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{{Short description|Canadian real estate investment trust}}
{{Infobox company
{{Infobox company
| name = Canadian Apartment Properties REIT
| name = Canadian Apartment Properties REIT
| logo = capreit logo.svg
| logo = Capreit_Primary_Lockup_Indigo_RGB.svg
| logo_size = 160px
| logo_size = 300px
| type = [[Public company|Public]]
| type = [[Public company|Public]] ([[REIT]])
| traded_as = {{TSX|CAR.UN}}<br /> [[S&P/TSX 60|S&P/TSX 60 component]]
| traded_as = {{TSX|CAR.UN}}<br />[[S&P/TSX 60|S&P/TSX 60 component]]
⚫
| foundation = {{Start date|1997|05|21}}<!-- this parameter modifies "Founded" -->
| genre =
⚫
| founder = Thomas Schwartz
⚫
| foundation = {{Start date|1997|05|24}}<!-- this parameter modifies "Founded" -->
⚫
| location_city = [[Toronto, Ontario]]
⚫
| founder =
⚫
| location_country = Canada
⚫
| location_city = [[Toronto]]
| key_people = [[Gina Cody|Dr. Gina P. Cody]] ([[Chair of the Board]])<ref name="annual2021"/><br/>Mark Kenney (President & [[CEO]])<ref name="annual2021"/>
⚫
| location_country = [[Canada]]
⚫
| industry = [[Real Estate]]
| key_people = '''Mark Kenney''' <small>CEO</small><br />'''Scott Cryer''' <small>CFO</small><br />'''Corinne Pruzanski''' <small>secr</small><br />'''Jonathan Fleischer'''<small>VP</small>
| services =
⚫
| industry = [[REIT]]<br />
| revenue = {{increase}} [[Can$]]933.1 million (2021)<ref name="annual2021"/>
| products = [[Apartment]]<br>[[Real estate]]<br>[[Trailor park]]<br />[[Condominium]]<br/>[[Town home]]
| net_income = {{increase}} Can$1.4 billion (2021)<ref name="annual2021"/>
| revenue = C$778 mil <small>2019{{increase}}17%<ref name=ninereport>{{cite web|url=https://ca.finance.yahoo.com/news/capreit-reports-continued-growth-strong-234938152.html|title=CAPREIT financials|year=2019}}</ref></small>
| operating_income = {{increase}} Can$535.2 million (2021)<ref name="annual2021"/>
| net_income = C$1195 mil <small>2019{{decrease}}7%<ref name=ninereport/></small>
| operating_income = C$508 mil <small>2018 {{increase}}15%<ref name=ninereport/></small>
| assets = {{increase}} Can$17.7 billion (2021)<ref name="annual2021"/>
| assets = C$14,018 mil <small>(Dec'19)<ref name=ninereport/></small>{{increase}}40%
| equity = {{increase}} Can$10.4 billion (2021)<ref name="annual2021"/>
⚫
| divisions =
| equity = C$8404 mil <small>(Dec'19)<ref name=ninereport/></small>{{increase}}33%
⚫
| num_employees = 28,500
⚫
| divisions = ERES<br>CanLiving BV
⚫
| homepage = {{URL|www.capreit.ca}}
⚫
| num_employees = 28,500
⚫
| homepage = {{URL|www.caprent.com}}
}}
}}
'''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.<ref name="annual2021">{{cite web |url=https://s25.q4cdn.com/722916301/files/doc_financials/2021/ar/2021-Annual-Report.pdf |title=CAPREIT Annual Report 2021 |date=2022-02-23 |publisher=CAPREIT |access-date=2022-08-24 |archive-date=2022-07-12 |archive-url=https://web.archive.org/web/20220712004612/https://s25.q4cdn.com/722916301/files/doc_financials/2021/ar/2021-Annual-Report.pdf |url-status=live }}</ref> As of 2022, CAPREIT owns or has interests in approximately 67,000 residential apartments, townhomes and [[manufactured housing]] units across [[Canada]], [[the Netherlands]] and [[Republic of Ireland|Ireland]].<ref name="annual2021"/>
'''Canadian Apartment Properties Reit''' is an apartment [[real estate investment trust]], the largest of its kind in Canada.<ref>{{cite web|url=https://www.costar.com/article/50657071/canada%E2%80%99s-largest-publicly-traded-apartment-landlord-picks-up-509-suites|title=largest publicly traded apartment landlord picks up 509 suites|date=November 11, 2020}}</ref> CAPREIT's business model has been to acquire real-estate with the intention of profiting off the rent. It has been doing this since 1997.<ref name=journalurbanaffairs>{{cite web|url=http://www.waterlooregion.org/sites/default/files/August2020.pdf|title= The financialization of Canadian multi-family rental housing: From trailer to tower, Journal of Urban Affairs|date=February 28, 2020}}</ref> As of 2020 CAPREIT owns just under 60 thousand residential units in Canada and 5600 in the Netherlands.<ref name=tsx>{{cite web|url=https://www.globenewswire.com/news-release/2020/06/15/2048331/0/en/CAPREIT-to-be-Included-in-the-S-P-TSX-60-Index.html#:~:text=TORONTO%2C%20June%2015%2C%202020%20(,Index%20effective%20June%2022%2C%202020.|title=CAPREIT to be Included in the S&P/TSX 60 Index|date=June 15, 2020}}</ref> These include apartment complexes, townhouses, trailer parks, and more recently high end condominiums.

