CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST
SUPPLEMENTARY INFORMATION FOR THE PERIOD ENDED JUNE 30, 2007 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST
FOR THE PERIOD ENDED JUNE 30, 2007
Table of Contents Page
Investor Information 1
Key Financial Data 2
List of Properties by Suite Type 3-4
Portfolio By Asset Type & Geography 5
Occupancy and Average Monthly Rent per Suite 6-8
Tenant Inducements and Vacancy Loss 9
Turnover and Renewals 10
NOI by Province 11
Profitability Analysis of Stabilized Properties 12
Debt Highlights 13
Capital Investment 14
Capital Expenditures 15-16 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Investor Information As at June 30, 2007
Head Office: 11 Church Street, Suite 401 Toronto, Ontario M5E 1W1
Contact: Mr. Yazdi Bharucha Chief Financial Officer (416) 861-5771 [email protected]
Research Coverage: Karine MacIndoe BMO Capital Markets (416) 359-4269 [email protected] Pammi Bir BMO Capital Markets (416) 359-4250 [email protected] Amanda He BMO Capital Markets (416) 359-4021 [email protected] Garreth MacRae BMO Capital Markets (416) 359-6769 [email protected]
Jonathan Kelcher Canaccord Capital (416) 869-3260 [email protected] Shant Poladian Canaccord Capital (416) 869-6595 [email protected]
Rossa O'Reilly CIBC World Markets (416) 594-7296 [email protected] Alex Avery CIBC World Markets (416) 594-8179 [email protected]
Jeffrey Roberts Desjardins Securities (416) 867-2048 [email protected]
Michael Smith National Bank Financial (416) 869-8022 [email protected] Jimmy Shan National Bank Financial (416) 869-8025 [email protected] Tanya Bouchard National Bank Financial (416) 869-7934 [email protected]
Gail Mifsud Blackmont Capital (416) 864-2070 [email protected]
Li Zhang Raymond James Ltd. (416) 777-7042 [email protected]
Neil Downey RBC Dominion Securities (416) 842-7835 [email protected]
Mario Saric Scotia Capital (416) 863-7824 [email protected]
Samuel Damiani TD Securities (416) 983-9640 [email protected] Daniel Kim TD Securities (416) 983-4406 [email protected]
Brad Cutsey Dundee Securities Corp (647) 428-8346 [email protected] Danny Pinska Dundee Securities Corp (647) 428-8248 [email protected]
Mark Rothschild Genuity Capital Markets (416) 687-5428 [email protected] Jenny Ma Genuity Capital Markets (416) 687-5411 [email protected]
1 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Key Financial Data As at June 30, 2007
($000's, except per Unit amounts) Qtr 2 - 2007 Qtr 1 - 2007 Qtr 4 - 2006 Qtr 3 - 2006 Qtr 2 - 2006
Operating Data:
Operating Revenues $ 75,273 $ 73,862 $ 73,002 $ 71,526 $ 69,859
Operating Expenses 33,468 39,555 35,790 31,968 31,940
NOI 41,805 34,307 37,212 39,558 37,919
NOI Margin 55.5% 46.4% 51.0% 55.3% 54.3%
Interest Expense 18,832 18,621 17,768 18,028 17,763
Trust Expenses 2,698 2,821 2,552 1,694 2,275
Income/(Loss) Before Income Taxes 2,076 (4,042) (209) 2,900 1,457
Provision for Future Income Taxes (61,000) - - - -
Net (Loss) / Income (58,924) (4,042) (209) 2,900 1,457
Net (Loss) / Income per Unit - Basic (0.993) (0.068) (0.004) 0.051 0.026
Funds from Operations 19,964 12,541 16,399 19,311 17,470
Funds from Operations per Unit - Basic 0.336 0.212 0.278 0.339 0.316
Distributable Income 19,898 12,962 16,378 19,310 17,469
Distributable Income per Unit - Basic 0.335 0.219 0.278 0.339 0.316
Balance Sheet Data:
Total Assets $ 2,097,948 $ 2,068,307 $ 2,022,840 $ 2,011,417 $ 1,984,075
Total Liabilities 1,594,898 1,494,154 1,428,357 1,403,136 1,421,990
Unitholders' Equity 503,050 574,153 594,483 608,281 562,085
Total Debt to Gross Book Value 63.2% 62.6% 61.6% 61.4% 63.7%
Total Debt to Total Capitalization 55.4% 53.4% 55.1% 55.2% 59.7%
2 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST List of Properties As at June 30, 2007 Total CAPREIT's Property Suites Share
