CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST
SUPPLEMENTARY INFORMATION FOR THE PERIOD ENDED
SEPTEMBER 30, 2006 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST FOR THE PERIOD ENDED SEPTEMBER 30, 2006
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 Allowances and Vacancy Loss 9
Turnover and Renewals 10
Profitability Analysis of Stabilized Properties 11
Debt Highlights 12
Capital Expenditures 13-14 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Investor Information As at September 30, 2006
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]
Jonathan Kelcher Canaccord Capital (416) 869-3260 [email protected] Shant Poladian Canaccord Capital (416) 869-6595 [email protected] Sandy Poklar Canaccord Capital (416) 869-3060 [email protected]
Rossa O'Reilly CIBC World Markets (416) 594-7296 [email protected] Alex Avery CIBC World Markets (416) 594-8179 [email protected]
Frank Mayer Desjardins Securities (416) 867-3764 [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 Raymond James Ltd. (416) 777-7084 [email protected] Li Zhang Raymond James Ltd. (416) 777-7042 [email protected]
Neil Downey RBC Dominion Securities (416) 842-7835 [email protected] Anil Jamani RBC Dominion Securities (416) 842-7897 [email protected]
Himalaya Jain Scotia Capital (416) 863-7218 [email protected] Mario Saric Scotia Capital (416) 863-7824 [email protected]
Samuel Damiani TD Securities (416) 983-9640 [email protected] Mandy Samols TD Securities (416) 983-4767 [email protected]
Brad Cutsey Blackmont Capital (416) 864-2147 [email protected] Danny Pinska Blackmont Capital (416) 864-2145 [email protected]
Mark Rothschild Genuity Capital Markets (416) 687-5428 [email protected] Jenny Ma Genuity Capital Markets (416) 687-5411 [email protected]
1 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Key Financial Data As at September 30, 2006
($000's, except per Unit amounts) Qtr 3 - 2006 Qtr 2 - 2006 Qtr 1 - 2006 Qtr 4 - 2005 Qtr 3 - 2005
Operating Data:
Operating Revenues $ 71,526 $ 69,859 $ 69,317 $ 67,934 $ 64,453
Operating Expenses 31,968 31,940 36,717 33,985 28,666
NOI 39,558 37,919 32,600 33,949 35,787
NOI Margin 55.3% 54.3% 47.0% 50.0% 55.5%
Interest Expense 18,028 17,763 17,327 16,896 16,307
Trust Expenses 1,694 2,275 2,576 2,183 1,470
Net Income (Loss) 2,900 1,457 (3,426) 9,973 3,477
Net Income (Loss) per Unit - Basic 0.051 0.026 (0.062) 0.179 0.064
Funds from Operations 19,311 17,470 12,263 14,927 18,369
Funds from Operations per Unit - Basic 0.339 0.316 0.220 0.269 0.337
Distributable Income 19,310 17,469 13,003 14,887 18,362
Distributable Income per Unit - Basic 0.339 0.316 0.233 0.268 0.337
Balance Sheet Data:
Total Assets $ 2,011,417 $ 1,984,075 $ 1,981,207 $ 1,944,477 $ 1,999,140
Total Liabilities 1,403,136 1,421,990 1,407,553 1,356,121 1,400,377
Unitholders' Equity 608,281 562,085 573,654 588,356 598,763
Total Debt to Gross Book Value 61.4% 63.7% 63.6% 62.7% 63.9%
Total Debt to Total Capitalization 55.2% 59.7% 59.4% 59.2% 62.6%
2 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST List of Properties As at September 30, 2006 One Two Three or Total CAPREIT's Property Bachelor Bdrm. Bdrm. More Bdrm. Suites Share