⚫
CAPREIT financialized the trailer park concept beginning with an acquisition in 2007 which grew to 6,456 “manufactured home community” (MHC) suites by 2017. <ref name=journalurbanaffairs/><ref>{{cite press release|url=https://www.globenewswire.com/news-release/2012/06/01/1397652/0/en/CAPREIT-Acquires-Major-Manufactured-Home-Communities-Portfolio.html|title=CAPREIT acquires major manufactured home communities portfolio|date=June 1, 2012|access-date=December 23, 2020|archive-date=October 22, 2023|archive-url=https://web.archive.org/web/20231022064144/https://www.globenewswire.com/news-release/2012/06/01/1397652/0/en/CAPREIT-Acquires-Major-Manufactured-Home-Communities-Portfolio.html|url-status=live}}</ref>
⚫
Paid $500 million in 2004 to acquire smaller rival <ref>{{cite news|url=https://www.theglobeandmail.com/report-on-business/reit-merger-may-signal-new-era-of-consolidation/article18262628/|title=REIT merger may signal new era of consolidation|newspaper=The Globe and Mail |date=March 31, 2004|last1=Church |first1=Elizabeth }}</ref> 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.<ref>{{cite web|url=https://www.cbc.ca/news/business/reits-in-1-billion-merger-1.510480|title=reits in 1 billion dollar merger|date=2004|access-date=2020-12-23|archive-date=2023-11-09|archive-url=https://web.archive.org/web/20231109184434/https://www.cbc.ca/news/business/reits-in-1-billion-merger-1.510480|url-status=live}}</ref>
⚫
It became associated with Montreal Olympic Village in 2012.<ref>{{cite web|url=https://en.globes.co.il/en/article-1000795267|title=Tshuva's Elad sells Montreal's Olympic Village|date=2012|access-date=2020-12-27|archive-date=2023-11-09|archive-url=https://web.archive.org/web/20231109184324/https://en.globes.co.il/en/article-1000795267|url-status=live}}</ref>
In 2019 the company spun-off 2000 rental units in the Netherlands, into a separate European-focused [[REIT]] (Canada's first).[https://www.globenewswire.com/news-release/2020/02/25/1990551/0/en/European-Residential-REIT-Announces-Year-End-2019-Results.html]
*CAPREIT was added to the TSX 60 index on June 22, 2020.


==History==
==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.<ref>{{cite web|url=https://www.cjnews.com/news/canada/real-estate-moguls-death-loss-jewish-community|title=real-estate-moguls-death-loss-jewish-community|date=August 30, 2017}}</ref>
In 1996, Thomas Schwartz partnered with Michael Stein to establish Canadian Apartment Properties REIT, which became one of Canada's largest residential landlords.<ref>{{cite web |url=https://www.cjnews.com/news/canada/real-estate-moguls-death-loss-jewish-community |title=Real Estate Mogul's Death Loss to Jewish Community |date=August 30, 2017 |publisher=cjnews.com |access-date=December 23, 2020 |archive-date=November 16, 2018 |archive-url=https://web.archive.org/web/20181116073433/http://www.cjnews.com/news/canada/real-estate-moguls-death-loss-jewish-community |url-status=live }}</ref> CAPREIT went public with an [[initial public offering]] in 1997.

