Canadian Apartment Properties Real Estate Investment Trust T.CAR.UN

Q2 2022 Results Summary

[AlwaysLong683]

98.2% occupancy as at June 30 (nice)

3.3% increase in average monthly rents (blah)

10.6% increase in suite turnover rents (sizeable)

NCIB: Repurchased 1.8M units to date in 2022 at average price of $47 - significant discount to NAV (great)

NFFO increased by 2.3% so far in 2022 (meh) - payout ratio 63.6% as at June 30 (conservative)

Weighted-Average mortgage interest rate of 2.60% (any other REIT have a lower number? I doubt it)

Overall, impressive, but not stunning.

[Mephistopheles3]

Good summary, some extra points to highlight before the call this morning.  These results are again mediocre, mostly coming from inflation hitting them hard.   Increase in monthly rent was partially hit by the FX in the Netherlands with the Euro going into the dumpster.  ERE actually performed pretty strongly  (and is a better investment right now IMO - they have 0

[AlwaysLong683]

Hi Meph. I have been interested in ERE ever since I purchases units in CAR and HOM about 18 months ago as I like Canadian-based REITs that invest in residential properties outside Canada. However, since CAR owns a big chunk of ERE, I figured some European exposure was already built-in if one purchased CAR units, but of course, ERE doesn't represent a huge chunk of CAR's total property

[Mephistopheles3]

Hey mate,  I hold equal weight positions in ERE and CAR - looking at potentially increasing exposure to ERE as well as their results were really solid and stock is still selling depressed.  This is likey because of political concerns - the Dutch government annoucned they might look at putting mid-market rentals on rent control.  The Dutch system is really quite interesting - they

[AlwaysLong683]

Good info. Thanks. One other note related to your comment above: Page 3 of the Q2 2022 Financial Report states that, as at June 30, 2022, CAR currently owns approximately 66% of ERE units, so it's a unique situation where the "external manager" is not some unrelated party that simply provides real estate management services with little skin in the game - CAR has a vested

[AlwaysLong683]

No need to look for me Meph, I found it (should have looked for it myself before asking): From page 20 of ERE's Q2 2022 Financial Report: Services fees   General and administrative expenses for the three and six months ended June 30, 2022 include services fees of €236 (thousand) and €418 (thousand), respectively, relating to the services agreement with CAPREIT as manager, under