Company type | Public ( REIT) |
---|---|
TSX:
CAR.UN S&P/TSX 60 component | |
Industry | Real Estate |
Founded | May 21, 1997 |
Founder | Thomas Schwartz |
Headquarters | , Canada |
Key people |
Dr. Gina P. Cody (
Chair of the Board)
[1] Mark Kenney (President & CEO) [1] |
Revenue | Can$933.1 million (2021) [1] |
Can$535.2 million (2021) [1] | |
Can$1.4 billion (2021) [1] | |
Total assets | Can$17.7 billion (2021) [1] |
Total equity | Can$10.4 billion (2021) [1] |
Number of employees | 28,500 |
Website |
www |
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]
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]