10 & 30 Tuxedo Court, Scarborough, Ontario 424 424 4000 & 4010 Lawrence Ave. E., Scarborough, Ontario 362 362 370 McCowan Road, Scarborough, Ontario 207 207 1050 Markham Road, Scarborough, Ontario 295 295 355 St. Clair Ave. W., Toronto, Ontario 168 168 1333 South Park St., Halifax, Nova Scotia 400 400 5 King's Cross Rd., Brampton, Ontario 213 213 3 Knightsbridge Rd., Brampton, Ontario 310 310 11 Knightsbridge Rd., Brampton, Ontario 180 180 11-111, 115-159 & 76-128 Balmoral Dr., Brampton, Ontario 101 101 75 Eastdale Ave., East York, Ontario 232 232 61-69 Eastdale Ave., 2-12 & 16-24 Goodwood Park Cres., Ontario 16 16 75 & 77 Huron Heights Dr., Newmarket, Ontario 110 110 297 Queens Ave., Oakville, Ontario 78 78 44 Stubbs Dr., North York, Ontario 84 84 1030 South Park St., Halifax, Nova Scotia 251 251 135,139,143 & 147 8th St. and 148 & 170 Islington Ave., Etobicoke, Ontario 278 278 4902 Queen St., Regina, Saskatchewan 108 108 2010 22nd St., Saskatoon, Saskatchewan 31 31 615 Confederation Dr., Saskatoon, Saskatchewan 102 102 195 Wellington St. S., Hamilton, Ontario 143 143 1757 & 1759 Victoria Park Ave., Toronto, Ontario 200 200 3420 & 3425 Morning Star Dr., Mississauga, Ontario 247 247 Domaine Choisy, Montreal, Quebec 437 437 Domaine Salaberry, Montreal, Quebec 250 250 800-806 Clark Blvd., Brampton, Ontario 183 183 180 Lees Avenue, Ottawa, Ontario (50%) 335 167 1265 Wellington St., Ottawa, Ontario (50%) 72 36 3528,3530, 3532 & 3550 Downpatrick, Ottawa, Ontario (50%) 207 104 1315 Silver Spear Road, Mississauga, Ontario 90 90 1297 Marlborough Court & 1360 White Oaks Court, Oakville, Ontario 266 266 90-98 Churchill St, Waterloo, Ontario 59 59 21 Holborn Dr, Kitchener, Ontario 80 80 75 Old Chicopee Rd, Kitchener, Ontario 74 74 20,40,60 & 80 Charlotte Lane, Halifax, Nova Scotia 302 302 2121 Rathburn Road East, Mississauga, Ontario 139 139 2969 Fairlea Crescent, Ottawa, Ontario (50%) 163 82 301 & 341 TraynorAve., 551 & 553 VanierDr., Kitchener, Ontario 279 279 75,80,85 & 90 Orenda Court, Brampton, Ontario 241 241 18 Panorama Court, Toronto, Ontario 204 204 1355 Silver Spear Road, Mississauga, Ontario 199 199 55 William Street, Waterloo, Ontario 142 142 3455 Havenwood Drive, Mississauga, Ontario 58 58 215 Markham Road, Toronto, Ontario 192 192 625 Evans Avenue, Toronto, Ontario 85 85 2465 Hurontario Street, Mississauga, Ontario 137 137 1203,1205,1207,1209,1211 &1223 Huron Street, London, Ontario 146 146 1525,1535,1545 Alta Vista Drive, Ottawa, Ontario (50%) 750 375 1560 Bloor Street East, Mississauga, Ontario 141 141 75, 85 & 95 Fiddlers Green Rd., London, Ontario 426 426 1865,1875 Glenanna Rd, 1800,1850 Valley Farm Rd, and 1480 Pickering Parkway, Pickering, Ontario 327 327 567 Scarborough Golf Club Road, Scarborough, Ontario 224 224 450 and 455 Rue Racine, Montreal, Quebec 194 194 2300 2ieme Ave, 2305 Benoit XV, Quebec, Quebec 97 97 2415-2425 Chemin Ste-Foy and 2416-2426 Chemin Quatre Bourgeois Quebec, Quebec (Le Fontainebleau) 84 84 3040-3094 Rue Des Chatelets, Quebec, Quebec (Jardins des Seigneurs) 240 240 435 Chemin Ste-Foy, Quebec, Quebec 121 121 440 Pere Marquette, Quebec, Quebec 150 150 736 Pere Marquette, Quebec, Quebec 44 44 1805 de Grandville, Quebec, Quebec 80 80 501-40th Avenue NW, Calgary, Alberta 188 188 621-705 Rue Gingras, Quebec, Quebec 40 40 2074 Robie Street, Halifax 130 130 724 & 744 Fanshawe Park Road, London, Ontario 276 276 111,115 Johnny Parent and 136,140 Legare, Quebec, Quebec 84 84 2330-2338, 2360-2370 & 2390-2394 Trudeau St., Quebec, Quebec 68 68 325,365 Cote-Vertu & 320,360 Thompson Blvd, Montreal, Quebec 204 204 33 Davisville Avenue, Toronto, Ontario 266 266 111 Davisville Avenue, Toronto, Ontario 370 370 77 Huntley Street, Toronto, Ontario 561 561 88 Isabella Street, Toronto, Ontario 82 82 500 Murray Ross Parkway, Toronto, Ontario 390 390 10 San Romanoway, Toronto, Ontario 428 428
3 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST List of Properties As at June 30, 2007 Total CAPREIT's Property Suites Share
