Group 1 - Since 2019, rental prices in Melbourne have increased by AUD 7,800 annually, while wages have stagnated, leading to a severe housing affordability crisis affecting even middle-income groups [1][6] - PropTrack's latest data indicates that rental affordability has reached its lowest level on record, with the average Australian household able to afford only 36% of listed rental properties [3][6] - Young renters are the most impacted, with households aged 15 to 24 able to afford only 19% of available properties, and low-income families earning AUD 70,000 seeing this figure drop to just 2% [6][8] Group 2 - Despite some rental price declines in 126 suburbs and stability in 227 suburbs, renters have not experienced significant relief due to ongoing supply constraints [6][8] - Rental viewings are attracting large crowds, with renters going to great lengths to stand out, indicating a highly competitive rental market [8] - There has been a surge in shared rental applications as renters seek to alleviate financial pressure by sharing costs, which has become a common practice rather than an alternative option [8]

Core Points - Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) held its Annual and Special Meeting of Unitholders on June 3, 2025, where all items of business were passed by a vote [1] - A total of 112,872,207 units, representing 69.81% of CAPREIT's issued and outstanding units, were voted [2] Election of Trustees - All nominees proposed in the management information circular were elected as trustees with high approval rates, including: - Lori-Ann Beausoleil: 99.80% approval [3] - Gina Parvaneh Cody: 96.73% approval [3] - Mark Kenney: 95.12% approval [3] - Gervais Levasseur: 97.97% approval [3] - Ken Silver: 97.97% approval [3] - Jennifer Stoddart: 97.90% approval [3] - Elaine Todres: 94.68% approval [3] - René Tremblay: 98.04% approval [3] - David Wesik: 98.06% approval [3] Appointment of Auditors - Ernst & Young LLP was appointed as auditors with 99.94% of votes in favor [4] Advisory Vote on Executive Compensation - The non-binding advisory vote to accept CAPREIT's approach to executive compensation was approved with 91.55% in favor [5][6] Reconfirmation of the Unitholders' Rights Plan Agreement - The unitholders' rights plan agreement was reconfirmed with 97.08% of votes in favor [7][8] Company Overview - CAPREIT is Canada's largest publicly traded provider of quality rental housing, owning approximately 46,800 residential apartment suites and townhomes with a total fair value of approximately $14.9 billion as of March 31, 2025 [10]

Group 1 - SATO Corporation has signed a EUR 150 million sustainability linked loan facility with OP Corporate Bank plc, which is unsecured and has a tenor of four years with a one-year extension option [1] - The loan will be utilized for refinancing existing indebtedness and for general financing needs, with the loan margin linked to SATO's key sustainability targets [1] - SATO is one of Finland's largest rental housing providers, owning around 26,000 rental homes in major cities including Helsinki, Tampere, and Turku [2] Group 2 - SATO focuses on sustainable rental housing and aims to provide excellent customer experience with a comprehensive range of urban rental housing alternatives [2] - The company promotes sustainable development and engages in open interaction with stakeholders [2] - SATO celebrates its 85th anniversary in 2025, emphasizing its long-term investment strategy and commitment to increasing asset value through various means [3]

Core Insights - Realtor.com® has released its 2025 list of the Top Rental Markets for Recent College Graduates, with Austin, Texas ranked first due to its affordable living and job opportunities [1][3] - The rankings reflect a rental landscape influenced by decreasing rents and evolving job markets, focusing on cities that offer a balance of career prospects and lifestyle [1][4] Rental Market Overview - The top three rental markets are Austin, Texas; Raleigh, N.C.; and Overland Park, Kan., based on factors such as rent affordability, job availability, and social amenities [1][2] - Austin has the lowest rent-to-income ratio at 18.9%, indicating that graduates spend a smaller portion of their income on housing compared to the national average [3][4] Job Opportunities and Economic Growth - Cities like Raleigh (30.4%) and Austin (29.4%) have a high share of jobs requiring a bachelor's degree with no prior experience, indicating strong job availability for recent graduates [4][6] - The Indeed Job Index shows that markets like Richmond, Va., and Scottsdale, Ariz., have 26% more job opportunities compared to pre-pandemic levels, suggesting robust career growth potential [4][6] Rental Availability and Choices - Atlanta and Overland Park lead in rental availability with vacancy rates exceeding 9%, providing new renters with more options and bargaining power [5][6] - The increase in multifamily housing construction in these markets is expected to enhance inventory and reduce competition for rentals [5] Lifestyle and Community - The cities on the list not only offer affordable housing but also vibrant social scenes, networking opportunities, and reasonable commute times, enhancing the overall quality of life for graduates [7][6] - Overland Park has an average commute time of 22 minutes, while Minneapolis has a high share of recent grads at 6.3%, making it conducive for both career and social development [7][6]

TORONTO, May 15, 2025 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has renewed its at-the-market equity program (the “ATM Program”) allowing CAPREIT to issue units of CAPREIT (“Trust Units”) up to an aggregate sale price of $300 million from treasury to the public from time to time, at its sole discretion. Any Trust Units sold in the ATM Program will be sold directly through the Toronto Stock Exchange (the “TSX”) or on any ot ...

