News Column

CAPREIT Announces Strong Growth in First Quarter 2013

Page 6 of 1

LogoTracker

TORONTO, ONTARIO -- (Marketwired) -- 05/07/13 -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today strong operating and financial results for the three months ended March 31, 2013.

Three Months Ended March 31, 2013 2012----------------------------------------------------------------------------Operating Revenues (000s) $ 115,324 $ 95,262Net Operating Income ("NOI") (000s) (1) $ 63,491 $ 52,738NOI Margin (1) 55.1% 55.4%Normalized Funds From Operations ("NFFO") Per Unit - Basic (1) $ 0.362 $ 0.333NFFO Payout Ratio (1) 79.3% 83.5%--------------------------------------------------------------------------------------------------------------------------------------------------------(1) NOI, NFFO and NFFO per Unit are measures used by Management in evaluating operating performance. Please refer to the cautionary statements under the heading "Non-IFRS Financial Measures" and the reconciliations provided in this press release.-- Record portfolio growth in 2012 makes significant contribution to first quarter results-- Q1 2013 operating revenues up 21.1% compared to the same period last year due to high stable occupancies, higher average monthly rents, and contributions from acquisitions-- Overall average monthly rents rose 2.0% for residential properties compared to the same period last year-- Overall portfolio occupancy remains strong at 97.9% as at March 31, 2013-- Q1 2013 NOI up 20.4% compared to the same period last year with NOI margin remained strong at 55.1%-- Q1 2013 same property NOI up 3.8% compared to the same period last year, over seven years of stable or improved year-over-year same property NOI-- Q1 2013 NFFO up 30.2% generating an improved NFFO payout ratio of 79.3% primarily due to acquisitions, increased average monthly rents, high stable occupancies and strong organic growth.-- Q1 2013 NFFO per Unit up 8.7% compared to the same period last year despite 20% increase in the weighted average number of Units outstanding-- Closed or committed mortgage refinancings of $304.7 million, including $170.5 million for renewals of existing mortgages and $134.2 million for additional top up financing with a weighted average term to maturity of 10.0 years, and a reduced weighted average interest rate of 2.92%.



"Our record portfolio growth in 2012 has made a significant and accretive contribution to our first quarter 2013 results," commented Thomas Schwartz, President and CEO. "Looking ahead, we expect 2013 will be another record year for CAPREIT as we profit from a full year's contribution from our 2012 acquisitions, we continue to expand and diversify our portfolio, and our new properties benefit from our proven property management, procurement and energy management programs."

PORTFOLIO OPERATING RESULTS

Three Months Ended March 31, 2013 2012----------------------------------------------------------------------------Overall Portfolio Occupancy (1) 97.9% 98.3%Overall Portfolio Average Monthly Rents (1), (2) $ 978 $ 995Operating Revenues (000s) $ 115,324 $ 95,262Net Rental Revenue Run-Rate (000s) (1), (3), (4) $ 436,052 $ 362,633Operating Expenses (000s) $ 51,833 $ 42,524NOI (000s) (4) $ 63,491 $ 52,738NOI Margin (4) 55.1% 55.4%Number of Suites and Sites Acquired 263 -Number of Suites Disposed - 136--------------------------------------------------------------------------------------------------------------------------------------------------------(1) As at March 31.(2) Average monthly rents are defined as actual rents, net of vacancies, divided by the total number of suites and sites in the portfolio and do not include revenues from parking, laundry or other sources.(3) For a description of net rental revenue run-rate, see the Results of Operations section in the MD&A for the three months ended March 31, 2013.(4) Net rental revenue run-rate and NOI are measures used by Management in evaluating operating performance. Please refer to the cautionary statements under the heading "Non-IFRS Financial Measures" and the reconciliations provided in this press release.



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.



The rate of growth in average monthly rents on lease renewals during the period is lower primarily due to the lower guideline increases for 2013 (Ontario - 2.5%, British Columbia - 3.8%), which compare less favourably to the permitted guideline increases in 2012 (Ontario - 3.1%, British Columbia - 4.3%) offset by above guideline increases ("AGI") applied. Management continues to pursue applications for AGIs where it believes increases are supported by market conditions above the annual guideline to raise average monthly rents on lease renewals.

Operating Expenses

Overall operating expenses as a percentage of operating revenues increased marginally in the three months ended March 31, 2013, compared to the same period last year as a result of higher utility and repair and maintenance ("R&M") costs offset by lower wages costs.