1/23 Oriole Road, Toronto, Ontario 127 127 411 Duplex Avenue, Toronto, Ontario 455 455 33 Orchardview Boulevard, Toronto, Ontario 327 327 1004 Lawrence Avenue East, Toronto, Ontario 65 65 236 Dixon Road, Etobicoke, Ontario 123 123 1055 Bloor Street East, Mississauga, Ontario 323 323 Park Royal Village, Mississauga, Ontario 601 601 25 Bay Mills Boulevard, Toronto, Ontario 281 281 100/101/200/201 White Oaks Court, Whitby, Ontario 704 704 5200 Lakeshore Boulevard, Burlington, Ontario 72 72 7/9 Roanoke Road, Toronto, Ontario 226 226 56-88 Cassandra Boulevard, Toronto, Ontario 160 160 20 Shallmar Boulevard, Toronto, Ontario 155 155 124 Broadway Avenue, Toronto, Ontario 86 86 100 Wellesley Street East, Toronto, Ontario 424 424 6 John Street, Oakville, Ontario 75 75 221 Glenridge Avenue, St. Catharines, Ontario 136 136 100 Lancaster Drive, Welland, Ontario 112 112 511 Guelph Line, Burlington, Ontario 83 83 33 Eastmout Avenue, Toronto, Ontario 211 211 505 Locust Street, Burlington, Ontario 118 118 30 Livonia Place, Toronto, Ontario 200 200 1360-1422 Tyandaga Park Drive, Burlington, Ontario 83 83 351 Geneva Street, St. Catharines, Ontario 106 106 363 Geneva Street, St. Catharines, Ontario 109 109 34/36/42 Maitland Street, Toronto, Ontario 56 56 274/276/278 Cedar Avenue, Richmond Hill, Ontario 95 95 2076 Sherobee Road, Mississauga, Ontario 199 199 2928/2932 Yonge Street and 1 Cheritan Avenue, Toronto, Ontario 156 156 4067 Longmoor Drive, Burlington, Ontario 91 91 640 Guelph Line, Burlington, Ontario 83 83 141 Davisville Avenue, Toronto, Ontario 313 313 55 Laframboise, St. Laurent, Quebec 143 143 321 Lanthier Avenue, Pointe-Claire, Quebec 108 108 Bois-Franc, St. Laurent, Quebec 235 235 4760 Cote-des-Neiges, Montreal, Quebec 125 125 6707 Elbow Drive S.W., Calgary, Alberta 272 272 924-7th Avenue S.W., Calgary, Alberta 154 154 8510-111th Street, Edmonton, Alberta 310 310 9100 Bonaventure Drive S.E., Calgary, Alberta 317 317 1959-1999 Marine Drive S.E., North Vancouver, BC 473 473 28, 30, 32 & 34 Ste-Ursule, Quebec 78 78 Carrefour des Erables, Montreal, Quebec 419 419 Jardins Longueuil, Longueuil, Quebec 180 180 Les Jardins & Serge Lemieux, Longueuil, Quebec 88 88 Les Immeubles Joie-de Vivre, Montreal, Quebec 393 393 Bois de Boulogne, Montreal, Quebec 241 241 2505-2539 Rue Sherbrooke E., Montreal, Quebec 88 88 2235 AV Prud Homme, Montreal, Quebec 22 22 1021 Howay Street, New Westminster, BC 108 108 10851,10871,10891,10951,10971 & 10991 Mortfield Road, Richmond, BC 218 218 990 Broughton Street, Vancouver, BC 80 80 186 Kingsview Boulevard, 10-41 Blackfriar Avenue and 15 & 25 & 55 Bridesburg Drive, Etobicoke, Ontario 357 357 190-200 Kingsview Boulevard, 15-25 Blackfriar Avenue and 65-75 Bridesburg Drive, Etobicoke, Ontario 107 107 35 & 45 Bredin Parkway, Orangeville, Ontario 93 93 Complex sur le Parc, Longueuil, Quebec 160 160 Jardins sur le Parc, Longueuil, Quebec 178 178 2200 & 2220 Chapdelaine, Quebec City, Quebec 215 215 3000, 3015 & 3017 Queen Street East, Toronto, Ontario 136 136 Domaine Lebourgneuf, Quebec City, Quebec 236 236 Domaine Laudance, Quebec City, Quebec 235 235 Domaine Faubourg de la Pointe, Quebec City, Quebec 136 136
Total 27,105 26,342
4 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Property Portfolio As at June 30, 2007
Portfolio By Asset Type Portfolio By Geography
As at June 30, 2007 As at June 30, 2007 (% of Total Suites) (% of Total Suites) 3% 1% 15% 5% 4% GTA 34% Other Ontario
20% Quebec 49% Nova Scotia
Alberta Affordable British Columbia Mid tier 51% 18% Luxury Saskatchewan
As at June 30, 2006 As at June 30, 2006 (% of Total Suites) (% of Total Suites)
16% 3% 1% 5% 4% GTA 33% Other Ontario
17% Quebec 51% Nova Scotia
Affordable Alberta
Mid tier 19% British Columbia 51% Luxury Saskatchewan
5 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Occupancy and Average Monthly Rent Per Suite By Asset Type and Province As at July 1, 2007
Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Total Suites Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Percent # % Rent ($) % Rent ($) % Rent ($) % Rent ($) % Rent ($) Summary by Asset Type
Affordable Owned Prior to June 30, 2006 3,994 95.5% 773 96.8% 785 96.7% 786 96.9% 790 95.5% 782 Acquired after June 30, 2006 160 - - 97.5% 564 98.8% 573 95.6% 554 90.0% 532 Subtotal 15.3% 4,154 95.5% 773 96.9% 777 96.8% 778 96.8% 781 95.3% 773
