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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Match Capital Resources Corp | TSXV:MHC | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
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 $ 95,262
Net Operating Income ("NOI") (000s) (1) $ 63,491 $ 52,738
NOI Margin (1) 55.1% 55.4%
Normalized Funds From Operations ("NFFO") Per Unit -
Basic (1) $ 0.362 $ 0.333
NFFO Payout Ratio (1) 79.3% 83.5%
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(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 $ 995
Operating Revenues (000s) $ 115,324 $ 95,262
Net Rental Revenue Run-Rate (000s) (1), (3), (4) $ 436,052 $ 362,633
Operating Expenses (000s) $ 51,833 $ 42,524
NOI (000s) (4) $ 63,491 $ 52,738
NOI Margin (4) 55.1% 55.4%
Number of Suites and Sites Acquired 263 -
Number of Suites Disposed - 136
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(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, 2012
As 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
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Average MHC Land
Lease Sites $ 443 99.1 $ 619 99.8 $ 634 99.8 $ 619 99.8
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Overall
Portfolio
Average $ 978 97.9 $ 995 98.3 $ 1,022 98.2 $ 995 98.3
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(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 Renewals
For 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 5.2
Lease 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
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(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 $ 27,802
NFFO Per Unit - Basic $ 0.362 $ 0.333
Cash Distributions Per Unit $ 0.280 $ 0.270
NFFO Payout Ratio 79.3% 83.5%
NFFO Effective Payout Ratio 60.6% 63.1%
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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 1.40
Interest Coverage Ratio (times) (2) 2.55 2.25
Weighted Average Mortgage Interest Rate (3) 3.83% 4.45%
Weighted Average Mortgage Term to Maturity (years) 6.0 5.5
----------------------------------------------------------------------------
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(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 $ 4,826,355
Total Assets 5,023,419 4,921,546
Mortgages Payable 2,286,936 2,189,556
Bank Indebtedness 117,229 147,316
Total Liabilities 2,547,593 2,492,332
Unitholders' Equity 2,475,826 2,429,214
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----------------------------------------------------------------------------
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
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Comprehensive Income $ 65,861 $ 39,227
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Condensed Statements of Cash Flows
Three 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
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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
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Cash Used In Investing Activities $ (65,890) $ (14,076)
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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 NFFO
Three Months Ended March 31, 2013 2012
($ Thousands, except per Unit amounts)
----------------------------------------------------------------------------
Net Income $ 67,446 $ 32,278
Adjustments:
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 $ 26,512
Adjustments:
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) -
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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 AFFO
Three Months Ended March 31, 2013 2012
($ Thousands, except per Unit amounts)
----------------------------------------------------------------------------
NFFO $ 36,186 $ 27,802
Adjustments:
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
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
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