Automotive Properties (TSE:APR.UN)
TSX:APR.UN
Earnings Data
Report Date
May 20, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.16Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed a positive operational and financial momentum: solid acquisition activity (including U.S. entry), double-digit Q4 growth in revenue and NOI, meaningful per-unit AFFO/FFO improvements, strengthened liquidity and proactive interest-rate hedging. Key risks flagged include higher interest expense from additional leverage and rate increases, non-cash fair value/closing cost impacts, a rent reduction from a prior asset sale, some FX and non-cash adjustments, and ongoing market/regulatory uncertainty tied to the auto sector and EV transition. Management emphasized selective deployment, expanded acquisition capacity and expectation of benefiting from a full year of 2025 acquisitions in 2026.Company Guidance
Acquisitions and U.S. Entry
Completed 13 property acquisitions in 2025 (including first 3 U.S. properties) for an aggregate purchase price of approximately $200 million; Q4 deployments of ~$57.3 million in Greater Montreal; Jan 1, 2026 acquisition of a Hyundai dealership for $13.25 million; waived conditions on Vista, CA (Rivian tenant) for USD 16 million, expected to close H1 2026 — expanding geographic footprint and pipeline (Canada, U.S., heavy equipment vertical).
Revenue and NOI Growth
Property rental revenue increased 8.5% year-over-year for the full year and rose 19.3% in Q4 (Q4 revenue $27.9M vs $23.4M prior-year Q4); total cash NOI up 8.4% FY and 18.6% in Q4 (Q4 total cash NOI $23.2M); same-property cash NOI up 1.9% in Q4 and 2.1% for the full year, supported by contractual fixed/CPI rent increases.
FFO/AFFO and Per-Unit Improvement
FFO and AFFO increased by 20.4% and 18.4% respectively in Q4 YoY; AFFO per unit diluted increased to $0.998 for the year from $0.932 and Q4 AFFO/unit rose to $0.251 from $0.232; distributions paid $11.32M ($0.206/unit) with AFFO payout ratio improving to 82.1% from 86.6% a year ago; implemented a 2.2% increase to unitholder distributions effective August 2025.
Strong Liquidity and Capital Capacity
Debt-to-GBV of 49.9% at year-end; approximately $102.3M of undrawn capacity under revolving credit facilities; 10 unencumbered properties with aggregate value of ~$130.2M; borrowing capacity under three credit facilities increased by ~$140M (trailing 12 months) and maturities extended — providing acquisition capacity.
Active Interest-Rate Hedging and Extended Facilities
Entered/renewed swaps: $25M during quarter and $45M subsequent to quarter (terms 5–7 years at ~4.45%–4.59%); increased non-revolving Facility 3 by $40M and revolver by $25M and extended maturities — 87% of debt fixed as of March 4, 2026, and weighted average interest term remaining 4.1 years, reducing interest-rate exposure.
Operational and Balance Metrics
Cap rate at year-end 6.75% (essentially flat QoQ); G&A expenses reduced to $1.8M in Q4 (down $0.4M YoY); net income and other comprehensive income $13.9M in Q4 vs $12.0M prior-year Q4; 100% rent collection since IPO over 10 years.
TSE:APR.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:APR.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 04, 2026 | C$11.52 | C$11.67 | +1.29% |
Nov 13, 2025 | C$10.47 | C$10.48 | +0.09% |
Aug 14, 2025 | C$10.73 | C$10.99 | +2.39% |
May 14, 2025 | C$9.89 | C$9.96 | +0.76% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Automotive Properties (TSE:APR.UN) report earnings?
Automotive Properties (TSE:APR.UN) is schdueled to report earning on May 20, 2026, After Close (Confirmed).
What is Automotive Properties (TSE:APR.UN) earnings time?
Automotive Properties (TSE:APR.UN) earnings time is at May 20, 2026, After Close (Confirmed).
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What is TSE:APR.UN EPS forecast?
Currently, no data Available