TORONTO, May 15, 2025 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX: CAR.UN) announced today its May 2025 monthly distribution in the amount of $0.12916 per Unit (or $1.55 on an annualized basis). The May 2025 distribution will be payable on June 16, 2025 to Unitholders of record at the close of business on May 30, 2025. CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at March 31, 2025, CAPREIT owns approximately 46,800 res ...

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]

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