10 & 30 Tuxedo Court, Scarborough, Ontario 5 123 239 57 424 424 4000 & 4010 Lawrence Ave. E., Scarborough, Ontario - 102 187 73 362 362 370 McCowan Road, Scarborough, Ontario 5 45 143 14 207 207 1050 Markham Road, Scarborough, Ontario - 110 147 38 295 295 355 St. Clair Ave. W., Toronto, Ontario - 47 96 25 168 168 1333 South Park St., Halifax, Nova Scotia - 80 240 80 400 400 5 King's Cross Rd., Brampton, Ontario 1 52 108 52 213 213 3 Knightsbridge Rd., Brampton, Ontario 3 76 155 76 310 310 11 Knightsbridge Rd., Brampton, Ontario 3 36 89 52 180 180 11-111, 115-159 & 76-128 Balmoral Dr., Brampton, Ontario - - 11 90 101 101 75 Eastdale Ave., East York, Ontario 1 158 31 42 232 232 61-69 Eastdale Ave., 2-12 & 16-24 Goodwood Park Cres., Ontario - - - 16 16 16 75 & 77 Huron Heights Dr., Newmarket, Ontario - 48 60 2 110 110 297 Queens Ave., Oakville, Ontario 1 - 10 67 78 78 44 Stubbs Dr., North York, Ontario 1 3 69 11 84 84 1030 South Park St., Halifax, Nova Scotia 23 189 39 - 251 251 135,139,143 & 147 8th St. and 148 & 170 Islington Ave., Etobicoke, Ontario 12 160 106 - 278 278 4902 Queen St., Regina, Saskatchewan - 54 54 - 108 108 2010 22nd St., Saskatoon, Saskatchewan - 15 16 - 31 31 615 Confederation Dr., Saskatoon, Saskatchewan - 17 67 18 102 102 195 Wellington St. S., Hamilton, Ontario 34 71 38 - 143 143 1757 & 1759 Victoria Park Ave., Toronto, Ontario - 54 104 42 200 200 3420 & 3425 Morning Star Dr., Mississauga, Ontario - 39 136 72 247 247 Domaine Choisy, Montreal, Quebec 2 198 235 2 437 437 Domaine Salaberry, Montreal, Quebec 9 169 72 - 250 250 800-806 Clark Blvd., Brampton, Ontario - - 61 122 183 183 180 Lees Avenue, Ottawa, Ontario (50%) - 123 126 86 335 167 1265 Wellington St., Ottawa, Ontario (50%) 1 64 4 3 72 36 3528,3530, 3532 & 3550 Downpatrick, Ottawa, Ontario (50%) - 57 120 30 207 104 1315 Silver Spear Road, Mississauga, Ontario - 7 76 7 90 90 1297 Marlborough Court & 1360 White Oaks Court, Oakville, Ontario - 68 198 - 266 266 90-98 Churchill St, Waterloo, Ontario 1 - 36 22 59 59 21 Holborn Dr, Kitchener, Ontario - - 70 10 80 80 75 Old Chicopee Rd, Kitchener, Ontario - - 63 11 74 74 20,40,60 & 80 Charlotte Lane, Halifax, Nova Scotia 7 115 172 8 302 302 2121 Rathburn Road East, Mississauga, Ontario - 50 77 12 139 139 2969 Fairlea Crescent, Ottawa, Ontario (50%) 24 91 48 - 163 82 301 & 341 TraynorAve., 551 & 553 VanierDr., Kitchener, Ontario 4 50 202 23 279 279 75,80,85 & 90 Orenda Court, Brampton, Ontario 2 22 118 99 241 241 18 Panorama Court, Toronto, Ontario 2 34 120 48 204 204 1355 Silver Spear Road, Mississauga, Ontario 39 64 94 2 199 199 55 William Street, Waterloo, Ontario - - 142 - 142 142 3455 Havenwood Drive, Mississauga, Ontario - - - 58 58 58 215 Markham Road, Toronto, Ontario - 62 98 32 192 192 625 Evans Avenue, Toronto, Ontario - 11 63 11 85 85 2465 Hurontario Street, Mississauga, Ontario - 62 75 - 137 137 1203,1205,1207,1209,1211 &1223 Huron Street, London, Ontario - 40 106 - 146 146 1525,1535,1545 Alta Vista Drive, Ottawa, Ontario (50%) 6 463 280 1 750 375 1560 Bloor Street East, Mississauga, Ontario - - - 141 141 141 75, 85 & 95 Fiddlers Green Rd., London, Ontario 1 141 284 - 426 426 1865,1875 Glenanna Rd, 1800,1850 Valley Farm Rd, and 1480 Pickering Parkway, Pickering, Ontario 1 - - 326 327 327 567 Scarborough Golf Club Road, Scarborough, Ontario - 72 140 12 224 224 450 and 455 Rue Racine, Montreal, Quebec - 87 107 - 194 194 2300 2ieme Ave, 2305 Benoit XV, Quebec, Quebec 3 45 42 7 97 97 2415-2425 Chemin Ste-Foy and 2416-2426 Chemin