CAPREIT Q1-2020 Earnings, Price Target Update
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CAPREIT(CAR.UN) owns 56,800 suites and sites, including townhomes and manufactured housing sites, in Canada and through its investment in ERES(EVE.UN-TSX), 5,600 suites in the Netherlands. CAPREIT manages 60,900 of its owned suites in Canada and the Netherlands, and additionally 3,700 suites in Ireland as at Mar-31-2020. By location, 43% of units are in Ontario, Quebec-19%, British Columbia – 9%, Netherlands-7%, Alberta -5%, Other -4%, and Mobile Home Parks- 13%. During 2019, the properties in the Netherlands were sold to the European Commercial REIT(EVE.UN-TSX), with CAPREIT retaining a 66% interest.
CAPREIT has identified approximately 85 potential development sites across Canada with the opportunity to build well in excess of 10,000 new units focused primarily in British Columbia and Ontario.
Operations are seasonal; the first and fourth quarters are due to increased energy consumption during the winter months. There may be quarters where payout ratios exceed 100%.
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