Net Operating Income

Overall NOI improved in the current quarter by $10.8 million or 20.4% and the NOI margin decreased slightly to 55.1% from 55.4% for the same period last year due to higher operating expenses as a percentage of revenues.

As of March 31, 2013, CAPREIT has generated 29 consecutive quarters of stable or improved year-over-year NOI growth for stabilized properties demonstrating Management's strong operating and financing strategies. For the three months ended March 31, 2013, operating revenues for stabilized suites and sites increased 2.8% while operating costs increased 1.6% compared to the same period last year. As a result, stabilized NOI increased by 3.8% for the three months ended March 31, 2013.

NON-IFRS FINANCIAL MEASURES

Three Months Ended March 31, 2013 2012----------------------------------------------------------------------------NFFO (000s) $ 36,186 $ 27,802NFFO Per Unit - Basic $ 0.362 $ 0.333Cash Distributions Per Unit $ 0.280 $ 0.270NFFO Payout Ratio 79.3% 83.5%NFFO Effective Payout Ratio 60.6% 63.1%--------------------------------------------------------------------------------------------------------------------------------------------------------



LIQUIDITY AND LEVERAGE

As at March 31, 2013 2012----------------------------------------------------------------------------Total Debt to Gross Book Value 47.62% 50.11%Total Debt to Gross Historical Cost (1) 57.38% 58.45%Total Debt to Total Capitalization 48.13% 49.77%Debt Service Coverage Ratio (times) (2) 1.53 1.40Interest Coverage Ratio (times) (2) 2.55 2.25Weighted Average Mortgage Interest Rate (3) 3.83% 4.45%Weighted Average Mortgage Term to Maturity (years) 6.0 5.5--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Based on historical cost of investment properties.(2) Based on the trailing four quarters ended March 31, 2013.(3) Weighted average mortgage interest rate includes deferred financing costs and fair value adjustments on an effective interest basis. Including the amortization of the realized component of the loss on settlement of $30.8 million included in Accumulated Other Comprehensive Loss ("AOCL"), the effective portfolio weighted average interest rate at March 31, 2013 would be 4.02% (March 31, 2012 - 4.54%).



Financial Strength

Management believes CAPREIT's strong balance sheet and liquidity position will enable it to continue to take advantage of acquisition and property capital investment opportunities over the long term.

CAPREIT is achieving its financing goals as demonstrated by the following key indicators:

-- The ratio of total debt to gross book value as at March 31, 2013 improved to 47.62% compared to 50.11% for the same period last year;-- Debt service and interest coverage ratios for the four quarters ended March 31, 2013 improved to 1.53 times and 2.55 times compared to 1.40 times and 2.25 times, respectively, for the same period last year;-- At March 31, 2013, 93.3% (March 31, 2012 - 96.4%) of CAPREIT's mortgage portfolio was insured by the Canada Mortgage and Housing Corporation ("CMHC"), excluding the mortgages on CAPREIT's manufactured home communities land lease sites, resulting in improved spreads on mortgages and overall lower interest costs than conventional mortgages. Since Q1 2012, on certain recent acquisitions CAPREIT assumed conventional mortgages, resulting in a decrease of CAPREIT's mortgage portfolio insured by CMHC compared to the same period last year. Management expects to convert these mortgages to CMHC-insured mortgages in due course;-- The effective portfolio weighted average interest rate on mortgages has steadily declined from 4.45% as at March 31, 2012, to 3.83% as at March 31, 2013, which will result in significant interest rate savings in future years;-- Management expects to raise between $575 million and $625 million in total mortgage renewals and refinancings in 2013.



Property Capital Investment Plan

During the three months ended March 31, 2013, CAPREIT made property capital investments (excluding disposed properties, head office assets, tenant improvements and signage) of $20.2 million as compared to $12.7 million for the same period last year. For the full 2013 year, CAPREIT expects to complete property capital investments of approximately $160 million to $170 million, including approximately $67 million targeted at acquisitions completed in 2011 and 2012 and approximately $13 million in high-efficiency boilers and other energy-saving initiatives.

Property capital investments include suite improvements, common areas and equipment, which generally tend to increase NOI more quickly. CAPREIT continues to invest in energy-saving initiatives, including boilers, energy-efficient lighting systems, and water-saving programs, which permit CAPREIT to mitigate potentially higher increases in utility and R&M costs and significantly improve overall portfolio NOI.

