Automotive Properties REIT Reports 2025 Fourth Quarter and Year-End Results
Executive Summary
- Automotive Properties REIT reported Q4 2025 and full‑year 2025 results, showing strong growth in rental revenue (+19.3% Q4, +8.5% YoY) and NOI (+19.8% Q4, +8.3% YoY).
- AFFO per Unit increased to $0.251 (diluted) in Q4 2025 and $0.998 for the year, while the AFFO payout ratio fell to ~82% (Q4) and 81.5% (FY), reflecting higher earnings relative to distributions.
- The REIT completed a $57.1 M “bought‑deal” public offering in October 2025 and announced two new acquisitions: a Hyundai dealership in Québec City ($13.25 M) and a Rivian‑tenanted service facility in Vista, CA ($16 M US), both to be funded via revolving credit facilities.
Key Details
- Financial Highlights – Q4 2025 vs. Q4 2024
- Rental revenue: $27.9 M vs. $23.4 M (+19.3%).
- NOI: $23.7 M vs. $19.8 M (+19.8%).
- Cash NOI: $23.2 M vs. $19.6 M (+18.6%).
- AFFO per Unit (diluted): $0.251 vs. $0.232 (+$0.019).
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AFFO payout ratio: 82.1% vs. 86.6% (‑4.5 pts).
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Financial Highlights – FY 2025 vs. FY 2024
- Rental revenue: $101.8 M vs. $93.9 M (+8.5%).
- NOI: $85.9 M vs. $79.3 M (+8.3%).
- AFFO per Unit (diluted): $0.998 vs. $0.932 (+$0.066).
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AFFO payout ratio: 81.5% vs. 86.3% (‑4.8 pts).
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Distributions
- Q4 2025 regular cash distribution: $11.32 M ($0.206 per Unit).
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FY 2025 regular cash distribution: $41.14 M ($0.813 per Unit).
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Liquidity & Capital Structure
- Debt‑to‑GBV ratio at year‑end 2025: 45.9% (up from 42.4%).
- Undrawn revolving credit capacity increased to $102.3 M (from $73.3 M).
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Cash on hand: $0.7 M.
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Acquisitions
- Québec City Hyundai Property – purchase price ~$13.25 M; funded by drawing on revolving credit facilities (closed Jan 1 2026).
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Vista Property (Rivian‑tenanted) – US$16.0 M purchase price; 59,828 sq ft sales/delivery/service facility on ~3.75 acres; expected close H1 2026; funding via revolving credit facilities.
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Financing Activity
- October 2025 “bought‑deal” public offering: 3,070,000 REIT Units at $11.11 per Unit → gross proceeds $34.1 M.
- Concurrent private placement: 1,442,844 units to Dilawri Group → $16.0 M.
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Over‑allotment exercised on Oct 28 2025 added 428,200 + 201,247 units, raising total gross proceeds to ~$57.1 M.
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Units Outstanding – 54,259,404 REIT Units and 833,333 Class B LP Units as of Dec 31 2025.
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Outlook & Risks – Management highlighted exposure to inflation, interest rates, currency fluctuations, trade tariffs, and the ongoing consolidation trend in the automotive dealership sector.
Notable Quotes
“2025 was an instrumental year for Automotive Properties REIT… We are well positioned to continue advancing our growth strategy to build value for unitholders.” – Milton Lamb, President & CEO
Source: Automotive Properties REIT press release, March 4 2026.