Mid-tier Owned Prior to June 30, 2006 13,242 97.8% 847 98.5% 858 97.5% 851 97.3% 855 97.0% 860 Acquired after June 30, 2006 529 - - 97.5% 629 97.0% 712 97.0% 718 94.3% 719 Subtotal 50.8% 13,771 97.8% 847 98.5% 851 97.5% 845 97.3% 849 96.9% 854
Luxury Owned Prior to June 30, 2006 8,573 96.9% 983 98.7% 1,013 96.9% 1,000 96.3% 1,001 96.7% 1,011 Acquired after June 30, 2006 607 ------97.5% 748 96.9% 754 Subtotal 33.9% 9,180 96.9% 983 98.7% 1,013 96.9% 1,000 96.4% 985 96.7% 994
Total 100.0% 27,105 97.1% 882 98.3% 893 97.2% 886 96.9% 886 96.6% 890
Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Total Suites Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Percent # % Rent (2) % Rent (2) % Rent (2) % Rent (2) % Rent (2) Summary
Ontario: Greater Toronto Area 49.3% 13,346 97.7% 1,003 98.4% 1,016 97.0% 1,004 96.6% 1,005 96.6% 1,007 Ottawa 5.6% 1,527 99.7% 769 99.7% 775 99.9% 778 99.9% 783 99.9% 787 London/ Kitchener / Waterloo 5.5% 1,482 94.1% 747 97.6% 782 94.9% 762 94.8% 764 96.9% 780 Other Ontario 7.1% 1,933 97.9% 851 98.9% 866 97.6% 858 96.7% 853 96.4% 855 Ontario Total 67.5% 18,288 97.6% 954 98.5% 969 97.2% 957 96.7% 958 96.9% 962
Quebec: Montreal 12.8% 3,465 95.6% 630 96.7% 639 97.0% 641 96.9% 642 93.7% 629 Quebec City 7.0% 1,908 94.4% 647 97.2% 654 97.2% 654 97.4% 687 97.2% 698 Quebec Total 19.8% 5,373 95.3% 634 96.9% 643 97.0% 645 97.1% 658 95.0% 653
Nova Scotia Halifax 4.0% 1,083 90.8% 839 98.1% 931 94.8% 902 94.7% 904 94.6% 903
Saskatchewan Saskatoon 0.5% 133 98.5% 512 99.2% 514 95.5% 500 99.2% 522 97.0% 522 Regina 0.4% 108 100.0% 635 100.0% 637 99.1% 642 96.3% 627 100.0% 657 Saskatchewan Total 0.9% 241 99.2% 567 99.6% 569 97.1% 564 97.9% 569 98.3% 583
Alberta Edmonton 1.2% 310 100.0% 791 99.7% 806 98.7% 830 99.4% 859 100.0% 904 Calgary 3.4% 931 99.5% 818 99.7% 848 98.4% 856 98.9% 903 98.7% 936 Alberta Total 4.6% 1,241 99.6% 811 99.7% 838 98.5% 850 99.0% 892 99.0% 928 British Columbia Greater Vancouver Area 3.2% 879 99.1% 869 99.5% 883 99.1% 885 98.3% 889 99.3% 914
Total 100.0% 27,105 97.1% 882 98.3% 893 97.2% 886 96.9% 886 96.6% 890
6 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Occupancy and Average Monthly Rents Per Suite As at July 1, 2007
Jul-06 Apr-07 Jul-07 Percent Total Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Suites (1) % Rent (2) % Rent (2) % Rent (2)
Affordable
10 and 30 Tuxedo Court, Toronto 424 99.1% 894 97.9% 898 97.4% 896 4000 and 4010 Lawrence Ave East, Toronto 362 97.8% 907 98.1% 924 92.3% 878 370 McCowan Road, Toronto 207 98.1% 896 98.6% 905 97.1% 894 1050 Markham Road, Toronto 295 100.0% 964 97.6% 964 98.0% 969 135, 139, 143 & 147 8th Street and 148 & 170 Islington Avenue, Toronto 278 95.0% 720 99.3% 756 97.1% 740 2010 22nd Street West, Saskatoon 31 96.8% 413 100.0% 428 100.0% 437 3420 and 3425 Morning Star Drive, Mississauga 247 99.6% 976 97.6% 966 98.4% 975 195 Wellington Street South, Hamilton 143 95.1% 524 98.6% 545 97.9% 548 1203-1211,1223 Huron Street, London 146 93.8% 586 97.2% 625 94.5% 602 Salaberry Portfolio, Montreal 250 91.2% 479 95.6% 514 93.6% 510 Choisy Portfolio, Montreal 437 98.4% 557 96.1% 550 93.6% 540 111 & 115 Johnny-Parent and 136 & 140 rue Legare, Quebec City 84 90.5% 568 89.3% 560 89.3% 568 2330-2338, 2360-2370 & 2390-2394 Trudeau St., Quebec City 68 72.1% 406 95.6% 550 86.8% 512 325, 365 boulevard Cote-Vertu & 320, 360 boulevard Thompson, Montreal 204 93.6% 583 99.0% 624 96.1% 609 500 Murray Ross Parkway, Toronto (4) 390 92.3% 912 97.2% 949 95.9% 931 10 San Romanoway, Toronto (4) 428 92.5% 891 92.7% 900 95.1% 927 Subtotal 3,994 95.5% 773 96.9% 790 95.5% 782 Complex Sur Le Parc, Longueuil (6) 160 N/A N/A 95.6% 554 90.0% 532 Subtotal 15.3% 4,154 95.5% 773 96.8% 781 95.3% 773
Mid-Tier
