The trust is expecting further operational and financial strength this year
Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) announced continuing strong operating and financial results for the three months ending March 31, 2021.
With over 99% of rents collected year to date, CAPREIT reported that it had maintained a very high level of rent collection.
Monthly residential rents during the first quarter increased by 3.4% on 4.4% of CAPREIT’s Canadian portfolio, versus a 13.5% increase on 3.3% of the Canadian portfolio during the same period last year.
“The reduced increases are primarily due to the impact of the COVID-19 pandemic on the overall rental market,” CAPREIT said.
As for renewals, monthly residential rents for Q1 2021 increased by 0.9% on 9.3% of the Canadian portfolio, compared to 2.2% on 17.6% of the Canadian portfolio in Q1 2020. This was mainly due to rent freezes enacted during the initial months of the pandemic.
Read more: The state of multi-family real estate in Canada
CAPREIT reported that it currently has $578.3 million of available liquidity on its acquisition and operating facility. The trust said that it is expecting to raise anywhere from $900 million to $950 million in total mortgage renewals and refinancings this year, “excluding financings on acquisitions.”
“Following another year of record performance in 2020, our growth and strong operating performance continued in the first quarter of the new year,” said Mark Kenney, president and CEO of CAPREIT. “Looking ahead, we are confident we will see another strong year in 2021 as we capitalize on our proven asset allocation strategy and operating platform, the stability of our balance sheet and record levels of liquidity, and the continuing strength and resiliency of the residential rental sector of the Canadian real estate business.”