Subsequent Events

As at May 7, 2013, CAPREIT has committed under two separate purchase agreements to acquire a portfolio of multi-residential buildings in Toronto and in Calgary for approximately $81.6 million expected to be satisfied through mortgages aggregating to approximately $37.2 million with an average term to maturity of 4.7 years, with the remaining balance funded from CAPREIT's Acquisition and Operating credit facility.

Additional Information

More detailed information and analysis is included in CAPREIT's unaudited condensed consolidated interim financial statements and MD&A for the three months ended March 31, 2013, which have been filed on SEDAR and can be viewed at www.sedar.com under CAPREIT's profile or on CAPREIT's website on the investor relations page at www.capreit.net.

Conference Call

A conference call hosted by Thomas Schwartz, President and CEO and Scott Cryer, Chief Financial Officer, will be held Wednesday, May 8, 2013 at 12.00 pm EST. The telephone numbers for the conference call are: Local/International: (416) 340-2218, North American Toll Free: (877) 240-9772.

A slide presentation to accompany Management's comments during the conference call will be available one hour and a half prior to the conference call. To view the slides, access the CAPREIT website at www.capreit.net, click on "Investor Relations" and follow the link at the top of the page. Please log on at least 15 minutes before the call commences.

The telephone numbers to listen to the call after it is completed (Instant Replay) are local/international (905) 694-9451 or North American toll free (800) 408-3053. The Passcode for the Instant Replay is 6385495#. The Instant Replay will be available until midnight, May 15, 2013. The call and accompanying slides will also be archived on the CAPREIT website at www.capreit.net. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net.

About CAPREIT

CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities located in and near major urban centres across Canada. At March 31, 2013, CAPREIT had owning interests in 37,488 residential units, comprised of 34,118 residential suites and 14 manufactured home communities ("MHC") comprising 3,370 land lease sites. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure which can be found under our profile at www.sedar.com.

Non-IFRS Financial Measures

CAPREIT prepares and releases unaudited quarterly and audited consolidated annual financial statements prepared in accordance with IFRS. In this and other earnings releases and investor conference calls, as a complement to results provided in accordance with IFRS, CAPREIT also discloses and discusses certain non-IFRS financial measures, including Net Rental Revenue Run-Rate, NOI, FFO, NFFO and applicable per Unit amounts and payout ratios. These non-IFRS measures are further defined and discussed in the MD&A released on May 7, 2013, which should be read in conjunction with this press release. Since Net Rental Revenue Run-Rate, NOI, FFO and NFFO are not determined by IFRS, they may not be comparable to similar measures reported by other issuers. CAPREIT has presented such non-IFRS measures as Management believes these non-IFRS measures are relevant measures of the ability of CAPREIT to earn and distribute cash returns to Unitholders and to evaluate CAPREIT's performance. A reconciliation of Net Income and such non-IFRS measures including Adjusted Funds From Operations ("AFFO") is included in this press release. These non-IFRS measures should not be construed as alternatives to net income (loss) or cash flow from operating activities determined in accordance with IFRS as an indicator of CAPREIT's performance.

Cautionary Statements Regarding Forward-Looking Statements

Certain statements contained, or contained in documents incorporated by reference, in this press release constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to CAPREIT's future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, litigation, projected costs, capital investments, financial results, taxes, plans and objectives of or involving CAPREIT. Particularly, statements regarding CAPREIT's future results, performance, achievements, prospects, costs, opportunities and financial outlook, including those relating to acquisition and capital investment strategy and the real estate industry generally, are forward-looking statements.

In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or the negative thereof or other similar expressions concerning matters that are not historical facts. Forward-looking statements are based on certain factors and assumptions regarding expected growth, results of operations, performance and business prospects and opportunities. In addition, certain specific assumptions were made in preparing forward-looking information, including: that the Canadian economy will generally experience growth, however, may be adversely impacted by the global economy; that inflation will remain low; that interest rates will remain low in the medium term; that Canada Mortgage and Housing Corporation ("CMHC") mortgage insurance will continue to be available and that a sufficient number of lenders will participate in the CMHC-insured mortgage program to ensure competitive rates; that conditions within the real estate market, including competition for acquisitions, will become more favourable; that the Canadian capital markets will continue to provide CAPREIT with access to equity and/or debt at reasonable rates; that vacancy rates for CAPREIT properties will be consistent with historical norms; that rental rates will grow at levels similar to the rate of inflation on renewal; that rental rates on turnovers will remain stable; that CAPREIT will effectively manage price pressures relating to its energy usage; and, with respect to CAPREIT's financial outlook regarding capital investments, assumptions respecting projected costs of construction and materials, availability of trades, the cost and availability of financing, CAPREIT's investment priorities, the properties in which investments will be made, the composition of the property portfolio and the projected return on investment in respect of specific capital investments. Although the forward-looking statements contained in this press release are based on assumptions, Management believes they are reasonable as of the date hereof, there can be no assurance actual results will be consistent with these forward-looking statements; they may prove to be incorrect.

Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond CAPREIT's control, that may cause CAPREIT or the industry's actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risks related to: reporting investment properties at fair value, real property ownership, leasehold interests, co-ownerships, investment restrictions, operating risk, energy costs and hedging, environmental matters, insurance, capital investments, indebtedness, interest rate hedging, taxation, harmonization of federal goods and services tax and provincial sales tax, government regulations, controls over financial accounting, legal and regulatory concerns, the nature of units of CAPREIT ("Trust Units") and of CAPREIT's subsidiary, CAPREIT Limited Partnership ("Exchangeable Units") (collectively, the "Units"), unitholder liability, liquidity and price fluctuation of Units, dilution, distributions, participation in CAPREIT's distribution reinvestment plan, potential conflicts of interest, dependence on key personnel, general economic conditions, competition for residents, competition for real property investments, continued growth and risks related to acquisitions. There can be no assurance the expectations of CAPREIT's Management will prove to be correct. These risks and uncertainties are more fully described in regulatory filings, including CAPREIT's Annual Information Form, which can be obtained on SEDAR at www.sedar.com, under CAPREIT's profile, as well as under Risks and Uncertainties section of the MD&A released on May 7, 2013. The information in this press release is based on information available to Management as of May 7, 2013. Subject to applicable law, CAPREIT does not undertake any obligation to publicly update or revise any forward-looking information.

