CAPREIT
 | |
| Company type | Public (REIT) |
|---|---|
| TSX: CAR.UN S&P/TSX 60 component | |
| Industry | Real Estate |
| Founded | May 21, 1997 |
| Founder | Thomas Schwartz |
| Headquarters | , Canada |
Key people | Dr. Gina P. Cody (Chair of the Board)[1] Mark Kenney (President & CEO)[1] |
| Revenue |  Can$933.1 million (2021)[1] |
| Can$535.2 million (2021)[1] | |
| 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 |
| Website | www |
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]
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).[1]
- CAPREIT was added to the TSX 60 index on June 22, 2020.
History
[edit]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
[edit]References
[edit]- ^ a b c d e f g h i "CAPREIT Annual Report 2021" (PDF). CAPREIT. 2022-02-23. Archived (PDF) from the original on 2022-07-12. Retrieved 2022-08-24.
- ^ a b "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.
- ^ "CAPREIT acquires major manufactured home communities portfolio" (Press release). June 1, 2012. Archived from the original on October 22, 2023. Retrieved December 23, 2020.
- ^ Church, Elizabeth (March 31, 2004). "REIT merger may signal new era of consolidation". The Globe and Mail.
- ^ "reits in 1 billion dollar merger". 2004. Archived from the original on 2023-11-09. Retrieved 2020-12-23.
- ^ "Tshuva's Elad sells Montreal's Olympic Village". 2012. Archived from the original on 2023-11-09. Retrieved 2020-12-27.
- ^ "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.
- ^ "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.
- ^ "REITs in 1 Billion Dollar Merger". cbc.ca. 2004. Archived from the original on 2023-11-09. Retrieved 2020-12-23.
- ^ "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.
- ^ "Tshuva's Elad sells Montreal's Olympic Village". globes.co.il. 2012. Archived from the original on 2023-11-09. Retrieved 2020-12-27.
- ^ "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.
- ^ "European Residential, CAPREIT Extend €165m Pipeline Agreement". spglobal. Archived from the original on 2021-12-01. Retrieved 2021-12-01.
- ^ "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.