Core Points - CAPREIT announced a monthly distribution of $0.12916 per Unit for May 2025, equating to an annualized amount of $1.55, payable on June 16, 2025 [1] - CAPREIT is the largest publicly traded provider of quality rental housing in Canada, owning approximately 46,800 residential apartment suites and townhomes across Canada and the Netherlands, with a total fair value of about $14.9 billion as of March 31, 2025 [2] - Since its Initial Public Offering in May 1997, CAPREIT has increased its monthly cash distributions per Unit by 117% [2]

Company Overview - SATO Corporation has appointed Merja Hyttinen as the new Vice President of Human Resources, effective from May 1, 2025 [1] - Merja Hyttinen previously served as HR Director at Scania Finland since 2017 and has experience in human resource development roles at Martela and Nokia Networks [1] Leadership Perspective - Antti Aarnio, CEO of SATO, expressed confidence in Merja's fit within the company's people-oriented culture and believes she will enhance it with her positive energy [3] - Merja highlighted her excitement to join an organization that values its people and has been recognized as the third best workplace in Finland, emphasizing the importance of collaboration for achieving excellent results [4] Company Profile - SATO Corporation is a leading expert in sustainable rental housing and one of Finland's largest rental housing providers, owning approximately 26,000 rental homes in the Helsinki Metropolitan Area, Tampere, and Turku [5][6] - The company aims to provide an excellent customer experience and a diverse range of urban rental housing options with good access to public transport and services, while promoting sustainable development [6]