5 King's Cross Road and 3 & 11 Knightsbridge Road, Brampton 703 99.3% 990 98.3% 987 98.9% 990 1757 & 1759 Victoria Park Avenue, Toronto 200 97.5% 956 95.5% 939 96.5% 952 215 Markham Road, Toronto 192 96.4% 892 91.7% 866 92.2% 871 567 Scarborough Golf Club Road, Toronto 224 98.2% 919 96.0% 906 95.5% 905 11-111, 115-159 & 76-128 Balmoral Drive, Brampton 101 98.0% 1,158 94.1% 1,120 97.0% 1,161 75 & 77 Huron Heights Drive, Newmarket 110 98.2% 974 99.1% 1,004 100.0% 1,021 75 Eastdale Avenue, Toronto 232 98.7% 986 97.4% 988 94.0% 957 61-69 Eastdale Avenue and 2-12 & 16-24 Goodwood Park Crescent, Toronto 16 100.0% 1,366 87.5% 1,193 93.8% 1,289 615 Confederation Drive, Saskatoon 102 99.0% 542 99.0% 551 96.1% 548 4902 Queen Street, Regina 108 100.0% 635 96.3% 627 100.0% 657 800-806 Clark Boulevard, Brampton 183 98.4% 1,080 96.7% 1,097 96.7% 1,100 180 Lees Avenue, Ottawa (3) 335 100.0% 878 100.0% 898 100.0% 907 1265 Wellington Street, Ottawa (3) 72 100.0% 686 100.0% 694 100.0% 700 3528, 3530, 3532 & 3550 Downpatrick Road, Ottawa (3) 207 100.0% 734 100.0% 750 100.0% 755 21 Holborn Drive and 75 Old Chicopee Road, Kitchener and 90-98 Churchill Street, Waterloo 213 99.5% 805 96.7% 791 97.2% 791 2969 Fairlea Crescent, Ottawa (3) 163 100.0% 708 100.0% 721 99.4% 721 301 & 341 Traynor Avenue and 551 & 553 Vanier Drive, Kitchener 279 94.6% 718 96.4% 738 95.0% 725 75, 80, 85 & 90 Orenda Court, Brampton 241 95.4% 970 96.3% 985 94.6% 972 18 Panorama Court, Toronto 204 96.1% 957 98.5% 992 95.1% 959 3455 Havenwood Drive, Mississauga 58 100.0% 1,380 93.1% 1,312 91.4% 1,298 2465 Hurontario Street, Mississauga 137 96.4% 932 99.3% 970 97.1% 951 1525, 1535 & 1545 Alta Vista Drive, Ottawa (3) 750 99.3% 752 99.9% 762 99.9% 766 1560 Bloor Street East, Mississauga 141 100.0% 1,096 97.9% 1,092 94.3% 1,048 1865 & 1875 Glenanna Road, 1800 & 1850 Valley Farm Road and 1480 Pickering Parkway, Pickering 327 98.5% 1,091 92.4% 1,040 99.7% 1,129 450 & 455 rue Racine, Montreal 194 98.5% 798 97.4% 788 90.2% 738 2300 2e Avenue and 2305 Benoit XV, Quebec City 97 91.8% 554 99.0% 597 94.8% 581 2415 & 2425 chemin Ste-Foy and 2416 & 2426 chemin Quatre Bourgeois, Quebec City 84 100.0% 595 100.0% 596 100.0% 612 3040-3094 rue des Chatelets, Quebec City 240 99.2% 609 98.3% 604 99.6% 627 1805 de Grandville, Quebec City 80 97.5% 535 95.0% 528 95.0% 530 501-40th Avenue N.W., Calgary 188 99.5% 807 99.5% 896 98.9% 927 621-705 rue Gingras, Quebec 40 95.0% 744 97.5% 761 100.0% 800 724 & 744 Fanshawe Park Road East, London 276 90.2% 615 96.7% 672 99.6% 694 1004 Lawrence Avenue East, Toronto (4) 65 100.0% 900 98.5% 897 100.0% 917 236 Dixon Road, Etobicoke 123 95.9% 982 88.6% 909 95.1% 986 1425 Bodmin Road, 2360 Bonner Road and 2333 & 2345 Truscott Road, Mississauga 601 96.2% 943 95.5% 950 94.3% 941 25 Bay Mills Boulevard, Toronto 281 95.7% 1,011 98.9% 1,042 97.9% 1,036 7 & 9 Roanoke Road, Toronto 226 98.2% 923 94.7% 891 98.2% 929 56-88 Cassandra Boulevard, Toronto 160 98.1% 1,231 96.3% 1,216 95.6% 1,219 124 Broadway Avenue, Toronto (4) 86 97.7% 896 100.0% 934 95.3% 895 33 Eastmount Avenue, Toronto 211 97.6% 1,003 99.1% 1,031 97.6% 1,020 34, 36 & 42 Maitland Street, Toronto 56 98.2% 994 100.0% 1,033 98.2% 1,024 274, 276 & 278 Cedar Avenue, Richmond Hill 95 95.8% 922 90.5% 876 97.9% 965 2928 & 2932 Yonge Street & 1 Cheritan Avenue, Toronto (4) 156 99.4% 943 95.5% 940 96.8% 957 221 Glenridge Avenue, St. Catharines 136 100.0% 806 100.0% 812 98.5% 807 100 Lancaster Drive, Welland 112 100.0% 738 98.2% 740 95.5% 723 511 Guelph Line, Burlington 83 100.0% 908 97.6% 903 100.0% 927 1360-1422 Tyandaga Park Drive, Burlington 83 100.0% 1,001 97.6% 988 97.6% 1,004 351 Geneva Street, St. Catharines 106 99.1% 803 94.3% 779 94.3% 780 363 Geneva Street, St. Catharines 109 99.1% 669 98.2% 679 100.0% 695 4067 Longmoor Drive, Burlington 91 98.9% 867 98.9% 884 100.0% 910 640 Guelph Line, Burlington 83 96.4% 783 97.6% 809 100.0% 845 100, 101, 200 & 201 White Oaks Court, Whitby 704 96.4% 904 95.6% 913 92.8% 886 55 Laframboise, St. Laurent 143 94.4% 698 96.5% 718 92.3% 695 4760 Cote-des-Neiges, Montreal 125 94.4% 650 94.4% 652 89.6% 622 6707 Elbow Drive S. W., Calgary (5) 272 98.9% 816 98.5% 897 98.5% 936 924 - 7th Avenue S. W., Calgary (5) 154 100.0% 814 97.4% 883 