Canadian Apartment Properties Real Estate Investment Trust

CAR.UN

Equity

ISIN CA1349211054 / Valor 884589

Toronto Stock Exchange (2024-12-24)

CAD 42.51+0.83%

Canadian Apartment Properties Real Estate Investment Trust
UMushroom community rating:

0.00 0 votes No rating yet

NegativeNeutralPositive

About company

Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) is a leading real estate investment trust that has experienced significant growth over the past 25 years. From owning 2,900 apartment suites in Ontario, the company now owns approximately 64,300 suites, townhomes, and manufactured home community sites internationally. CAPREIT has expanded and diversified across Canada's urban growth markets and into Europe, where it has been operating for over a decade. With an investment property portfolio valued at approximately $16.5 billion, CAPREIT is a prominent player in the real estate market, offering a wide range of residential properties for rent to tenants in various locations.

Summarized from source with an LLMView SourceSector: Finance

Revenue Growth

Canadian Apartment Properties Real Estate Investment Trust reported a 6.1% increase in same property operating revenues for the second quarter of 2024 compared to the same period last year. This growth was driven by high occupancy rates and rent increases across their Canadian apartment portfolio.

Net Operating Income

For the three months ended June 30, 2024, Canadian Apartment Properties Real Estate Investment Trust's Net Operating Income (NOI) increased by 7.0% on a same property basis. The NOI margin also expanded by 50 basis points to 66.7%, reflecting improved operational efficiency.

Funds from Operations

Canadian Apartment Properties Real Estate Investment Trust reported Funds from Operations per Unit (diluted) of $0.644 for the second quarter of 2024. This represents a 9.2% increase compared to the same quarter in 2023, primarily due to acquisitions and higher same property NOI, partially offset by dispositions and higher interest expenses.

Divestments and Acquisitions

During the second quarter of 2024, Canadian Apartment Properties Real Estate Investment Trust completed the sale of $51 million in non-core apartment properties and disposed of an additional $38 million subsequent to the period end. They also acquired two recently built Canadian apartment properties for a total of $109 million, enhancing their portfolio quality.

Debt and Distribution

As of June 30, 2024, Canadian Apartment Properties Real Estate Investment Trust maintained a stable total debt-to-gross book value ratio of 41.5%. They announced an increase in their annualized rate of distribution to $1.50 per Trust Unit, effective for the August 2024 distribution, payable in September 2024, reflecting their strong financial performance and strategic progress.

Summarized from source with an LLMView Source

Key figures

-12.5%1Y

-27.6%3Y

-20.3%5Y

Performance

21.1%1Y

22.0%3Y

24.7%5Y

Volatility