Canadian Apartment Properties Real Estate Investment Trust
TSX : CAR.UN

Canadian Apartment Properties Real Estate Investment Trust

August 03, 2016 08:14 ET

Canadian Apartment Properties Real Estate Investment Trust Announces Closing of $165 MM Equity Financing

TORONTO, ONTARIO--(Marketwired - Aug. 3, 2016) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has closed its previously announced issue and sale of 5,126,000 units for $32.20 per unit for aggregate gross proceeds of $165,057,200, which includes the exercise in full of the over-allotment option. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.

CAPREIT intends to use the net proceeds of the offering first to partially repay CAPREIT's acquisition and operating facility in the amount of approximately $157.6 million, which was utilized by CAPREIT, among other uses, to partially fund previous acquisitions and the remainder, if any, for future acquisitions, capital expenditures and for general trust purposes.

"I am very pleased with CAPREIT's pace of acquisitions in today's competitive marketplace," commented Thomas Schwartz, President and CEO. "The proceeds of this offering will help us maintain a conservative leverage ratio, and will provide us with the liquidity and flexibility to competitively bid on future strategic acquisitions."

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,464 residential units, comprising 42,021 residential suites and 31 manufactured home communities comprising 6,443 land lease sites located in and near major urban centres across Canada. 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.

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.

Contact Information

  • CAPREIT
    Mr. Michael Stein
    Chairman
    (416) 861-5788

    CAPREIT
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404

    CAPREIT
    Mr. Scott Cryer
    Chief Financial Officer
    (416) 861-5771