CAPREIT Capital Allocation Update – $172MM in Strategic Transactions
06 9월 2023 - 6:30AM
Canadian Apartment Properties Real Estate Investment Trust
(“CAPREIT”) (TSX:CAR.UN) announced today that, since its last
transaction press release on June 8, 2023, it has closed on six
non-core dispositions in Canada, and has entered into an agreement
to dispose of an additional non-core property, for combined
consideration of $121.4 million. CAPREIT also acquired a
strategically aligned, newly constructed rental property for $51.0
million. All amounts disclosed herein exclude transaction costs.
In June, CAPREIT completed the disposition of a
manufactured home community containing 217 sites in Windsor,
Ontario, for $8.3 million, with proceeds allocated toward the
repayment of principal outstanding on the mortgage of $7.7 million.
The property was the primary driver of interim maintenance costs
being incurred on the operation and remediation of septic
systems.
In August, CAPREIT further disposed of one
73-suite residential property, built in 1974, for $12.6 million,
and another 180-suite residential property, built in 1977, for
$32.5 million, both located in Montréal, Québec. Proceeds from the
sales were in part used to repay mortgage principal outstanding on
the properties of an aggregate $13.6 million.
CAPREIT additionally closed on three separate
dispositions in August in Charlottetown, Prince Edward Island. The
dispositions represent 132 residential suites sold for gross
consideration of $14.2 million, and all properties were
unencumbered.
CAPREIT also announced that it has entered into
an agreement to dispose of an unencumbered 263-suite property,
built in 1978 and located in Calgary, Alberta, for $53.9 million.
The buyer has waived conditions, and closing is anticipated in the
fourth quarter of 2023.
A Media Snippet accompanying this announcement
is available by clicking on the image or link below:
Furthermore, CAPREIT announced that in June, it
completed the on-strategy acquisition of a high-quality,
amenity-rich building located in Langley, British Columbia, for
$51.0 million. The 92-suite rental property was constructed in 2022
and is located directly adjacent to two of CAPREIT’s other recently
built properties in the growing neighbourhood, providing for
operational efficiencies. The purchase was funded using cash from
net disposition proceeds; however, an estimated $38 million in
mortgage financing, using the CMHC MLI Select energy-efficiency
program, is expected to close in the near-term.
“We continue to act on our strategic
repositioning program, and we’re excited to see these latest
transactions further modernize our portfolio and strengthen its
operational metrics,” commented Mark Kenney, President and Chief
Executive Officer. “In this new era of operating in the Canadian
real estate market, we’re strategically refreshing our capital, our
assets, and our geographical allocation to move toward a new
CAPREIT 2.0. Ultimately, we’re trading quantity for quality in
order to generate enhanced, sustainable returns for our
Unitholders.”
“In aggregate, we’ve executed on $406 million of
dispositions in Canada year-to-date, sold at a premium to IFRS NAV,
while concurrently increasing overall portfolio quality,” added
Julian Schonfeldt, Chief Investment Officer. “We’ve reinvested a
cumulative $213 million into new build rental properties located in
targeted Canadian markets, which have strong fundamentals that
support the improved risk-return profile of our portfolio in the
long-term. We’ve also reinvested $101 million in our NCIB program
year-to-date, at unit prices that represent a significant discount
to IFRS NAV.”
ABOUT CAPREITCAPREIT is
Canada’s largest publicly traded provider of quality rental
housing. As at June 30, 2023, CAPREIT owns approximately 65,000
residential apartment suites, townhomes and manufactured home
community sites well-located across Canada and the Netherlands,
with approximately $17 billion of investment properties in Canada
and Europe. For more information about CAPREIT, its business and
its investment highlights, please visit our website at
www.capreit.ca and our public disclosure which can be found under
our profile at www.sedarplus.ca.
CAUTIONARY
STATEMENTS REGARDING FORWARD-LOOKING STATEMENTSAll
statements in this press release that do not relate to historical
facts constitute forward-looking statements. These statements
represent CAPREIT’s intentions, plans, expectations and beliefs and
are subject to certain risks and uncertainties that could result in
actual results differing materially from these forward-looking
statements. These risks and uncertainties are more fully described
in regulatory filings that can be obtained on SEDAR at
www.sedarplus.ca.
For more information, please
contact:
CAPREITMr. Mark KenneyPresident & Chief Executive Officer(416)
861-9404 |
CAPREIT Mr. Stephen CoChief Financial Officer (416)
306-3009 |
CAPREITMr. Julian SchonfeldtChief Investment Officer(647)
535-2544 |
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