CAPREIT

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]

Canadian Apartment Properties REIT

Company type	Public (REIT)
Traded as	TSX: CAR.UN S&P/TSX 60 component
Industry	Real Estate
Founded	May 21, 1997 (1997-05-21)
Founder	Thomas Schwartz
Headquarters	Toronto, Ontario , Canada
Key people	Dr. Gina P. Cody (Chair of the Board)[1] Mark Kenney (President & CEO)[1]
Revenue	Can$933.1 million (2021)[1]
Operating income	Can$535.2 million (2021)[1]
Net income	Can$1.4 billion (2021)[1]
Total assets	Can$17.7 billion (2021)[1]
Total equity	Can$10.4 billion (2021)[1]
Number of employees	28,500 (2021)
Website	www.capreit.ca

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). CAPREIT was added to the TSX 60 index on June 22, 2020.

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

• Olympic Village (Montreal)

References

1. "CAPREIT Annual Report 2021" (PDF). CAPREIT. 2022-02-23. Archived (PDF) from the original on 2022-07-12. Retrieved 2022-08-24.
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.