan areas and emerging EV service hubs such as the Rivian facility in Vista, CA.