CAPREIT

Canadian Apartment Properties REIT is an apartment real estate investment trust, the largest of its kind in Canada.[2] As of 2021 CAPREIT currently owns or has interests in approximately 70,000 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland with approximately $18 billion of assets under management globally.

Canadian Apartment Properties REIT
TypePublic
TSX: CAR.UN
S&P/TSX 60 component
IndustryREIT
FoundedMay 21, 1997 (1997-05-21)
FounderThomas Schwartz
Headquarters
Toronto
,
Canada
Key people
Mark Kenney President & CEO
Stephen Co Interim CFO
Corinne Pruzanski General Counsel and Corporate Secretary
Jodi LiebermanChief People, Culture and Brand Officer
ProductsApartment
Real estate
Trailer park
Commercial Real Estate
Town home
RevenueC$778 mil 201917%[1]
C$508 mil 2018 15%[1]
C$1195 mil 20197%[1]
Total assetsC$14,018 mil (Dec'19)[1]40%
Total equityC$8404 mil (Dec'19)[1]33%
Number of employees
28,500
DivisionsERES
ERESM
Websitewww.capreit.ca

History

In 1996, Thomas Schwartz partnered with Michael Stein to establish CAPREIT, one of Canada's largest residential landlords, which owns interests in almost 49,000 residential units in Canada and the Netherlands.[3] Canadian Apartment Properties REIT went public with an ipo in 1997. CAPREIT entered into the trailer park concept beginning with an acquisition in 2007 which grew to 6,456 “manufactured home community” (MHC) suites by 2017. [4][5] Paid $500 million in 2004 to acquire smaller rival Residential Equities Real Estate Investment Trust. [6] At the time of the merger the company had 24,238 rental apartments and townhouse units across the country.[7] It became associated with Montreal Olympic Village in 2012.[8] In 2019 the company spun-off 2000 rental units in the Netherlands, into a separate European-focused REIT (Canada's first).[9] CAPREIT was added to the TSX 60 index on June 22, 2020.[10] In March 2021, CAPREIT extended a €165 million agreement with European Residential REIT until 2023.[11]

Notable Properties

Olympic Village (Montreal)

References
  1. "CAPREIT financials". 2019.
  2. "Largest publicly traded apartment landlord picks up 509 suites". costar. November 11, 2020.
  3. "Real Estate Moguls Death Loss to Jewish Community". cjnews.com. August 30, 2017.
  4. "The financialization of Canadian multi-family rental housing: From trailer to tower" (PDF). Journal of Urban Affairs. February 28, 2020.
  5. "CAPREIT acquires major manufactured home communities portfolio". www.globenewswire.com. June 1, 2012.
  6. "REIT merger may signal new era of consolidation". The Globe and Mail. March 31, 2004.
  7. "REITs in 1 Billion Dollar Merger". cbc.ca. 2004.
  8. "Tshuva's Elad sells Montreal's Olympic Village". globes.co.il. 2012.
  9. "European Residential REIT Announces Year End 2019 Results". GlobeNewswire News Room (in French). ERES Limited Partnership. 2020-02-25. Retrieved 2021-05-03.
  10. "CAPREIT to be Included in the S&P/TSX 60 Index". GlobeNewswire News Room. 2020-06-15. Retrieved 2021-05-03.
  11. "European Residential, CAPREIT Extend €165m Pipeline Agreement". spglobal.


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