96.8% 911 30 Livonia Place, Toronto (4) 200 98.5% 917 95.0% 895 98.5% 929 28, 30, 32 & 34 Ste. Ursule, Quebec 78 94.9% 478 97.4% 494 100.0% 512 Joie de Vivre - 135, 145-155 Deguire, Montreal 393 91.9% 616 95.7% 649 91.3% 626 Carrefour des Erables, Montreal 419 98.6% 537 98.8% 544 97.9% 551 2235 Prud Homme, Montreal 22 100.0% 518 100.0% 527 100.0% 544 2430, 2490 & 2510 Rue de Boulogne and 2477 Rue Montarville and 535 Rue Beaubien, Longueuil 180 98.9% 599 100.0% 610 99.4% 624 10250 & 10300 Bois de Boulogne, Montreal 241 99.2% 576 100.0% 588 100.0% 597 2505, 2525 & 2539 Rue Sherbrooke East, Montreal 88 100.0% 482 100.0% 491 97.7% 486 2569 & 2573 Boul Perron and 2516 & 2507-11 Rue Montarville, Longueuil 88 97.7% 599 100.0% 618 96.6% 613 10851-10991 Mortfield Road, Richmond 218 98.6% 917 99.1% 943 100.0% 961 186 Kingsview Blvd., 10-41 Blackfriar Av. and 15, 25 & 55 Bridesburg Drive 357 98.9% 900 98.6% 919 97.8% 916 190-200 Kingsview Blvd., 15-25 BlackfriarAv. & 65-75 Bridesburg Drive 107 96.3% 1,092 97.2% 1,124 96.3% 1,124 35-45 Bredin Parkway, Orangeville 93 100.0% 927 91.4% 854 100.0% 951 Subtotal 13,242 97.8% 847 97.3% 855 97.0% 860 Jardins Sur Le Parc, Longueuil (6) 178 N/A N/A 96.1% 650 84.8% 586 2200 and 2220 Chapdelaine, Quebec City (7) 215 N/A N/A 100.0% 626 99.1% 639 3000, 3015-3017 Queen Street East, Toronto (8) 136 N/A N/A 93.4% 953 99.3% 1,020 Subtotal 50.8% 13,771 97.8% 847 97.3% 849 96.9% 854
7 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Occupancy and Average Monthly Rents Per Suite As at July 1, 2007
Jul-06 Apr-07 Jul-07 Percent Total Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Suites (1) % Rent (2) % Rent (2) % Rent (2)
Luxury
355 St. Clair Avenue West, Toronto 168 98.2% 2,223 95.2% 2,166 94.6% 2,162 625 Evans Avenue, Toronto 85 97.6% 1,115 98.8% 1,147 94.1% 1,082 1333 South Park Street, Halifax 400 86.0% 998 94.5% 1,126 96.0% 1,128 297 Queens Avenue, Oakville 78 100.0% 1,119 94.9% 1,091 98.7% 1,140 44 Stubbs Drive, Toronto 84 98.8% 1,377 98.8% 1,401 100.0% 1,430 1030 South Park Street, Halifax 251 92.4% 745 93.2% 771 94.4% 795 1315 Silver Spear Road, Mississauga 90 96.7% 950 98.9% 991 97.8% 988 1297 Marlborough Court and 1360 White Oaks Boulevard, Oakville 266 98.9% 1,209 96.2% 1,214 86.8% 1,102 20, 40, 60 & 80 Charlotte Lane, Halifax 302 93.4% 730 95.4% 763 93.7% 754 2121 Rathburn Road East, Mississauga 139 97.8% 1,153 98.6% 1,168 99.3% 1,181 1355 Silver Spear Road, Mississauga 199 97.5% 957 99.0% 1,008 96.5% 977 55 William Street East, Waterloo 142 95.8% 1,228 97.2% 1,263 97.2% 1,256 75, 85 & 95 Fiddlers Green Road, London 426 93.0% 718 89.9% 711 96.9% 770 435 chemin Ste-Foy, Quebec City 121 94.2% 944 94.2% 945 97.5% 986 440 Pere-Marquette, Quebec City 150 94.7% 808 98.7% 843 99.3% 855 736 Pere-Marquette, Quebec City 44 97.7% 727 97.7% 731 100.0% 758 2074 Robie Street, Halifax 130 96.2% 781 96.9% 809 92.3% 767 33 Davisville Avenue, Toronto (4) 266 98.5% 810 96.2% 835 98.9% 862 111 Davisville Avenue, Toronto (4) 370 98.4% 972 95.7% 961 97.6% 977 141 Davisville Avenue, Toronto (9) 313 99.0% 900 96.2% 887 99.0% 918 77 Huntley Street, Toronto (4) 561 97.7% 904 97.0% 915 99.1% 939 88 Isabella Street, Toronto (4) 82 98.8% 1,060 98.8% 1,082 92.7% 1,026 1 & 23 Oriole Road, Toronto 127 100.0% 998 97.6% 983 100.0% 1,012 411 Duplex Avenue, Toronto (4) 455 98.7% 1,080 96.9% 1,084 95.8% 1,075 33 Orchardview Boulevard, Toronto (4) 327 99.1% 1,053 96.0% 1,034 95.4% 1,044 1055 Bloor Street East, Mississauga 323 98.5% 1,025 96.6% 1,024 95.4% 1,012 20 Shallmar Boulevard, Toronto (4) 155 95.5% 1,055 91.6% 1,033 97.4% 1,089 6 John Street, Oakville (4) 75 100.0% 1,473 97.3% 1,445 100.0% 1,493 2076 Sherobee Road, Mississauga (4) 199 97.0% 1,221 96.0% 1,230 96.0% 1,230 5200 Lakeshore Boulevard, Burlington 72 97.2% 1,004 98.6% 1,031 100.0% 1,054 505 Locust Street, Burlington 118 100.0% 1,041 96.6% 1,019 100.0% 1,056 321 Lanthier Avenue, Pointe-Claire 108 96.3% 1,166 97.2% 1,192 99.1% 1,232 Bois-Franc, St. Laurent 235 87.2% 877 90.6% 911 87.2% 881 9100 