Authorization

CAPREIT Reports Continued Growth and Strong Operating Performance in Third Quarter of 2019

TORONTO, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today continuing strong operating and financial results for the three and nine months ended September 30, 2019.
HIGHLIGHTS:

A



A



A



Three Months Ended



A



A



Nine Months Ended



A



A



A



September 30,



A



A



September 30,



A



A



A



2019



A



A



2018



A



A



A



2019



A



A



A



2018



A



Portfolio Performance



A



A



A



A



A



A



A



A



A



A



Overall portfolio occupancy(1)



A



A



A



A



A



A



98.2



%



A



A



98.8



%



Overall portfolio net Average Monthly Rents(1),(2)



A



A



A



A



A



$



1,069



A



A



$



1,079



A



Operating revenues (000s)



$



198,760



A



$



172,298



A



A



$



571,006



A



A



$



510,918



A



Net Rental Income ("NOI") (000s)(3)



$



132,844



A



$



114,228



A



A



$



372,446



A



A



$



328,252



A



NOI margin(3)



A



66.8



%



A



66.3



%



A



A



65.2



%



A



A



64.3



%



A



A



A



A



A



A



A



A



A



A



A



Financial Performance



A



A



A



A



A



A



A



A



A



A



Normalized Funds from Operations ("NFFO") (000s)(4)



$



A89,513



A



$



A77,933



A



A



$



A249,780



A



A



$



A218,857



A



NFFO per Unit a?? basic(4)



$



0.558



A



$



0.540



A



A



$



1.591



A



A



$



1.539



A



Cash distributions per Unit



$



0.345



A



$



0.333



A



A



$



1.027



A



A



$



0.977



A



FFO payout ratio(4)



A



62.5



%



A



62.9



%



A



A



65.8



%



A



A



65.2



%



NFFO payout ratio(4)



A



62.0



%



A



62.3



%



A



A



65.1



%



A



A



64.6



%



A



A



A



A



A



A



A



A



A



A



A



Liquidity and Leverage



A



A



A



A



A



A



A



A



A



A



Total debt to gross book value(1)



A



A



A



A



A



A



36.74



%



A



A



40.48



%



Total debt to gross historical cost(1)



A



A



A



A



A



A



50.33



%



A



A



53.15



%



Weighted average mortgage interest rate(1)



A



A



A



A



A



A



2.93



%



A



A



3.08



%



Weighted average mortgage term (years)(1)



A



A



A



A



A



A



5.18



A



A



A



5.22



A



Debt service coverage (times)(5)



A



A



A



A



A



A



1.79



A



A



A



1.73



A



Interest coverage (times)(5)



A



A



A



A



A



A



3.52



A



A



A



3.40



A



Available liquidity a?? acquisition and operating facility (000s)(1)(6)



A



A



A



A



A



$



44,741



A



A



$



123,218



A



A



A



A



A



A



A



A



A



A



A



A



(1



)



As at September 30.



(2



)



Net Average Monthly Rent ("Net AMR"), previously defined as "AMR", is defined as actual residential rents, excluding vacant units, divided by the total number of suites and sites in the property and does not include revenues from parking, laundry or other sources.



(3



)



2018 comparative balances have been adjusted to conform with the current period due to the adoption of IFRS 16, which is effective January 1, 2019.



(4



)



These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies. Please refer to the cautionary statements under the heading "Non-IFRS Financial Measures" and the reconciliations provided in this press release.



(5



)



Based on the trailing four quarters.



A



A



A



A



A



A



A



A



A



A



(6



)



In addition, there is $50.7 million of borrowing capacity under the Bridge Facility and $72.2 million available under the ERES unsecured credit facility.



A



A



A



A



A



A



A



A



A



A



A



A



A



A



Three Months Ended



A



A



Nine Months Ended



A



A



September 30,



A



A



September 30,



OTHER MEASURES



A



2019



A



A



2018



A



A



A



2019



A



A



A



2018



A



Weighted average number of units - basic (000s)



A



A160,328



A



A



144,431



A



A



A



156,956



A



A



A



142,224



A



Number of residential suites and sites acquired



A



2,358



A



A



362



A



A



A



8,413



A



A



A



498



A



Number of suites disposed



A



a??



A



A



264



A



A



A



a??



A



A



A



264



A



Closing price of Trust Units(1)



A



A



A



A



A



$



54.47



A



A



$



47.69



A



Market capitalization (millions)(1)



A



A



A



A



A



$



8,774



A



A



$



6,973



A



A



A



A



A



A



A



A



A



A



A



A



(1



)



As at September 30.

SUMMARY OF Q3 - 2019 RESULTS OF OPERATIONS Key Transactions

On September 30, 2019, ERES acquired a portfolio of multi-residential properties from CAPREIT. For details, see Section I a?? European Residential Real Estate Investment Trust. As at September 30, 2019, all of the Netherlands properties are held through ERES



On September 24, 2019, ERES completed an offering of ERES units for a price of $4.15 per unit for aggregate proceeds of $166.8 million. The net proceeds after underwritersa?? commission and other closing costs totalling $9.2 million was $157.6 million. CAPREIT purchased 4,820,000 of ERES units amounting to $20.0 million



Total acquisitions for the three and nine months ended September 30, 2019 of 2,358 suites and sites and 8,413 suites and sites for a total of $475.1 million and $1.0 billion respectively, of which 2,710 suites were subsequently sold to ERES

Strong Operating Results Supported by Strong Market Fundamentals
See also:
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