TORONTO, May 28, 2019 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has completed the acquisition of a portfolio of 23 Manufactured Housing Communities (“MHC”) sites totaling 3,469 sites located across Canada, previously announced in connection with the April 23, 2019 equity offering of $345 million (“Offering”), with one additional MHC in Quebec comprised of 429 sites. In addition, on May 27, 2019, CAPREIT completed the acquisition of one MHC in Ontario comprised of 56 sites and two MHCs in British Columbia comprised of 125 sites, bringing the aggregate number of properties acquired to 27 MHCs comprised of 4,079 sites. Occupancy for the MHCs currently stands at 95.8%. CAPREIT paid approximately $210.9 million in aggregate for the properties, funded by proceeds from the Offering, and the assumption of $74.4 million in existing mortgages with a weighted average interest rate of 3.39% and a weighted average term of 2.4 years.
“With the additional properties acquired, our total MHC portfolio has grown by over 50% to 11,669 sites in 72 communities across the country, further strengthening and diversifying our asset base and the stability and sustainability of our cash distributions,” commented Mark Kenney, President and Chief Executive Officer.
ABOUT CAPREIT
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 57,299 residential units, comprising 45,630 residential suites and 72 manufactured home communities comprising 11,669 sites located in and near major urban centres across Canada and The Netherlands. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.caprent.com or www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.
For more information, please contact:
| CAPREIT Mr. Michael Stein Chairman (416) 861-5788 | CAPREIT Mr. Mark Kenney President & CEO (416) 861-9404 | CAPREIT Mr. Scott Cryer Chief Financial Officer (416) 861-5771 |