Bonaventure Drive S. E., Calgary 317 99.7% 829 99.7% 920 99.7% 952 8510-111th Street, Edmonton 310 100.0% 791 99.4% 859 100.0% 904 1959-1999 Marine Drive S. E., North Vancouver (5) 473 99.2% 833 98.1% 856 98.7% 880 100 Wellesley Street East, Toronto 424 99.8% 1,142 97.4% 1,135 96.2% 1,125 1021 Howay Street, New Westminster 108 99.1% 808 97.2% 800 100.0% 839 990 Broughton Street, Vancouver 80 100.0% 1,029 98.8% 1,055 100.0% 1,088 Subtotal 8,573 96.9% 983 96.3% 1,001 96.7% 1,011 Domaine Lebourgneuf, Quebec City (10) 236 N/A N/A 98.7% 663 99.6% 682 Domaine Laudance, Quebec City (10) 235 N/A N/A 99.6% 811 97.9% 804 Faubourg de la Pointe, Quebec City (10) 136 N/A N/A 91.9% 789 90.4% 793 Subtotal 33.9% 9,180 96.9% 983 96.4% 985 96.7% 994
Total 100.0% 27,105 97.1% 882 96.9% 886 96.6% 890
Summary
Suites as at July 01, 2006 25,809 97.1% 882 96.9% 894 96.7% 899 Suites acquired since July 1, 2006 1,296 N/A N/A 97.1% 712 95.0% 713 27,105 97.1% 882 96.9% 886 96.6% 890
(1) Total suites include co-ownership interests (for CAP REIT's share of suites see note 3 below. (2) Based on gross residential rent less vacancies divided by the total number of suites and excluding revenue from parking, laundry and other. (3) CAP REIT's share of suites for Lees, Wellington, Downpatrick, Fairlea and Alta Vista are 167, 36, 104, 82 and 375 respectively. (4) Operating lease property. (5) Land lease property. (6) Property purchased July 27, 2006. (7) Property purchased September 1, 2006. (8) Property purchased December 21, 2006. (9) Property reclassed from Mid-Tier to Luxury from December 31, 2006. (10) Property purchased February 1, 2007.
8 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Quarterly Tenant Inducements and Vacancy Loss Analysis As at June 30, 2007
Tenant Tenant Total Tenant Average Inducements Inducements Vacancy Inducements Monthly Incurred Amortized Loss and Vacancy Rent ($) ($000s) ($000s) ($000s) Loss ($000s)
Qtr 2 - 2007 $ 890 $ 189 $ 201 $ 2,098 $ 2,299 Qtr 1 - 2007 886 140 200 2,137 2,337 Qtr 4 - 2006 886 192 215 1,452 1,667 Qtr 3 - 2006 893 354 205 1,720 1,925 Qtr 2 - 2006 882 185 174 2,142 2,316 Qtr 1 - 2006 874 136 222 1,974 2,196
Net Average Rent ($)
$895
$890
$885
$880
$875 Qtr 2 '06 Qtr 3 '06 Qtr 4 '06 Qtr 1 '07 Qtr 2 '07
$2,500
$2,000 Tenant Inducements Incurred $1,500 ($000's)
$1,000 Total Tenant Inducements and Vacancy Loss ($000's) $500
$- Qtr 2 '06 Qtr 3 '06 Qtr 4 '06 Qtr 1 '07 Qtr 2 '07
Trend: - Steady average monthly rents and tenant inducements
Sensitivity: - 1% change in gross rents impacts DI/FFO by $0.052/Unit
9 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Quarterly Tenant Turnovers and Lease Renewals As at June 30, 2007
Turnovers Renewals $ Change per Suite $ Change per Suite 2007 2006 2005 2007 2006 2005
Qtr 1 $ 20 $ (3) $ (29) $ 30 $ 19 $ 14 Qtr 2 $ 19 $ 8 $ (13) $ 27 $ 20 $ 14 Qtr 3 $ 15 $ 2 $ 19 $ 14 Qtr 4 $ 12 $ (1) $ 21 $ 15
Qtr 1 05 Qtr 2 05 Qtr 3 05 Qtr 4 05 Qtr 1 06 Qtr 2 06 Qtr 3 06 Qtr 4 06 Qtr 1 07 Qtr 2 07 $40 $30 $20 $10 $- $(10) $(20) $(30) $(40)
Turnovers $ change per suite Renewals $ change per suite
30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Qtr 1 05 Qtr 2 05 Qtr 3 05 Qtr 4 05 Qtr 1 06 Qtr 2 06 Qtr 3 06 Qtr 4 06 Qtr 1 07 Qtr 2 07
Turnovers % of Total Suites Renewals % of Total Suites
10 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST NOI Summary by Province As at June 30, 2007
June 30, 2007 June 30, 2006 Change in NOI Total NOI as % % of total Total NOI NOI as % % of total NOI $ of Rev NOI $ of Rev NOI $ % Alberta 4,840 58.1% 6.3% 4,063 55.5% 5.8% 777 19.1% British Columbia 3,252 57.3% 4.3% 2,874 54.9% 4.1% 378 13.2% Nova Scotia 3,730 59.2% 4.9% 3,829 61.8% 5.4% (99) (2.6%) Ontario 52,906 49.5% 69.5% 51,216 49.6% 72.6% 1,690 3.3% Quebec 11,018 52.0% 14.5% 8,198 50.2% 11.6% 2,820 34.4% Saskatchewan 366 42.4% 0.5% 339 40.5% 0.5% 27 8.0% 76,112 51.0% 100.0% 70,519 50.7% 100.0% 5,593 7.9%
June 30, 2007 % of Total NOI
0.5% 6.3% 14.5% 4.3%
4.9% Alberta British Columbia Nova Scotia Ontario Quebec Saskatchewan
