Canadian Apartment Properties REIT (CAP REIT) is the largest Canadian residential property REIT, owning 45,028 units worth $14.5 billion as of Sept. 30. The portfolio is primarily located in Canada. CAP Reit has been recycling its portfolio, effectively exiting its European exposure in Germany, Belgium, and the Netherlands and upgrading its Canadian portfolio in newer buildings in mid-market cities.
The average monthly rental for its Canadian units increased 5.7% to $1,709 in September from a year earlier, with an occupancy rate of 97.8%, essentially flat compared to a year ago.