CAPREIT

Last updated
Canadian Apartment Properties REIT
Type Public (REIT)
TSX:  CAR.UN
S&P/TSX 60 component
Industry Real Estate
FoundedMay 21, 1997 (1997-05-21)
FounderThomas Schwartz
Headquarters
Toronto, Ontario
,
Canada
Key people
 Dr. Gina P. Cody (Chair of the Board) [1]
Mark Kenney (President & CEO) [1]
RevenueIncrease2.svg Can$933.1 million (2021) [1]
Increase2.svg Can$535.2 million (2021) [1]
Increase2.svg Can$1.4 billion (2021) [1]
Total assets Increase2.svg Can$17.7 billion (2021) [1]
Total equity Increase2.svg Can$10.4 billion (2021) [1]
Number of employees
28,500
Website www.capreit.ca

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]

Contents

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] [3] Paid $500 million in 2004 to acquire smaller rival [4] 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. [5] It became associated with Montreal Olympic Village in 2012. [6] In 2019 the company spun-off 2000 rental units in the Netherlands, into a separate European-focused REIT (Canada's first).

History

In 1996, Thomas Schwartz partnered with Michael Stein to establish Canadian Apartment Properties REIT, which became one of Canada's largest residential landlords. [7] CAPREIT went public with an initial public offering in 1997.

In 2004, CAPREIT acquired rival Residential Equities REIT for $500 million. [8] At the time of the merger, the company had 24,238 rental apartments and townhouse units across the country. [9]

In 2007, CAPREIT made its first acquisition in manufactured home communities. [2] [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

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References

  1. 1 2 3 4 5 6 7 8 9 "CAPREIT Annual Report 2021" (PDF). CAPREIT. 2022-02-23. Archived (PDF) from the original on 2022-07-12. Retrieved 2022-08-24.
  2. 1 2 "The financialization of Canadian multi-family rental housing: From trailer to tower" (PDF). Journal of Urban Affairs. February 28, 2020. Archived (PDF) from the original on February 12, 2021. Retrieved December 23, 2020.
  3. ↑ "CAPREIT acquires major manufactured home communities portfolio" (Press release). June 1, 2012. Archived from the original on October 22, 2023. Retrieved December 23, 2020.
  4. ↑ Church, Elizabeth (March 31, 2004). "REIT merger may signal new era of consolidation". The Globe and Mail.
  5. ↑ "reits in 1 billion dollar merger". 2004. Archived from the original on 2023-11-09. Retrieved 2020-12-23.
  6. ↑ "Tshuva's Elad sells Montreal's Olympic Village". 2012. Archived from the original on 2023-11-09. Retrieved 2020-12-27.
  7. ↑ "Real Estate Mogul's Death Loss to Jewish Community". cjnews.com. August 30, 2017. Archived from the original on November 16, 2018. Retrieved December 23, 2020.
  8. ↑ "REIT merger may signal new era of consolidation". The Globe and Mail . March 31, 2004. Archived from the original on November 9, 2023. Retrieved December 27, 2020.
  9. ↑ "REITs in 1 Billion Dollar Merger". cbc.ca. 2004. Archived from the original on 2023-11-09. Retrieved 2020-12-23.
  10. ↑ "CAPREIT acquires major manufactured home communities portfolio". www.globenewswire.com (Press release). June 1, 2012. Archived from the original on October 22, 2023. Retrieved December 23, 2020.
  11. ↑ "Tshuva's Elad sells Montreal's Olympic Village". globes.co.il. 2012. Archived from the original on 2023-11-09. Retrieved 2020-12-27.
  12. ↑ "European Residential REIT Announces Year End 2019 Results". GlobeNewswire News Room (Press release) (in French). ERES Limited Partnership. 2020-02-25. Archived from the original on 2020-02-26. Retrieved 2021-05-03.
  13. ↑ "European Residential, CAPREIT Extend €165m Pipeline Agreement". spglobal. Archived from the original on 2021-12-01. Retrieved 2021-12-01.
  14. ↑ "CAPREIT to be Included in the S&P/TSX 60 Index". GlobeNewswire News Room (Press release). 2020-06-15. Archived from the original on 2021-04-04. Retrieved 2021-05-03.


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