69.5%
June 30, 2006 % of Total NOI 0.5% 5.8% 11.6% 4.1%
5.4% Alberta British Columbia Nova Scotia Ontario Quebec Saskatchewan
72.6%
11 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Profitability Analysis of Stabilized Properties (Properties held at December 31, 2005)
Q1/07 Q2/07 H1/07 Number of Stabilized Suites 24,489 24,489 24,489 % Of Total Suites 93.0% 93.0% 93.0% NOI Margin 46.0% 55.2% 50.6%
Change in Gross Revenues 2.1% 3.2% 2.6% Change in Operating Costs (3.9%) (1.1%) (2.6%) Change in NOI 0.0% 4.9% 2.6%
# of Suites Gross Revenues
7.0% 5.9%
Stabilized Stabilized Properties Properties
Other Other Properties Properties
93.0% 94.1%
Net Operating Income (NOI)
6.6%
Stabilized Properties
Other Properties
93.4%
12 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Debt Highlights As at June 30, 2007
Jun 30, 2007 Jun 30, 2006
Total Debt to Total Capitalization 55.4% 59.7%
Total Debt to GBV 63.2% 63.7%
Acquisition Capacity ($ millions) $530 $454
Total Debt Repayments and Weighted Average Interest Rates
$250,000 7.0% 6.0% $200,000 5.0% $150,000 4.0% $100,000 3.0% 2.0% $50,000 1.0% $0 0.0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2017-2021 Subsequent
Total Debt ($000s) Weighted Avg Interest Rate for Maturing Mortgages
Weighted average term to maturity - 6.1 years Effective weighted average interest rate - 5.37% (including deferred financing costs and fair value adjustments)
13 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Capital Investment Analysis As at June 30, 2007
$ per Suite * 2007 2006
Maintenance Capex Total R&M $ 382 $ 395 On-site wages and benefits 363 320 Total R&M and on-site wages expensed $ 745 $ 715
Capex Investment - Building improvements 133 156 - Capital improvements 415 248 - Suite improvements 307 142 $ 855 $ 546
Total invested capital $ 1,600 $ 1,261
* Based on weighted average # of suites 26,238 24,905
14 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Capital Expenditures Analysis As at June 30, 2007
2007 CAPITAL EXPENDITURES BY PROGRAM ($millions)
$3.5
$8.0 Building Improvements Capital Improvements Suite Improvements Intensification Program
$10.9
2007 CAPITAL EXPENDITURES BY TYPE ($millions)
$1.1 $0.1 $0.2 $3.5 Building Improvements $0.8 Common Area $2.6 Suite Improvements Kitchens/Baths/Floors Boilers and Elevators $1.5 Equipment $4.5 Appliances Signage $1.6 Other Windows Intensification Program $6.5
Total Capital Expenditures for the six months ended June 30, 2007 was $22.4 million.
15 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Capital Expenditures Analysis As at June 30, 2007
CAPEX PROGRAM ADDS VALUE
Vacancy % Average Monthly Rent $ # of % $ Spent Total $ Property Suites Dec 05 Jun 07 Dec 05 Jun 07 Change on Insuite Spent
1 & 23 Oriole Road, Toronto 127 5.5 0 938 1,012 7.9 75,352 146,333
100 Wellesley St. E., Toronto 424 1.2 3.8 1,121 1,125 0.4 203,233 619,644
100-201 White Oaks Court, Whitby 704 6.2 7.2 880 886 0.7 434,916 1,569,339
124 Broadway, Toronto 86 3.5 4.7 872 895 2.6 68,186 443,889
1315 Silver Spear Road, Mississauga 90 4.4 2.2 946 988 4.4 48,042 393,461
1355 Silver Spear Road, Mississauga 199 3.0 3.5 964 977 1.3 122,495 271,020
1560 Bloor St. E., Mississauga 141 5.7 5.7 1,036 1,048 1.2 49,912 447,605
18 Panorama Court, Toronto 204 2.9 4.9 968 959 (0.9) 146,570 268,406
1959-1999 Marine Drive S.E., North Vancouver 473 0.0 1.3 821 880 7.2 105,561 1,686,043
2928&2932 Yonge St. and 1 Cheritan, Toronto 156 3.8 3.2 916 957 4.5 74,963 217,180
33 Davisville Ave., Toronto 266 1.1 1.1 809 862 6.6 96,778 229,871
33 Eastmount Ave,. Toronto 211 1.9 2.4 1,008 1,020 1.2 81,197 308,098
440 Pere Marquette, Quebec 150 3.3 0.7 811 855 5.4 214,481 305,405
450 & 455 Rue Racine, Montreal 194 4.6 9.8 763 738 (3.3) 161,428 242,736
625 Evans Avenue, Toronto 85 2.4 5.9 1,105 1,082 (2.1) 42,617 259,302
724 & 744 Fanshawe Park Rd. E., London 276 5.8 0.4 641 694 8.3 163,742 1,090,615
Joie de Vivre, Montreal 393 5.9 8.7 619 626 1.1 284,251 656,073
Le Benoit XV, Quebec City 97 4.1 5.2 564 581 3.0 71,184 941,138
16