Core Insights - National rents are becoming more affordable after pandemic-era spikes, with renters now spending 23.4% of their income on rent, down from 24.7% in April 2024 [1][3] - The median asking rent in April 2025 is $1,699, reflecting a slight increase of $5 from the previous month but remaining $60 below the peak in August 2022 [2][11] - The 30% rule indicates that most major U.S. metros are affordable for renters earning the typical household income, although rents are still approximately 20% above pre-pandemic levels [3][10] Rental Affordability Trends - Oklahoma City is the most affordable rental market, with median rent at $994, representing only 16.7% of the median household income [9][8] - Miami is the least affordable market, with median rent at $2,345, which is 1.3 times the estimated maximum affordable rent for median-income households [4][8] - Significant improvements in affordability have been noted in Southern markets like Miami and Tampa, as well as Western metros such as San Diego and Denver [3][8] Changes in Rent Burden - Five of the top 50 U.S. metros have a rent share exceeding 30% relative to median household income, indicating a slight improvement in affordability across these markets compared to last year [4][8] - The rent-to-income ratio has declined in major coastal and Southern California metros, signaling modest improvements in affordability [4][8] Market Dynamics - The national rental vacancy rate has increased to 7.1%, the highest since Q3 2018, creating a more favorable environment for renters [12] - An influx of new multifamily units is contributing to slower rental increases, easing pricing pressure [12][10] - April rents were $293 (20.8%) above pre-pandemic levels, but this increase is less than the 54% surge in the median price-per-square foot of for-sale homes over the same period [10][11]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.30 per share for Q1 2025, compared to an income of $0.19 per share in Q1 2024, which included $0.47 per share from the sale of the Shelburne Hotel [12] - Baseline EBITDA for Q1 2025 was $108 million, a 5% increase year-over-year, bringing the trailing twelve-month baseline EBITDA to $412 million [12] - Assets under management grew by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees [5] Business Line Data and Key Metrics Changes - The rental housing sector, representing 66% of assets under management, is expected to grow to over 80% in the next three years [6] - Same property multifamily occupancy increased to 95%, with same property revenue growing by 3% and same property NOI by 4.3% in Q1 [7] - Investment management fees grew by 17% in Q1 to $25 million, reflecting strong performance in the credit platform and continued growth in equity platforms [8][24] Market Data and Key Metrics Changes - U.S. real estate transaction volumes increased by 23% in Q1, with no material changes in sentiment observed in Q2 [6] - The Pacific Northwest portfolio saw the strongest NOI growth of 6.6%, driven by return-to-office mandates [19] - In Ireland, same property NOI in the apartment portfolio increased by 3.5%, supported by occupancy growth and strong operating expense management [21] Company Strategy and Development Direction - The company is focused on simplifying its business through asset sales, reducing unsecured debt, and increasing free cash flow [10] - The asset sale program aims to generate between $400 million to $450 million in cash by year-end, with $150 million to $200 million expected to close by the end of Q2 [10] - The company is expanding its credit solutions to include mezzanine debt and preferred equity investments, enhancing its ability to capture opportunities within the credit space [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fee revenue growth targets of 20% to 25% annually, supported by a strong Q2 pipeline [9] - The company believes that the best risk-adjusted returns are found in the rental housing sector due to demand driven by housing shortages and declining new supply [6] - Management noted that the current economic environment presents attractive investment opportunities, and the company is well-positioned to capitalize on these [9] Other Important Information - The company has reduced its unsecured debt by $250 million over the last two years and plans to continue this trend [10] - Total debt is 96% fixed or hedged, with a weighted average maturity of 4.8 years and an effective interest rate of 4.7% [16] - The company has a strong pipeline of advanced stages totaling $375 million in its new U.K. single-family rental platform [26] Q&A Session Summary Question: Regarding fee-bearing capital growth - Management confirmed confidence in achieving 20% to 25% annual growth in fees, supported by a strong pipeline and future fundings [29][30] Question: On liquidity and partner capital costs - Management acknowledged increased competition but emphasized strong relationships and flexibility in pricing to remain competitive [31][32][34] Question: Stock buyback plans - Management indicated that current cash usage is focused on paying down unsecured debt, with stock buybacks reconsidered post-debt reduction [35][36][37] Question: Dispositions and cap rates - Management confirmed that dispositions are well underway, with most expected to close in June, but refrained from commenting on specific cap rates [40][42] Question: Loan origination rates - Management noted some downward pressure on spreads due to increased competition, but still finds the rates attractive relative to alternatives [49][51] Question: Exposure to government-backed housing - Management reported that about 15% of tenants have some form of HUD backing, but expressed no immediate concerns regarding capital availability [56][60]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.30 for Q1 2025, compared to an income of $0.19 per share in Q1 2024, which included $0.47 per share from the sale of the Shelburne Hotel [14] - Baseline EBITDA for Q1 2025 was $108 million, a 5% increase year-over-year, bringing the trailing twelve-month baseline EBITDA to $412 million [14] - Assets under management grew by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees [6] Business Line Data and Key Metrics Changes - The rental housing sector, representing 66% of assets under management, is expected to grow to over 80% in the next three years [7] - Same property multifamily occupancy increased to 95%, with same property revenue growing by 3% and same property NOI by 4.3% in Q1 [8] - Investment management fees grew by 17% in Q1 to $25 million, reflecting strong performance in the credit platform and continued growth in equity platforms [10][27] Market Data and Key Metrics Changes - In the U.S., real estate transaction volumes increased by 23% in Q1, with no material changes in sentiment observed in Q2 [7] - The company noted strong apartment demand in Q1, with blended leasing spreads increasing to 1.5% and a significant improvement in new lease rents [20] - In Ireland, same property NOI in the apartment portfolio was up 3.5%, driven by occupancy growth and strong operating expense management [23] Company Strategy and Development Direction - The company is focused on executing a non-core asset sale plan, aiming to generate between $400 million to $450 million from asset sales and recaps by year-end [12] - The strategy includes reducing unsecured debt and simplifying the business by focusing on core sectors of rental housing and industrial [30] - The company is expanding its credit solutions to include mezzanine debt and preferred equity investments, enhancing its ability to capture opportunities within the credit space [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fee revenue growth targets of 20% to 25% annually, supported by a strong pipeline of activity [11] - The company believes that the best risk-adjusted returns are found in the rental housing sector due to demand driven by housing shortages and declining new supply [7] - Management highlighted the importance of relationships in maintaining competitiveness amid increased market volatility and competition [34] Other Important Information - The company has a strong pipeline of $2.5 billion in loan originations and real estate equity acquisitions, primarily within the rental housing sector [5] - The total debt is 96% fixed or hedged, with a weighted average maturity of 4.8 years and a weighted average effective interest rate of 4.7% [18] - The company is actively monitoring potential impacts from government changes on affordable housing, with 15% of tenants having some form of HUD backing [54][57] Q&A Session Summary Question: Regarding fee-bearing capital growth - Management confirmed confidence in achieving 20% to 25% growth in fees, citing a strong pipeline and future funding commitments [32][33] Question: On liquidity and partner capital costs - Management acknowledged increased competition but emphasized strong relationships and flexibility in pricing to remain competitive [34][36] Question: Stock buyback plans - The focus remains on paying down unsecured debt, with potential reconsideration of stock buybacks after addressing debt obligations [37][39] Question: Dispositions and cap rates - Management indicated that dispositions are well underway, with expected closures in June, but refrained from commenting on specific cap rates [42][44] Question: Loan origination rates and prepayments - Loan origination rates have seen downward pressure, but the quality of projects remains high; a significant prepayment was noted as an outlier [51][53] Question: Exposure to government-backed housing - Approximately 15% of tenants have HUD backing, but management does not foresee immediate concerns regarding capital availability [56][60]