TORONTO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that, since the first quarter of 2024, it has completed six acquisitions of new build rental apartment properties in Canada for an aggregate $387.4 million. CAPREIT also announced that it has closed on, or has entered into an agreement to close on, three non-core Canadian dispositions to non-profit organizations for combined gross proceeds of $89.3 million. All amounts disclosed herein exclude transaction costs and other customary adjustments.
During the second quarter of 2024, CAPREIT has completed the acquisition of two strategically aligned properties:
In July, CAPREIT closed on four additional acquisitions of high quality, recently constructed rental apartment properties:
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CAPREIT further announced that it has completed two dispositions of non-core properties during the second quarter of 2024:
CAPREIT has also entered into an agreement to sell one more off-strategy property, with closing anticipated by release of its second quarter 2024 financial results on August 7, 2024:
“We’re excited about the ground we’ve covered on our high-grading strategy since our last update, with nearly $500 million in additional Canadian apartment transactions, and we still have significant runway left in the year,” commented Mark Kenney, President and Chief Executive Officer. “Notably, the weighted average cap rate on our newly announced acquisitions exceeds that of our dispositions, which we’re continuing to sell at prices that are at or above their previously reported IFRS fair values. We’re also proud to be participating in the preservation of affordable housing in Canada by transferring more of our regulated properties into the hands of non-profit organizations, that can maintain the affordability of these older homes for substantially less than the cost of building new. We’ll continue incorporating this as a key strategic priority going forward, so that we can further contribute to the solutions to the Canadian housing crisis in this important way.”
“The Board is pleased with the advancements made on CAPREIT’s strategy in 2024, and we applaud management’s commitment to heighten portfolio quality and grow earnings for Unitholders,” added Gina Cody, Chair of the Board of Trustees. “Alongside our recently announced divestments from other ancillary interests that are no longer core to our business, we’re thrilled to be transforming CAPREIT’s future for the better. The Board remains supportive of CAPREIT’s strategic objectives and encourages continued momentum on those goals going forward.”
ABOUT CAPREIT
CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at March 31, 2024, CAPREIT owns approximately 64,200 residential apartment suites, townhomes and manufactured home community sites well-located across Canada and the Netherlands, with approximately $16.7 billion of investment properties in Canada and Europe. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.capreit.ca and our public disclosure which can be found under our profile at www.sedarplus.ca.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements within the meaning of applicable Canadian securities laws which reflect CAPREIT’s current expectations and projections about future results. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “consider”, “should”, “plans”, “predict”, “estimate”, “forward”, “potential”, “could”, “likely”, “approximately”, “scheduled”, “forecast”, “variation” or “continue”, or similar expressions suggesting future outcomes or events. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Any number of factors could cause actual results to differ materially from these forward-looking statements. Although CAPREIT believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward looking statements in this press release are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR+ at www.sedarplus.ca.
Except as specifically required by applicable Canadian securities law, CAPREIT does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. These forward-looking statements should not be relied upon as representing CAPREIT’s views as of any date subsequent to the date of this press release.
For more information, please contact:
| CAPREIT Dr. Gina Parvaneh Cody Chair of the Board (437) 219-1765 |
CAPREIT Mr. Mark Kenney President & Chief Executive Officer (416) 861-9404 |
| CAPREIT Mr. Stephen Co Chief Financial Officer (416) 306-3009 |
CAPREIT Mr. Julian Schonfeldt Chief Investment Officer (647) 535-2544 |