CAPREIT Announces December 2023 Distribution and Special Non-Cash Distribution
15 Dicembre 2023 - 11:00PM
Canadian Apartment Properties Real Estate Investment Trust
(“CAPREIT”) (TSX:CAR.UN) announced today its December 2023 monthly
distribution in the amount of $0.12083 per Unit (or $1.45 on an
annualized basis). The December 2023 distribution will be payable
on January 15, 2024 to Unitholders of record at the close of
business on December 29, 2023.
CAPREIT also announced that it has declared a
special non-cash distribution of $0.49 per Unit, payable in Units
of CAPREIT (the “Additional Units”) on December 29, 2023 to
Unitholders of record at the close of business on December 29, 2023
(the “Special Distribution”). The Special Distribution is being
made to distribute to Unitholders a portion of the capital gain
realized by CAPREIT from transactions completed during the
twelve-month period ending December 31, 2023, and will therefore be
in the form of a capital gain to Unitholders for Canadian income
tax purposes.
Throughout the year, as part of an active
capital reallocation strategy focused on the optimization of its
portfolio, CAPREIT disposed of certain older, non-core properties.
Combined with continued increases in operating income, this has
resulted in estimated total taxable income (including capital
gains) for the year ending December 31, 2023 exceeding
distributions paid. Taxable Canadian-resident Unitholders will
generally be required to include their proportionate share of
CAPREIT’s income and net taxable capital gain, as allocated and
designated by CAPREIT, in computing their respective income for the
tax year that includes the year end of CAPREIT (i.e., December 31,
2023).
The non-cash Special Distribution will be paid
at the close of business on December 29, 2023 through the issuance
of the Additional Units. The Additional Units will have a fair
market value equal to the dollar amount of the Special
Distribution, which will be based on the closing price of the Units
on the Toronto Stock Exchange on December 29, 2023.Immediately
after the payment of the Special Distribution, the issued and
outstanding Units of CAPREIT, including the Additional Units, will
be consolidated such that the aggregate number of issued and
outstanding Units immediately following the Special Distribution
will be the same as the aggregate number of issued and outstanding
Units of CAPREIT immediately before the Special Distribution (the
“Consolidation”). Accordingly, each Unitholder immediately
following the Consolidation will hold the same number of Units as
such Unitholder held immediately before the Special Distribution.
For Unitholders who are residents of Canada for federal income tax
purposes, the amount of the Special Distribution will increase the
adjusted cost base of Unitholders’ consolidated Units. Unitholders
who are not resident in Canada for Canadian federal income tax
purposes may be subject to applicable withholding taxes in
connection with the payment of the Special Distribution.
CAPREIT cautions that the foregoing comments are
not intended to be, and should not be construed as, legal or tax
advice to any Unitholder. CAPREIT recommends that Unitholders
consult their own tax advisors regarding the income tax
consequences to them of this anticipated Special Distribution and
related Unit consolidation.
ABOUT CAPREITCAPREIT is
Canada's largest publicly traded provider of quality rental
housing. As at September 30, 2023, CAPREIT owns approximately
64,500 residential apartment suites, townhomes and manufactured
home community sites that are well-located across Canada and the
Netherlands, with approximately $16.5 billion of investment
properties in Canada and Europe. For more information about
CAPREIT, its business and its investment highlights, please visit
our website at www.capreit.ca and our public disclosures which can
be found under our profile at www.sedarplus.ca.
CAUTIONARY STATEMENTS REGARDING
FORWARD-LOOKING STATEMENTSAll 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.sedarplus.ca.
For more information, please
contact:
CAPREIT |
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CAPREIT
|
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CAPREIT |
Mr. Mark Kenney |
|
Mr. Stephen Co |
|
Mr. Julian Schonfeldt |
President & Chief Executive Officer |
|
Chief Financial Officer |
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Chief Investment Officer |
(416) 861-9404 |
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(416) 306-3009 |
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(647) 535-2544 |
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