Canadian Apartment Properties [[REIT]] went public with an [[initial public offering|ipo]] in 1997.
In 2004, CAPREIT acquired rival Residential Equities REIT for $500 million.<ref>{{cite news|url=https://www.theglobeandmail.com/report-on-business/reit-merger-may-signal-new-era-of-consolidation/article18262628/|title=REIT merger may signal new era of consolidation|date=March 31, 2004|newspaper=[[The Globe and Mail]]|access-date=December 27, 2020|archive-date=November 9, 2023|archive-url=https://web.archive.org/web/20231109184934/https://www.theglobeandmail.com/report-on-business/reit-merger-may-signal-new-era-of-consolidation/article18262628/|url-status=live}}</ref> At the time of the merger, the company had 24,238 rental apartments and townhouse units across the country.<ref>{{cite news|url=https://www.cbc.ca/news/business/reits-in-1-billion-merger-1.510480|title=REITs in 1 Billion Dollar Merger|date=2004|publisher=cbc.ca|access-date=2020-12-23|archive-date=2023-11-09|archive-url=https://web.archive.org/web/20231109184434/https://www.cbc.ca/news/business/reits-in-1-billion-merger-1.510480|url-status=live}}</ref>
⚫
CAPREIT financialized the trailer park concept beginning with an acquisition in 2007 which grew to 6,456 “manufactured home community” (MHC) suites by 2017. <ref name=journalurbanaffairs/><ref>{{cite web|url=https://www.globenewswire.com/news-release/2012/06/01/1397652/0/en/CAPREIT-Acquires-Major-Manufactured-Home-Communities-Portfolio.html|title=CAPREIT acquires major manufactured home communities portfolio|date=June 1, 2012}}</ref>

⚫
Paid $500 million in 2004 to acquire smaller rival <ref>{{cite web|url=https://www.theglobeandmail.com/report-on-business/reit-merger-may-signal-new-era-of-consolidation/article18262628/|title=REIT merger may signal new era of consolidation|date=March 31, 2004}}</ref> 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.<ref>{{cite web|url=https://www.cbc.ca/news/business/reits-in-1-billion-merger-1.510480|title=reits in 1 billion dollar merger|date=2004}}</ref>
In 2007, CAPREIT made its first acquisition in manufactured home communities.<ref name=journalurbanaffairs>{{cite web|url=http://www.waterlooregion.org/sites/default/files/August2020.pdf|title=The financialization of Canadian multi-family rental housing: From trailer to tower|publisher=Journal of Urban Affairs|date=February 28, 2020|access-date=December 23, 2020|archive-date=February 12, 2021|archive-url=https://web.archive.org/web/20210212210240/http://waterlooregion.org/sites/default/files/August2020.pdf|url-status=live}}</ref><ref>{{cite press release|url=https://www.globenewswire.com/news-release/2012/06/01/1397652/0/en/CAPREIT-Acquires-Major-Manufactured-Home-Communities-Portfolio.html|title=CAPREIT acquires major manufactured home communities portfolio|date=June 1, 2012|website=www.globenewswire.com|access-date=December 23, 2020|archive-date=October 22, 2023|archive-url=https://web.archive.org/web/20231022064144/https://www.globenewswire.com/news-release/2012/06/01/1397652/0/en/CAPREIT-Acquires-Major-Manufactured-Home-Communities-Portfolio.html|url-status=live}}</ref>
⚫
It became associated with Montreal Olympic Village in 2012.<ref>{{cite web|url=https://en.globes.co.il/en/article-1000795267|title=Tshuva's Elad sells Montreal's Olympic Village|date=2012}}</ref>

In 2019 the company spun-off 2000 rental units in the Netherlands, into a separate European-focused [[REIT]] (Canada's first).<ref>{{Cite web|last=Partnership|first=ERES Limited|date=2020-02-25|title=European Residential REIT Announces Year End 2019 Results|url=https://www.globenewswire.com/news-release/2020/02/25/1990551/0/en/European-Residential-REIT-Announces-Year-End-2019-Results.html|access-date=2021-05-03|website=GlobeNewswire News Room|language=fr}}</ref> CAPREIT was added to the TSX 60 index on June 22, 2020.<ref>{{Cite web|last=REIT|first=CANADIAN APARTMENT PROPERTIES|date=2020-06-15|title=CAPREIT to be Included in the S&P/TSX 60 Index|url=https://www.globenewswire.com/news-release/2020/06/15/2048331/0/en/CAPREIT-to-be-Included-in-the-S-P-TSX-60-Index.html|access-date=2021-05-03|website=GlobeNewswire News Room|language=en}}</ref>
In 2012, CAPREIT purchased Montreal's [[Olympic Village (Montreal)|Olympic Village]] for $176.5 million.<ref>{{cite web|url=https://en.globes.co.il/en/article-1000795267|title=Tshuva's Elad sells Montreal's Olympic Village|date=2012|publisher=globes.co.il|access-date=2020-12-27|archive-date=2023-11-09|archive-url=https://web.archive.org/web/20231109184324/https://en.globes.co.il/en/article-1000795267|url-status=live}}</ref>
⚫
==Notable Properties==

