From GlobeNewswire: 2025-02-13 17:00:00

Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX: CAR.UN) reported strong financial results for Q4 and year-end 2024. Operating revenues for the year were $1.1 billion, with a net income of $292.7 million. The NOI margin for the same property portfolio increased to 64.7% for the year. FFO per unit was $2.534, with a payout ratio of 57.9%. Total debt to gross book value was 38.4%. Occupancy in Canada decreased to 97.5%, with an average rent of $1,623. In the Netherlands, occupancy was at 94.6%. CAPREIT disposed of non-core properties for $2.5 billion and acquired properties worth $669.7 million in 2024. They also bought back Trust Units for $327.1 million through the NCIB program.

CAPREIT’s CEO, Mark Kenney, expressed pride in the company’s progress towards becoming a better-quality business in 2024. CFO Stephen Co highlighted the strategic transformation and operational performance, with a focus on revenue growth and cost management. The company increased monthly distributions to $1.55 per Trust Unit, reflecting confidence in the future. They are optimistic about the long-term growth and stability in returns, despite market uncertainties. The company’s NAV per unit increased to $55.50.

CAPREIT continues to invest in strategic opportunities, with recent acquisitions in Canada totaling $97.6 million. They have also disposed of properties for $296.3 million. Subsequent to year-end, CAPREIT acquired 281 suites in Canada and disposed of 1,552 suites. The company also implemented a distribution increase to $1.55 per Trust Unit. They maintain a strong financial position with total debt to gross book value at 38.4% and available liquidity of $688.2 million.

CAPREIT’s focus on operational growth and strategic investments has led to a successful year in 2024. They have demonstrated resilience in the face of market challenges and continue to create value for stakeholders. Looking ahead, the company remains committed to its capital allocation strategy, asset management platform, and programs to achieve its objectives. The future outlook for CAPREIT is positive, with confidence in the long-term fundamentals of the multi-residential rental industry in Canada.



Read more at GlobeNewswire:: CAPREIT Reports Fourth Quarter and Year End 2024 Results