CAPREIT
{{Short description|Canadian real estate investment trust}}
{{Infobox company
| name = Canadian Apartment Properties REIT
| logo = Capreit_Primary_Lockup_Indigo_RGB.svg
| logo_size =
| industry = Real Estate
| traded_as = {{TSX|CAR.UN}}
S&P/TSX 60 component
| foundation = {{Start date|1997|05|21}}
| founder = Thomas Schwartz
| location_city = Toronto, Ontario
| location_country = Canada
| key_people = Dr. Gina P. Cody (Chair of the Board)
Mark Kenney (President & CEO)
| services =
| revenue = {{increase}} Can$933.1 million (2021)
| net_income = {{increase}} Can$1.4 billion (2021)
| operating_income = {{increase}} Can$535.2 million (2021)
| assets = {{increase}} Can$17.7 billion (2021)
| equity = {{increase}} Can$10.4 billion (2021)
| divisions =
| num_employees = 28,500
| num_employees_year = 2021
| homepage = {{URL|https://www.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.{{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 }} 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.
CAPREIT financialized the trailer park concept beginning with an acquisition in 2007 which grew to 6,456 “manufactured home community” (MHC) suites by 2017. {{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}}
Paid $500 million in 2004 to acquire smaller rival {{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 }} 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.{{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}}
It became associated with Montreal Olympic Village in 2012.{{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}}
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
In 1996, Thomas Schwartz partnered with Michael Stein to establish Canadian Apartment Properties REIT, which became one of Canada's largest residential landlords.{{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 }} CAPREIT went public with an initial public offering in 1997.
In 2004, CAPREIT acquired rival Residential Equities REIT for $500 million.{{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}} At the time of the merger, the company had 24,238 rental apartments and townhouse units across the country.{{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}}
In 2007, CAPREIT made its first acquisition in manufactured home communities.{{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}}{{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}}
In 2012, CAPREIT purchased Montreal's Olympic Village for $176.5 million.{{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}}
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.{{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}} In March 2021, CAPREIT extended a €165 million agreement with European Residential REIT until 2023.{{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}}
CAPREIT was added to the TSX 60 index on June 22, 2020.{{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}}