CAPREIT explained

Canadian Apartment Properties REIT
Type:Public (REIT)
Traded As:
S&P/TSX 60 component
Founder:Thomas Schwartz
Location City:Toronto, Ontario
Location Country:Canada
Key People:Dr. Gina P. Cody (Chair of the Board)
Mark Kenney (President & CEO)
Industry:Real Estate
Revenue: Can$933.1 million (2021)
Net Income: Can$1.4 billion (2021)
Operating Income: Can$535.2 million (2021)
Assets: Can$17.7 billion (2021)
Equity: Can$10.4 billion (2021)
Num Employees:28,500

Canadian Apartment Properties REIT (CAPREIT) is a Canadian real estate investment trust headquartered in Toronto, Ontario, Canada. CAPREIT is the largest publicly traded apartment landlord in Canada, with over $17.7 billion in assets, as of December 2021.[1] As of 2022, CAPREIT owns or has interests in approximately 67,000 residential apartments, townhomes and manufactured housing units across Canada, the Netherlands and Ireland.[1]

CAPREIT financialized the trailer park concept beginning with an acquisition in 2007 which grew to 6,456 “manufactured home community” (MHC) suites by 2017. [2] Paid $500 million in 2004 to acquire smaller rival [3] Residential Equities Real Estate Investment Trust. At the time of the merger the company had 24,238 rental apartments and townhouse units across the country.[4] It became associated with Montreal Olympic Village in 2012.[5] In 2019 the company spun-off 2000 rental units in the Netherlands, into a separate European-focused REIT (Canada's first).https://www.globenewswire.com/news-release/2020/02/25/1990551/0/en/European-Residential-REIT-Announces-Year-End-2019-Results.html

History

In 1996, Thomas Schwartz partnered with Michael Stein to establish Canadian Apartment Properties REIT, which became one of Canada's largest residential landlords.[6] CAPREIT went public with an initial public offering in 1997.

In 2004, CAPREIT acquired rival Residential Equities REIT for $500 million.[7] At the time of the merger, the company had 24,238 rental apartments and townhouse units across the country.[8]

In 2007, CAPREIT made its first acquisition in manufactured home communities.[9] [10]

In 2012, CAPREIT purchased Montreal's Olympic Village for $176.5 million.[11]

In 2019, the company spun-off its European holdings into a separate company, European Residential REIT. CAPREIT retains a stake in the company, which owns over 5,865 rental apartment units in the Netherlands.[12] In March 2021, CAPREIT extended a €165 million agreement with European Residential REIT until 2023.[13]

CAPREIT was added to the TSX 60 index on June 22, 2020.[14]

Notable properties

Notes and References

  1. Web site: CAPREIT Annual Report 2021 . 2022-02-23 . CAPREIT . 2022-08-24 . 2022-07-12 . https://web.archive.org/web/20220712004612/https://s25.q4cdn.com/722916301/files/doc_financials/2021/ar/2021-Annual-Report.pdf . live .
  2. CAPREIT acquires major manufactured home communities portfolio. June 1, 2012. December 23, 2020. October 22, 2023. https://web.archive.org/web/20231022064144/https://www.globenewswire.com/news-release/2012/06/01/1397652/0/en/CAPREIT-Acquires-Major-Manufactured-Home-Communities-Portfolio.html. live.
  3. News: REIT merger may signal new era of consolidation. The Globe and Mail . March 31, 2004. Church . Elizabeth .
  4. Web site: reits in 1 billion dollar merger. 2004. 2020-12-23. 2023-11-09. https://web.archive.org/web/20231109184434/https://www.cbc.ca/news/business/reits-in-1-billion-merger-1.510480. live.
  5. Web site: Tshuva's Elad sells Montreal's Olympic Village. 2012. 2020-12-27. 2023-11-09. https://web.archive.org/web/20231109184324/https://en.globes.co.il/en/article-1000795267. live.
  6. Web site: Real Estate Mogul's Death Loss to Jewish Community . August 30, 2017 . cjnews.com . December 23, 2020 . November 16, 2018 . https://web.archive.org/web/20181116073433/http://www.cjnews.com/news/canada/real-estate-moguls-death-loss-jewish-community . live .
  7. News: REIT merger may signal new era of consolidation. March 31, 2004. The Globe and Mail. December 27, 2020. November 9, 2023. https://web.archive.org/web/20231109184934/https://www.theglobeandmail.com/report-on-business/reit-merger-may-signal-new-era-of-consolidation/article18262628/. live.
  8. News: REITs in 1 Billion Dollar Merger. 2004. cbc.ca. 2020-12-23. 2023-11-09. https://web.archive.org/web/20231109184434/https://www.cbc.ca/news/business/reits-in-1-billion-merger-1.510480. live.
  9. Web site: The financialization of Canadian multi-family rental housing: From trailer to tower. Journal of Urban Affairs. February 28, 2020. December 23, 2020. February 12, 2021. https://web.archive.org/web/20210212210240/http://waterlooregion.org/sites/default/files/August2020.pdf. live.
  10. CAPREIT acquires major manufactured home communities portfolio. June 1, 2012. www.globenewswire.com. December 23, 2020. October 22, 2023. https://web.archive.org/web/20231022064144/https://www.globenewswire.com/news-release/2012/06/01/1397652/0/en/CAPREIT-Acquires-Major-Manufactured-Home-Communities-Portfolio.html. live.
  11. Web site: Tshuva's Elad sells Montreal's Olympic Village. 2012. globes.co.il. 2020-12-27. 2023-11-09. https://web.archive.org/web/20231109184324/https://en.globes.co.il/en/article-1000795267. live.
  12. ERES Limited Partnership. 2020-02-25. European Residential REIT Announces Year End 2019 Results. 2021-05-03. GlobeNewswire News Room. fr. 2020-02-26. https://web.archive.org/web/20200226211327/https://www.globenewswire.com/news-release/2020/02/25/1990551/0/en/European-Residential-REIT-Announces-Year-End-2019-Results.html. live.
  13. Web site: European Residential, CAPREIT Extend €165m Pipeline Agreement. spglobal. 2021-12-01. 2021-12-01. https://web.archive.org/web/20211201182203/https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/european-residential-capreit-extend-8364-165m-pipeline-agreement-63112177. live.
  14. 2020-06-15. CAPREIT to be Included in the S&P/TSX 60 Index. 2021-05-03. GlobeNewswire News Room. en. 2021-04-04. https://web.archive.org/web/20210404082732/http://www.globenewswire.com/news-release/2020/06/15/2048331/0/en/CAPREIT-to-be-Included-in-the-S-P-TSX-60-Index.html. live.

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