Operating Revenues
For the three months ended March 31, 2013, total operating revenues increased by 21.1% compared to the same period last year primarily due to the contribution from 2012 and 2013 acquisitions, stable high occupancies, and increased average monthly rents. Ancillary revenues, such as parking, laundry and antenna income, rose by 23.5% for the three months ended March 31, 2013 compared to the same period last year due to contributions from acquisitions and Management's continued focus on maximizing the revenue potential of its property portfolio.
CAPREIT's annualized net rental revenue run-rate based on the average monthly rents in place and CAPREIT's share of residential suites and sites as at March 31, 2013 increased to $436.1 million, up 20.2% from $362.6 million as of March 31, 2012. Net rental revenue net of dispositions for the twelve months ended March 31, 2013 was $407.5 million (2012 - $350.4 million).
Portfolio Average Monthly Rents ("AMR") Properties Owned Prior to Total Portfolio March 31, 2012As at March 31, 2013 2012 2013 2012 (1) AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. %----------------------------------------------------------------------------Average Residential Suites $ 1,033 97.8 $ 1,013 98.2 $ 1,041 98.1 $ 1,013 98.2----------------------------------------------------------------------------Average MHC Land Lease Sites $ 443 99.1 $ 619 99.8 $ 634 99.8 $ 619 99.8----------------------------------------------------------------------------Overall Portfolio Average $ 978 97.9 $ 995 98.3 $ 1,022 98.2 $ 995 98.3--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Prior period's comparable AMR and occupancy have been restated for properties disposed of between April 1, 2012 and December 31, 2012.Average monthly rents for properties owned prior to March 31, 2012 increased as at March 31, 2013 to $1,022 from $995 as at March 31, 2012, an increase of 2.7% from the same period last year. As at March 31, 2013, occupancy remained strong at 98.2%. Average monthly rents for total portfolio residential properties increased by 2.0% as at March 31, 2013 compared to the same period last year while occupancy remained strong at 97.8% due to ongoing successful sales and marketing strategies and continued strength in the residential rental sector in the majority of CAPREIT's regional markets. Average monthly rents for MHC land lease sites decreased compared to prior year due to the acquisitions in the second quarter of 2012 being in certain lower rent geographic regions. Occupancy remained stable at 99.1% as at March 31, 2013 for the MHC land lease sites portfolio.
Suite Turnovers and Lease RenewalsFor the Three Months Ended March 31, 2013 2012 Change in AMR % Turnovers Change in AMR % Turnovers $ % & Renewals (1) $ % & Renewals (1)----------------------------------------------------------------------------Suite Turnovers 10.2 1.0 5.4 20.1 2.0 5.2Lease Renewals 29.9 2.8 15.5 36.4 3.5 15.7----------------------------------------------------------------------------Weighted Average of Turnovers and Renewals 24.8 2.3 32.4 3.1--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Percentage of suites turned over or renewed during the year based on the total number of residential suites (excluding co-ownerships) held at the end of the year.