Quatre Bourgeois Quebec, Quebec (Le Fontainebleau) 11 48 19 6 84 84 3040-3094 Rue Des Chatelets, Quebec, Quebec (Jardins des Seigneurs) 42 78 79 41 240 240 435 Chemin Ste-Foy, Quebec, Quebec - 60 31 30 121 121 440 Pere Marquette, Quebec, Quebec 1 118 31 - 150 150 736 Pere Marquette, Quebec, Quebec - 28 10 6 44 44 1805 de Grandville, Quebec, Quebec 16 38 25 1 80 80 501-40th Avenue NW, Calgary, Alberta - - 140 48 188 188 621-705 Rue Gingras, Quebec, Quebec - - - 40 40 40 2074 Robie Street, Halifax 34 49 47 - 130 130 724 & 744 Fanshawe Park Road, London, Ontario 3 121 152 - 276 276 111,115 Johnny Parent and 136,140 Legare, Quebec, Quebec 3 21 25 35 84 84 2330-2338, 2360-2370 & 2390-2394 Trudeau St., Quebec, Quebec - 19 39 10 68 68 325,365 Cote-Vertu & 320,360 Thompson Blvd, Montreal, Quebec 1 107 92 4 204 204 33 Davisville Avenue, Toronto, Ontario 228 38 - - 266 266 111 Davisville Avenue, Toronto, Ontario 221 63 85 1 370 370 77 Huntley Street, Toronto, Ontario 178 283 100 - 561 561 88 Isabella Street, Toronto, Ontario 28 53 1 - 82 82
3 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST List of Properties As at September 30, 2006 One Two Three or Total CAPREIT's Property Bachelor Bdrm. Bdrm. More Bdrm. Suites Share
500 Murray Ross Parkway, Toronto, Ontario - 76 260 54 390 390 10 San Romanoway, Toronto, Ontario - 229 67 132 428 428 1/23 Oriole Road, Toronto, Ontario 71 29 27 - 127 127 411 Duplex Avenue, Toronto, Ontario 283 128 44 - 455 455 33 Orchardview Boulevard, Toronto, Ontario 228 64 35 - 327 327 1004 Lawrence Avenue East, Toronto, Ontario - 35 30 - 65 65 236 Dixon Road, Etobicoke, Ontario - 35 74 14 123 123 1055 Bloor Street East, Mississauga, Ontario - 153 154 16 323 323 Park Royal Village, Mississauga, Ontario 29 195 279 98 601 601 25 Bay Mills Boulevard, Toronto, Ontario 7 87 168 19 281 281 100/101/200/201 White Oaks Court, Whitby, Ontario - 80 431 193 704 704 5200 Lakeshore Boulevard, Burlington, Ontario - 14 42 16 72 72 7/9 Roanoke Road, Toronto, Ontario - 94 126 6 226 226 56-88 Cassandra Boulevard, Toronto, Ontario - - 44 116 160 160 20 Shallmar Boulevard, Toronto, Ontario 2 70 82 1 155 155 124 Broadway Avenue, Toronto, Ontario 16 60 10 - 86 86 100 Wellesley Street East, Toronto, Ontario 102 215 107 - 424 424 6 John Street, Oakville, Ontario - - 43 32 75 75 221 Glenridge Avenue, St. Catharines, Ontario 1 41 93 1 136 136 100 Lancaster Drive, Welland, Ontario - 41 65 6 112 112 511 Guelph Line, Burlington, Ontario - 56 27 - 83 83 33 Eastmout Avenue, Toronto, Ontario 60 117 23 11 211 211 505 Locust Street, Burlington, Ontario - 41 74 3 118 118 30 Livonia Place, Toronto, Ontario - 74 114 12 200 200 1360-1422 Tyandaga Park Drive, Burlington, Ontario 2 21 38 22 83 83 351 Geneva Street, St. Catharines, Ontario 1 16 66 23 106 106 363 Geneva Street, St. Catharines, Ontario 3 40 63 3 109 109 34/36/42 Maitland Street, Toronto, Ontario 3 28 24 1 56 56 274/276/278 Cedar Avenue, Richmond Hill, Ontario 12 31 52 - 95 95 2076 Sherobee Road, Mississauga, Ontario - 84 114 1 199 199 2928/2932 Yonge Street and 1 Cheritan Avenue, Toronto, Ontario 44 86 16 10 156 156 4067 Longmoor Drive, Burlington, Ontario - 28 55 8 91 91 640 Guelph Line, Burlington, Ontario 1 12 70 - 83 83 141 Davisville Avenue, Toronto, Ontario 233 - 79 1 313 313 55 Laframboise, St. Laurent, Quebec 1 70 72 - 143 143 321 Lanthier Avenue, