Hello. Your advice about Canadian Apartment Properties REIT (CAP REIT) would be much appreciated. The current price is near a low after dropping some and I wonder what risk factor I am missing here? Or is this a buying opportunity?
Canadian Apartment Properties REIT, $13.07, symbol CAR.UN on Toronto (Shares outstanding: 68.2 million; Market cap: $890.8 million), is a real-estate investment trust that owns multi-unit residential properties. These include apartment buildings and townhouses in major urban centres across Canada. CAP REIT owns 27,614 residential suites in all.
The REIT also owns two Ontario land-lease communities that consist of 1,278 sites. One of these is Wilmot Creek, in Newcastle, Ontario. The other is Grand Cover, in Grand Bend, Ontario.
Homeowners lease land from CAP REIT. The company then sells them single-storey homes. Leasing the land cuts the customer’s initial purchase price. Monthly lease payments from homeowners provide CAP REIT with steady income.
In the three months ended September 30, 2009, CAP REIT’s revenue rose 2.8%, to $83.0 million from $80.7 million. Cash flow per unit fell slightly, to $0.357 from $0.358 Acquisitions and higher average monthly rents pushed up revenue.
CAP REIT’s occupancy rate is 98.3%. The trust pays a monthly distribution of $0.09…
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