⚫
[[Olympic Village (Montreal)]]
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.<ref>{{Cite press release|publisher=ERES Limited Partnership|date=2020-02-25|title=European Residential REIT Announces Year End 2019 Results|url=https://www.globenewswire.com/news-release/2020/02/25/1990551/0/en/European-Residential-REIT-Announces-Year-End-2019-Results.html|access-date=2021-05-03|website=GlobeNewswire News Room|language=fr|archive-date=2020-02-26|archive-url=https://web.archive.org/web/20200226211327/https://www.globenewswire.com/news-release/2020/02/25/1990551/0/en/European-Residential-REIT-Announces-Year-End-2019-Results.html|url-status=live}}</ref> In March 2021, CAPREIT extended a €165 million agreement with European Residential REIT until 2023.<ref>{{Cite web|url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/european-residential-capreit-extend-8364-165m-pipeline-agreement-63112177|title=European Residential, CAPREIT Extend €165m Pipeline Agreement|website=spglobal|access-date=2021-12-01|archive-date=2021-12-01|archive-url=https://web.archive.org/web/20211201182203/https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/european-residential-capreit-extend-8364-165m-pipeline-agreement-63112177|url-status=live}}</ref>

CAPREIT was added to the TSX 60 index on June 22, 2020.<ref>{{Cite press release|date=2020-06-15|title=CAPREIT to be Included in the S&P/TSX 60 Index|url=https://www.globenewswire.com/news-release/2020/06/15/2048331/0/en/CAPREIT-to-be-Included-in-the-S-P-TSX-60-Index.html|access-date=2021-05-03|website=GlobeNewswire News Room|language=en|archive-date=2021-04-04|archive-url=https://web.archive.org/web/20210404082732/http://www.globenewswire.com/news-release/2020/06/15/2048331/0/en/CAPREIT-to-be-Included-in-the-S-P-TSX-60-Index.html|url-status=live}}</ref>


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==Notable properties==
==Criticism==
⚫
*[[Olympic Village (Montreal)]]
===The housing crisis===
The company has been accused of exploiting the affordable housing crisis in Canada. In 1999, CAPREIT announced “Apartments make money!” on the cover of their annual report, at the same time the provincial government was handing over more control of social housing to municipalities.<ref name=journalurbanaffairs/> Crisis for renters was a lure for investors, as CAPREIT and ResREIT noted in their IPO prospectuses.


==References==
==References==
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[[Category: Companies based in Toronto]]
[[Category: Companies based in Toronto]]
[[Category: Real estate investment trusts]]
[[Category:Real estate investment trusts of Canada]]
[[Category: S&P/TSX 60]]
[[Category: S&P/TSX 60]]
[[Category: Companies listed on the Toronto Stock Exchange]]
[[Category: Companies listed on the Toronto Stock Exchange]]

Latest revision as of 18:50, 9 November 2023

Canadian Apartment Properties REIT
Company typePublic (REIT)
TSX: CAR.UN
S&P/TSX 60 component
IndustryReal Estate
FoundedMay 21, 1997 (1997-05-21)
FounderThomas Schwartz
Headquarters
Toronto, Ontario
,
Canada
Key people
Dr. Gina P. Cody (Chair of the Board)[1]
Mark Kenney (President & CEO)[1]
RevenueIncrease Can$933.1 million (2021)[1]
Increase Can$535.2 million (2021)[1]
Increase Can$1.4 billion (2021)[1]
Total assetsIncrease Can$17.7 billion (2021)[1]
Total equityIncrease Can$10.4 billion (2021)[1]
Number of employees
28,500
Websitewww.capreit.ca

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]

  1. ^ 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.
  2. ^ 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.
  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.


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