Automotive Properties Real Estate Investment Trust

What Automotive Properties Real Estate Investment Trust does

Automotive Properties Real Estate Investment Trust (TSX: APR.UN) is an internally managed, open-ended Canadian real estate investment trust founded in 2015 and headquartered in Toronto. The company owns and operates a portfolio of 95 income-producing commercial properties comprising approximately 3.5 million square feet of gross leasable area on more than 300 acres, located in strategic urban centres across Canada (British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec) and the United States (Florida, Ohio, California). Properties are leased under triple-net arrangements to automotive and OEM dealership and service operators representing 33 global brands, ranging from mass-market to ultra-luxury segments with a documented emphasis on European and Asian manufacturers.

The portfolio is anchored by a long-term strategic relationship with the Dilawri Group, Canada's largest automotive dealership group with combined revenues of approximately C$5.3 billion in 2025 and a 30.7% effective unitholding in the REIT. Diversification extends beyond traditional franchise dealers to direct OEM and EV manufacturer tenancies, including Tesla at multiple collision and sales locations in Canada and the United States, and Rivian at properties in Orlando, Tampa, and Vista. As of March 31, 2026, the portfolio carries an 8.5-year weighted average lease term with fixed or CPI-linked rent escalators that produce contractual revenue growth.

The REIT generates substantially all revenue from rental income under triple-net and net leases, with operating expense recoveries layered into the rent structure. AFFO per unit reached C$0.998 for full year 2025 (up 10.2% year-over-year), with Q4 2025 AFFO per unit of C$0.251 (up 18.5% year-over-year), and the AFFO payout ratio was compressed to 81.5% from 86.3%. Unitholders receive monthly cash distributions of C$0.0685 per unit (C$0.822 annualized), and the REIT accessed the equity capital markets in October 2025 via a bought-deal offering of approximately C$41 million at C$11.11 per unit. Growth is pursued through accretive third-party and Dilawri-originated acquisitions in Canada and the United States.

Name

Automotive Properties Real Estate Investment Trust

Legal name

Automotive Properties Real Estate Investment Trust

Website

https://automotivepropertiesreit.ca

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Automotive Properties REIT (TSX: APR.UN) owns 95 income-producing automotive and OEM dealership properties across Canada and the United States, leased under triple-net arrangements to 33 global brands including the Dilawri Group, Tesla, and Rivian.

Ownership category

akta.pro rank

Product category

Automotive Dealership Real Estate REIT

NAICS

Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Automotive dealership real estate
• Commercial property leasing
• Triple-net lease properties
• REIT investment vehicles
• Income-producing real estate

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Rental Revenue: Primary revenue from triple-net and net leases with automotive and OEM dealerships. Leases include fixed or CPI-linked rent escalators providing consistent revenue growth. The REIT reported AFFO per Unit of $0.251 for Q4 2025 and $0.998 for full year 2025.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Automotive Properties REIT owns and operates a portfolio of 95 income-producing commercial properties (approximately 3.5 million square feet of gross leasable area) leased primarily under triple-net and net arrangements to automotive and OEM dealership and service operators in strategic Canadian and American urban centres. The REIT generates recurring rental revenue with fixed or CPI-linked rent escalators and distributes cash monthly to unitholders, having grown its portfolio from 26 properties at IPO in 2015 to 95 properties spanning Canada and the United States.

Product overview

Automotive Properties REIT is an internally managed, open-ended real estate investment trust that owns and operates a portfolio of 95 income-producing commercial properties (approximately 3.5 million square feet of gross leasable area) tenanted by automotive and OEM dealership and service businesses across Canadian and U.S. urban centres. The REIT does not offer distinct software products or modules; its business is the ownership and acquisition of automotive dealership real estate, with properties leased primarily under triple-net leases to tenants including the Dilawri Group, Tesla, Rivian, and various other automotive brands. The company's single product offering is its property portfolio investment platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Automotive dealership property portfolio (triple-net and net leases)

Quantifiable outcome

• AFFO per Unit grew 10.2% year-over-year to $0.998 for full year 2025
• +3 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Dilawri GroupcoreStrategic or Co-development PartnerLead tenant and largest shareholder with 30.7% effective interest in the REIT. Largest automotive dealership group in Canada with combined revenues of approximately $5.3 billion in 2025, representing virtually every major automotive brand. Properties leased under triple-net arrangements. Strategic alignment through co-investment provides pipeline of acquisition opportunities and tenant stability.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• EPR Properties: U.S. specialty net-lease REIT (NYSE: EPR) focused on experiential properties including theatres, eat-and-play, and select auto-related assets. Comparable niche-specialist REIT strategy with similar tenant-credit underwriting, though auto exposure is incidental.
• National Retail Properties: U.S. net-lease REIT (NYSE: NNN) focused on single-tenant retail properties. Comparable in net-lease structure and small-tenant granularity, though asset mix is retail rather than specifically auto dealerships.
• W. P. Carey Inc. Large diversified net-lease REIT (NYSE: WPC) with industrial, retail, and office tenants under long-term triple-net leases. Comparable business model (triple-net, sale-leaseback consolidation) but operates at significantly larger scale and across multiple property types rather than a single niche.
• Realty Income Corporation: Largest publicly-traded net-lease REIT (NYSE: O) with a diversified, multi-sector tenant base under long-term net leases. Most recognizable peer for the triple-net, monthly-distribution model APR operates, but at vastly greater scale and asset-class diversification.

Direct peers

• Getty Realty Corp. U.S. net-lease REIT whose portfolio is heavily concentrated in convenience, fuel, and automotive service properties. Most direct U.S. comparable to APR's automotive-dealership net-lease strategy, with similar long WALT and small-tenant granularity.
• Choice Properties Real Estate Investment Trust: Canadian retail REIT (TSX: CHP.UN) majority-owned by Loblaw, with a portfolio of grocery-anchored and mixed-use assets. Directly comparable as a Canadian retail REIT, though the model relies on a single anchor tenant relationship similar to APR's Dilawri alignment.
• RioCan Real Estate Investment Trust: Canada's largest retail REIT (TSX: REI.UN), owning urban and grocery-anchored open-air centres. Directly comparable in terms of Canadian retail real estate exposure, triple-net tenant base, and TSX-listed REIT structure, though diversified across retail categories.
• SmartCentres Real Estate Investment Trust: Canadian REIT anchored by Walmart-anchored retail centres, with growing residential, seniors, and self-storage mix. Comparable as a Canadian public REIT with retail property focus, triple-net-style structures, and a concentrated tenant base.

Emerging players

• Plaza Retail REIT: Smaller Canadian open-air retail REIT (TSX: PLZ.UN). Comparable as a small-cap Canadian retail REIT with a similar consolidation-on-small-portfolio profile, though its property type mix is broader value-oriented retail.
• Automotive retailer sale-leaseback buyers (e.g., частные REIT/институциональные покупатели): Implicit peer set of non-traded REITs and private real estate funds (e.g., commercial real estate arms of major Canadian pensions) that occasionally bid on dealership sale-leasebacks. Comparable competitors for APR's acquisition pipeline, even though they are not pure-play publicly-listed competitors.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/automotive-properties-reit

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Automotive Properties Real Estate Investment Trust