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CAPREIT - Q1-2022 Earnings, Price Target Update

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CAPREIT (CAR.UN) is Canada's largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in, and manages approximately 70,000 residential apartment suites, townhomes and manufactured housing communities across Canada, in the Netherland, Germany and Belgium. Suites located in Canada comprise 85% of net operating income, with the balance mainly in the Netherlands. By location; 42% net operating income is from Ontario, Quebec-14%, BC-12% and Alberta -2%, Maritimes -5%, Mobile Home Communities – 5% and Europe – 15%. CAPREIT holds a 16% interest in European Residential Real Estate Investment Trust (ERE-TSX), which operates primarily in the Netherlands, Total assets as of Mar-31-2022 were $18.1B including $2.6B for the European Residential REIT. ERE REIT is Canada's first European-focused multi-residential real estate investment trust listed on the TSX. The European REIT primarily owns and operates a portfolio of 152 multi-residential properties (6,545 units), including apartments and townhomes, as well as commercial properties in Europe. The fund management agreement was terminated on Mar-31-2022 reducing revenues to CAP REIT by approximately $8M annually. The 139 buildings with 6047 suites and two commercial properties totaling 450,911 sq. ft. were valued at $1.5B as of Dec-31-2020.

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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