TORONTO, ONTARIO--(Marketwire - Dec. 4, 2012) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has closed its previously announced issue and sale of 6,700,000 units for $24.00 per unit for aggregate gross proceeds of $160,800,000. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.
CAPREIT intends to use the net proceeds of the offering to repay a portion of the approximately $328.2 million owing under its credit facilities (including $100.2 million under its bridge loan and a portion of the balance of its acquisition and operating facility) as of September 30, 2012, after giving effect to subsequent events. Such facilities were utilized by CAPREIT to partially fund 17 acquisitions comprising CAPREIT's share of 4,952 residential suites and land lease sites completed since June 29, 2012 with aggregate acquisition costs of $707.9 million.
"We have just completed another successful quarter and continue to grow our portfolio through a number of opportunistic acquisitions," commented Thomas Schwartz, President and CEO. "The proceeds of this offering will help to once again strengthen our balance sheet, enabling us to capitalize on future investments aimed at enhancing Unitholder value."
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 37,225 residential units, comprised of 33,855 residential suites and 14 manufactured home communities comprising 3,370 land lease sites located in and near major urban centres across Canada. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 56%. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
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.