05:26 PM EDT, 05/14/2024 (MT Newswires) -- Automotive Properties Real Estate Investment Trust (APR-UN.TO) Tuesday reported first-quarter results.

The REIT generated AFFO per Unit of $0.234 (diluted) and paid total cash distributions of $0.201 per Unit in Q1 2024, representing an AFFO payout ratio of approximately 85.9%. For the comparable three-month period ended March 31, 2023 (Q1 2023), the REIT generated AFFO per Unit of $0.229 (diluted) and paid cash distributions of $0.201 per Unit, representing an AFFO payout ratio of approximately 87.8%.

The REIT had a Debt to Gross Book Value ratio of 44.6% as at March 31, 2024, and $57.7 million of undrawn capacity under its revolving credit facilities, $400,000 of cash on hand, and four unencumbered properties with an aggregate value of approximately $62.8 million.

Automotive Properties REIT is an internally managed, unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada.