Automotive Properties Posts Its Best-Ever Quarter for AFFO

Automotive Properties REIT turned its 2025 buying spree into its strongest quarter yet. On the May 14, 2026 earnings call, management reported AFFO growth of 19.1% for the first quarter — the trust's highest quarterly AFFO per unit on record per Marketscreener.

Key Takeaways

• Record Q1 AFFO per unit, up 19.1%, reported May 14, 2026.
• Growth driven by 13 property acquisitions completed in 2025.
• Units set a new 52-week high of $12.49 on May 25, 2026.

The Acquisition Flywheel

The record quarter is the lagging signal of a busy 2025. Management attributed the 19.1% AFFO growth to the 13 property acquisitions completed in 2025, plus partial contributions from two more properties bought in early 2026 per Marketscreener. That buying continued south of the border: in early April 2026, the REIT closed two California dealership properties — one in Vista, San Diego County for US$16 million, and the Audi South Coast and South Coast Volkswagen sites in Santa Ana for US$30.2 million per Seeking Alpha. The U.S. push, which already spanned Florida and Ohio, also chips away at the trust's concentrated exposure to the Dilawri Group, still roughly 48% of revenues.

The Market's Read

The units have ridden the results higher, setting a fresh 52-week high of $12.49 on May 25, 2026. Analyst consensus sits at a 12-month average target of CAD $13.18, within a range of $12.63 to $14.44 per Alphaspread.

The Bottom Line

A record AFFO quarter and a new 52-week high cap a clean stretch for Automotive Properties, with last year's 13 acquisitions now fully in the run rate. The watch item is structural rather than operational: Dilawri still accounts for about 48% of revenues, and the U.S. expansion that dilutes that concentration brings its own complexity in less familiar markets.