CAP REIT (CAR_U.TO) 2011年年度报告「TSX」.pdf

1、CAPREIT 2011 Annual ReportBest Buildings+Best Team+Best Tenants=Best ReturnsCanadian Apartment Properties Real Estate Investment Trust(“CAPREIT”)is a growth-oriented investment trust owning interests in multi-unit residential complexes,including apartment buildings,townhomes and manufactured home co

2、mmunities(“MHC”),located in or near major urban centres across Canada.Profile To provide Unitholders with long-term,stable and predictable monthly cash distributions;To grow Normalized Funds From Operations(“NFFO”),sustainable distributions and Unit value through the active management of our propert

3、ies,accretive acquisitions and strong financial management;and To reinvest capital within the property portfolio in order to ensure life safety of residents and maximize earnings and cash flow potential.ObjectivesOperating Highlights Occupancies increased to 98.5%at year-end with average monthly ren

4、ts up 1.2%Same property Net Operating Income(“NOI”)rose 3.9%in 2011 Six consecutive years of quarterly year-over-year same property NOI growth NFFO up 12.9%Strong available liquidity of$185.6 million at year-end Acquired 2,660 apartment suites and land lease sites for$321.5 million Best Buildings+Be

5、st Team+Best Tenants=Best Returns CAPREIT ANNUAL REPORT 2011 1 MANAGEMENTS DISCUSSION AND ANALYSIS($THOUSANDS,EXCEPT AS NOTED)Year ended December 31,2011 2010Operating Revenues$361,955$338,959 Net Rental Revenue Run-Rate$361,253$326,216 NOI$206,157$190,339 NOI Margin(%)57.0 56.2NFFO$103,875$92,026 N

6、FFO per Unit Basic$1.357$1.371 Cash Distributions per Unit$1.080$1.080 NFFO Payout Ratio(%)82.8 82.1As at December 31,2011 2010Overall Portfolio Occupancy(%)98.5 98.4Overall Portfolio Average Monthly Rents($)$991$979 Mortgage Debt to Gross Book Value(%)48.33 51.84Total Debt to Gross Book Value(%)50.