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Canadian Firm Gobbling Up Dozens of Manufactured Home Communities

April 4th, 2019 Comments off

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New Canadian Apartment Properties Real Estate Investment Trust CEO Mark Kenney isn’t wasting any time putting his stamp on the trust, announcing its second major purchase of manufactured homes communities (MHCs) in the past three weeks. The latest acquisition of 23 Canadian communities, comprising 3,469 pads, means the trust will have grown its MHC portfolio by 45 per cent in that short span,” said Real Estate News Exchange (RENX).

 

NBC News 29 said, “Mark Kenney has been appointed Chief Executive Officer of CAPREIT and as a member of CAPREIT’s board of trustees, effective March 27, 2019.”

MarketWatch reported on November 14, 2018 that “Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) (“CAPREIT”) today announced that Mark Kenney has been appointed President of CAPREIT, in addition to his current role of Chief Operating Officer, effective today.”

The video posted below is a testimonial/plug for a service provider, but gives the reader a chance to see Kenny, here his voice, etc.

 

 

Bloomberg’s ticker reflects the following trends since November 14, 2018, when the executive change noted was announced.

 

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We look to continue expanding this highly accretive aspect of our business going forward,” Kenney told RENX in an interview, speaking about manufactured home communities.

in March, CAPRIET announced a deal for 11 communities in Ontario, B.C. and Alberta. The trust’s portfolio will grow to some 11,166 sites in 68 communities when both transactions have closed.

Kenney said CAPREIT likes the manufactured home communities market for its steady cash flow and minimal capital costs.  That sums up the view of several who have done both multifamily apartments and manufactured home communities.

 

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Funding the Deal

CAPREIT said they will be doing a $300-million share offering, issuing 6,125,000 shares at $49 per unit to a syndicate of underwriters led by RBC Capital Markets. That offering is expected to close by April 23, said RENX.

  • $116 million of those proceeds will fund the equity portion of the most recent purchase. CAPREIT stated it expects its debt ratio to remain unchanged, roughly 38 percent.
  • The most recent acquisitions of MHCs by the Canadian REIT are located in five provinces, but are concentrated in three regions: 47 per cent in Atlantic Canada, 23 per cent in Ontario and 30 per cent in Alberta. Occupancy stands at 95.4 per cent.
  • Beyond the equity funding, CAPREIT assumes $66 million in existing mortgages with a weighted average interest rate of 3.4 per cent and a weighted average term of 2-1/2 years. Closing is expected in May 2019, subject to approvals.

While the two nations have their clear differences, some of the dynamics in Canada for their manufactured homes and communities have some similarities to their southern neighbors in the United States.

The Daily Business News on MHProNews will be adding CAPREIT to its evening market report watchlist/closing ticker.

 

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Land Lease Community Owner in Canada gets Strong “buy” Rating

October 26th, 2015 Comments off

canadian_apartment_properties_reit__crditCanadian Apartment Properties REIT (TSE:CAR.UN) has recently received an “outperform” rating and a C$32 ($24 USD) target price from National Bank Financial. On Aug. 12 RBC Capital gave the company the same rating and target price, as dakotafinancialnews informs MHProNews.

All told, three research companies have issued a “hold” rating on CAR.UN and seven other have issued a “buy” rating on the stock. Among analysts that have issued a report on the stock in the last year, the average one-year price target is $31.00.

Additionally, Director Thomas Schwartz sold 76,500 shares of company stock Aug. 13 at an average price of C$28.66 ($21.75USD) for a net of C$2,192,237.55 ($1,666,100. USD).

Canadian Apartment Properties REIT has ownership in 29 manufactured home communities across Canada, and combined with other residential properties, total residential units is 41,552. ##

(Image credit: Canadian Apartment Properties REIT)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

CAPREIT Announces Monthly Distribution

May 8th, 2015 Comments off

mfg home antigonish nova scotia canada   north grant park   creditMHProNews has learned from marketwatch that Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), owner of manufactured home communities, announces that its Board of Directors has approved a 3.4 percent increase in annualized cash distributions. Effective with the May 2015 distribution, $1.22 per unit ($0.0107 monthly) will be paid on June 15, 2015 to unitholders of record as of May 29, 2015.

Thomas Schwartz, President and CEO, said, We are very pleased to announce our twelfth increase in cash distributions to Unitholders, a reflection of our highly positive future outlook and our commitment to enhancing Unitholder value over the long term.

CAPREIT has interest in 30 manufactured home communities (MHCs) comprised of 6,285 homesites in addition to apartments and townhomes in Canada. ##

(Photo credit: North Grant Park manufactured home community–Antigonish, Nova Scotia)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Manufactured Housing Community Buyer Identified

December 2nd, 2013 Comments off

Following an earlier story regarding Killam Properties of Canada’s sale of 2,308 New Brunswick manufactured housing homesites for $69 million, MHProNews has learned the buyer is Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) (TSX:CAR.UN). The eleven communities, all in Atlantic Canada and primarily in scenic rural areas, include Pine Tree Village, a high-end community of 828 modern sites adjacent to a golf course, according to wsj.com. With this acquisition, the company’s portfolio includes 29 manufactured home communities comprised of 6,178 land lease sites located in and near major urban centers across Canada and in Dublin, Ireland. CAPREIT also owns a portfolio of 35,372 other residential units.

(Photo credit: Antigonish, Nova Scotia–North Grant Park community)

Canada’s Killam Properties Shows Steady Growth

August 10th, 2012 Comments off

Yahoo! Finance says Killam Properties, Inc. of Halifax, Nova Scotia, Canada reports for the second quarter 2012 funds from operations (FFO) increased 5.7% over the same period 2011, while revenue from property rose 9.6% 2012 over 2011, $33,679,000 over $30,735,000. Net operating income increased to $20,518,000 in 2012 from $18,687,000 in the second quarter of 2011. Funds from operations for Q2 2012 was up 16.2%, $9,179,000 over $7,896,000 in the second quarter of 2011. Same store net operating income (NOI) increased by 2.7%, and same store rental growth rose 1.7%. On June 4, 2012 MHProNews reported Killam sold 12 MHCs to Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), and acquired from CAPREIT a 199 suite apartment property in Toronto for $33.5 million. For the full report of the company’s Q2 2012 financials, please click here.

(Image credit: arabianbusiness)

Killam Unloads MHCs, Acquires Apts.

June 4th, 2012 Comments off

DigitalJournal tells MHProNews.com Killam Properties, one of the largest MHC owners in Canada, has sold a portfolio of 12 manufactured home communities comprising 2,032 home sites to Canadian Apartment Properties Real Estate Investment Trust (CAPREIT). The transaction increases CAPREIT’s holdings to 14 MHCs and 3,365 home sites. In a related deal, Killam acquired from CAPREIT a 199-suite apartment property in Toronto for $33.5 million. Thomas Schwartz, president and CEO of CAPREIT, says MHCs now account for 10.3 percent of the company’s portfolio. The newly-acquired communities are in British Columbia, Saskatchewan, Ontario, and Alberta.

(Image credit: Wikipedia Commons)