CAPREIT: Difference between revisions
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==History== |
==History== |
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In 1996, Thomas Schwartz partnered with Michael Stein to establish CAPREIT, one of |
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> |
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Canadian Apartment Properties [[REIT]] went public with an [[initial public offering|ipo]] in 1997. |
Canadian Apartment Properties [[REIT]] went public with an [[initial public offering|ipo]] in 1997. |
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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> |
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> |
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Revision as of 20:33, 28 December 2020
| Company type | Public |
|---|---|
| TSX: CAR.UN S&P/TSX 60 component | |
| Industry | REIT |
| Founded | May 24, 1997 |
| Headquarters | , |
Key people | Mark Kenney CEO Scott Cryer CFO Corinne Pruzanski secr Jonathan FleischerVP |
| Products | Apartment Real estate Trailor park Condominium Town home |
| Revenue | C$778 mil 2019 17%[1] |
| C$508 mil 2018 15%[1] | |
C$1195 mil 2019 7%[1] | |
| Total assets | C$14,018 mil (Dec'19)[1]40% |
| Total equity | C$8404 mil (Dec'19)[1]33% |
Number of employees | 28,500 |
| Divisions | ERES CanLiving BV |
| Website | www |
Canadian Apartment Properties Reit is an apartment real estate investment trust, the largest of its kind in Canada.[2] 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.[3] As of 2020 CAPREIT owns just under 60 thousand residential units in Canada and 5600 in the Netherlands.[4] These include apartment complexes, townhouses, trailer parks, and more recently high end condominiums.
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.[5] Canadian Apartment Properties REIT went public with an ipo in 1997. CAPREIT financialized the trailer park concept beginning with an acquisition in 2007 which grew to 6,456 “manufactured home community” (MHC) suites by 2017. [3][6] Paid $500 million in 2004 to acquire smaller rival [7] 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.[8] It became associated with Montreal Olympic Village in 2012.[9] 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.
Notable Properties
Criticism
exploiting 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.[3] Crisis for renters was a lure for investors, as CAPREIT and ResREIT noted in their IPO prospectuses.
Derelict property
Someone who was exploring a trail system in Charlottetown came upon a property with two mobile homes that had fallen into disrepair.[10]
Lack of Covid Rent Relief/incentives for new tenants
"Union members, however, see CAPREIT’s offers to new tenants - including no last month’s rent deposit, and move-in bonuses of up to $1,000 – as proof the company wants working-class people out." [11][12]
References
- ^ a b c d e "CAPREIT financials". 2019.
- ^ "largest publicly traded apartment landlord picks up 509 suites". November 11, 2020.
- ^ a b c "The financialization of Canadian multi-family rental housing: From trailer to tower, Journal of Urban Affairs" (PDF). February 28, 2020.
- ^ "CAPREIT to be Included in the S&P/TSX 60 Index". June 15, 2020.
- ^ "real-estate-moguls-death-loss-jewish-community". August 30, 2017.
- ^ "CAPREIT acquires major manufactured home communities portfolio". June 1, 2012.
- ^ "REIT merger may signal new era of consolidation". March 31, 2004.
- ^ "reits in 1 billion dollar merger". 2004.
- ^ "Tshuva's Elad sells Montreal's Olympic Village". 2012.
- ^ "Derelict trailor homes". 2020.
- ^ "scarborough tenant union rent relief repairs". 2020.
- ^ "tenants occupy rental office". 2020.