SOURCE: Canadian Apartment Properties Real Estate Investment Trust

SELECTED FINANCIAL INFORMATION

Condensed Balance Sheets March 31, December 31,As at 2013 2012($ Thousands)----------------------------------------------------------------------------Investment Properties $ 4,930,275 $ 4,826,355Total Assets 5,023,419 4,921,546Mortgages Payable 2,286,936 2,189,556Bank Indebtedness 117,229 147,316Total Liabilities 2,547,593 2,492,332Unitholders' Equity 2,475,826 2,429,214--------------------------------------------------------------------------------------------------------------------------------------------------------For The Three Months Ended March 31, 2013 2012($ Thousands)----------------------------------------------------------------------------Net Operating Income $ 63,491 $ 52,738(Less) Plus: Trust Expenses (4,375) (3,249) Unrealized Gain on Remeasurement of Investment Properties 33,655 7,849 Realized Loss on Disposition of Investment Properties - (178) Remeasurement of Exchangable Units (104) (82) Unit-based Compensation Expenses (1,710) (1,616) Interest on Mortgages Payable and Other Financing Costs (24,018) (21,001) Interest on Bank Indebtedness (1,494) (1,078) Interest on Exchangeable Units (59) (111) Other Income 2,485 480 Amortization (517) (518) Unrealized and Realized Loss on Derivative Financial Instruments 92 (956)----------------------------------------------------------------------------Net Income $ 67,446 $ 32,278----------------------------------------------------------------------------Other Comprehensive (Loss) Income $ (1,585) $ 6,949----------------------------------------------------------------------------Comprehensive Income $ 65,861 $ 39,227--------------------------------------------------------------------------------------------------------------------------------------------------------Condensed Statements of Cash FlowsThree Months Ended March 31, 2013 2012($ Thousands)----------------------------------------------------------------------------Cash Provided By Operating Activities: Net Income $ 67,446 $ 32,278 Items in Net Income Not Affecting Cash: Changes in Non-cash Operating Assets and Liabilities (1,358) (5,089) Realized and Unrealized Gain on Remeasurements (33,643) (6,633) Gain on Sale of Investments (1,737) - Unit-based Compensation Expenses 1,710 1,616 Items Related to Financing and Investing Activities 22,938 20,403 Other (360) 1,732----------------------------------------------------------------------------Cash Provided By Operating Activities $ 54,996 $ 44,307----------------------------------------------------------------------------Cash Used In Investing Activities Acquisitions (40,722) - Capital Investments (33,182) (22,218) Disposition of Investments 7,815 - Dispositions - 7,726 Other 199 416----------------------------------------------------------------------------Cash Used In Investing Activities $ (65,890) $ (14,076)----------------------------------------------------------------------------Cash Provided By (Used In) Financing Activities Mortgages, Net of Financing Costs 87,462 (3,552) Bank Indebtedness, Net (30,087) 11,221 Interest Paid (23,283) (20,883) Hedge Settlement (1,321) (224) Proceeds on Issuance of Units 103 770 Distributions, Net of DRIP and Other (21,980) (17,563)----------------------------------------------------------------------------Cash Provided By (Used In) Financing Activities $ 10,894 $ (30,231)----------------------------------------------------------------------------Changes in Cash and Cash Equivalents During the Period - -Cash and Cash Equivalents, Beginning of Period - -----------------------------------------------------------------------------Cash and Cash Equivalents, End of Period $ - $ ---------------------------------------------------------------------------------------------------------------------------------------------------------Reconciliation of Net Income to FFO and to NFFOThree Months Ended March 31, 2013 2012($ Thousands, except per Unit amounts)----------------------------------------------------------------------------Net Income $ 67,446 $ 32,278Adjustments: Unrealized Gain on Remeasurement of Investment Properties (33,655) (7,849) Realized Loss on Disposition of Investment Properties - 178 Remeasurement of Exchangeable Units 104 82 Remeasurement of Unit-based Compensation Liabilities 1,245 1,194 Interest on Exchangeable Units 59 111 Amortization of Property, Plant and Equipment 517 518----------------------------------------------------------------------------FFO $ 35,716 $ 26,512Adjustments: Unrealized and Realized (Gain) Loss on Derivative Financial Instruments (92) 956 Amortization of Loss from AOCL to Interest and Other Financing Costs 752 334 Net Mortgage Prepayment Cost 1,547 - Realized Gain on Sale of Investment (1,737) -----------------------------------------------------------------------------NFFO $ 36,186 $ 27,802 NFFO per Unit - Basic $ 0.362 $ 0.333 NFFO per Unit - Diluted $ 0.356 $ 0.328---------------------------------------------------------------------------- Total Distributions Declared (1) $ 28,702 $ 23,210---------------------------------------------------------------------------- NFFO Payout Ratio (2) 79.3% 83.5%---------------------------------------------------------------------------- Net Distributions Paid (1) $ 21,914 $ 17,538 Excess NFFO Over Net Distributions Paid $ 14,272 $ 10,264---------------------------------------------------------------------------- Effective NFFO Payout Ratio (3) 60.6% 63.1%--------------------------------------------------------------------------------------------------------------------------------------------------------(1) For a description of distributions declared and net distributions paid, see the Non-IFRS Financial Measures section in the MD&A for the three months ended March 31, 2013.(2) The payout ratio compares distributions declared to NFFO.(3) The effective payout ratio compares net distributions paid to NFFO.Reconciliation of NFFO to AFFOThree Months Ended March 31, 2013 2012($ Thousands, except per Unit amounts)----------------------------------------------------------------------------NFFO $ 36,186 $ 27,802Adjustments: Provision for Maintenance Property Capital Investments (1) (3,708) (3,199) Amortization of Fair Value on Grant Date of Unit- based Compensation 465 422----------------------------------------------------------------------------AFFO $ 32,943 $ 25,025 AFFO per Unit - Basic $ 0.330 $ 0.300 AFFO per Unit - Diluted $ 0.325 $ 0.296---------------------------------------------------------------------------- Total Distributions Declared (2) $ 28,702 $ 23,210---------------------------------------------------------------------------- AFFO Payout Ratio (3) 87.1% 92.7%---------------------------------------------------------------------------- Net Distributions Paid (2) $ 21,914 $ 17,538 Excess AFFO Over Net Distributions Paid $ 11,029 $ 7,487---------------------------------------------------------------------------- Effective AFFO Payout Ratio (4) 66.5% 70.1%--------------------------------------------------------------------------------------------------------------------------------------------------------(1) An industry based estimate (see the Non-IFRS Measures section in the MD&A for the three months ended March 31, 2012).(2) For a description of distributions declared and net distributions paid, see the Non-IFRS Financial Measures section in the MD&A for the three months ended March 31, 2013.(3) The payout ratio compares distributions declared to AFFO.(4) The effective payout ratio compares net distributions paid to AFFO.





Contacts:
Canadian Apartment Properties Real Estate Investment Trust
Mr. Michael Stein
Chairman
(416) 861-5788

Canadian Apartment Properties Real Estate Investment Trust
Mr. Thomas Schwartz
President & CEO
(416) 861-9404

Canadian Apartment Properties Real Estate Investment Trust
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771
www.capreit.net



Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters