Operating Revenues up 7% yr/yr
Net Rental Income up 8.5% yr/yr
Average Apartment Monthly Rent up 3.5% yr/yr
Apartment Occupancy Rates 98.6%
Funds from Operations per unit 46.3 cents
Cash Distributions per unit 32.0 cents
Funds from Operations Payout ratio 69.1%
Diversifying portfolio into Netherlends
Only 6% of suites in Alberta
Only 3.7% of company’s total Ontario properties to be affected by new rent control rules affecting properties built after 1991.
Management continues to expect modest annual rent increases, while maintaining high occupancy rates.
Future rent increases combined with gradually rising dividends will more than offset the negative effects from rising interest rates.
Continue to recommend Canadian Apartment REIT.