TORONTO, ONTARIO–(Marketwired – May 25, 2016) – Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that its Board of Trustees had approved a 2.5% increase in monthly cash distributions to $0.1042 per Unit, or $1.25 per Unit on an annualized basis. The increase effective with the June 2016 distribution payable on July 15, 2016 to Unitholders of record as at June 30, 2016.
“We are very pleased to announce our thirteenth increase in monthly cash distributions since our initial public offering, a reflection of our highly positive future outlook, strengthening payout ratio, and our commitment to enhancing Unitholder value over the long term,” commented Thomas Schwartz, President and CEO.
As one of Canada’s largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 47,758 residential units, comprising 41,315 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.
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.
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer