Canadian Apartment Properties REIT (CAPREIT) is a Canadian

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

headquartered in

Toronto, Ontario Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

, Canada. CAPREIT is the largest publicly traded apartment landlord in Canada, with over $17.7 billion in assets, as of December 2021. As of 2022, CAPREIT owns or has interests in approximately 67,000 residential apartments, townhomes and

manufactured housing Manufactured housing (commonly known as mobile homes in the United States) is a type of prefabricated housing that is largely assembled in factories and then transported to sites of use. The definition of the term in the United States is regu ...

units across

Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...

the Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...

and

Ireland Ireland (, ; ; Ulster Scots dialect, Ulster-Scots: ) is an island in the North Atlantic Ocean, in Northwestern Europe. Geopolitically, the island is divided between the Republic of Ireland (officially Names of the Irish state, named Irelan ...

. CAPREIT financialized the trailer park concept beginning with an acquisition in 2007 which grew to 6,456 “manufactured home community” (MHC) suites by 2017. Paid $500 million in 2004 to acquire smaller rival 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. It became associated with Montreal Olympic Village in 2012. In 2019 the company spun-off 2000 rental units in the Netherlands, into a separate European-focused

REIT A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

(Canada's first

CAPREIT was added to the TSX 60 index on June 22, 2020.

History

In 1996, Thomas Schwartz partnered with Michael Stein to establish Canadian Apartment Properties REIT, which became one of Canada's largest residential landlords. CAPREIT went public with an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

in 1997. In 2004, CAPREIT acquired rival Residential Equities REIT for $500 million. At the time of the merger, the company had 24,238 rental apartments and townhouse units across the country. In 2007, CAPREIT made its first acquisition in manufactured home communities. In 2012, CAPREIT purchased Montreal's

Olympic Village An Olympic Village is a residential complex built or reassigned for the Olympic Games in or nearby the List of Olympic Games host cities, host city for the purpose of accommodating all of the delegations. Olympic Villages are usually located clos ...

for $176.5 million. 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. In March 2021, CAPREIT extended a €165 million agreement with European Residential REIT until 2023. CAPREIT was added to the TSX 60 index on June 22, 2020.

Notable properties

Olympic Village (Montreal) The Olympic Village is a twin-tower structure in Montreal, Quebec, Canada, built as the athletes' residence for the 1976 Summer Olympics. Designed by architects Roger D'Astous and Luc Durand, it was built massively over budget by a consortium o ...

References

{{S&P/TSX 60 Companies based in Toronto Real estate investment trusts of Canada S&P/TSX 60 Companies listed on the Toronto Stock Exchange Real estate companies of Canada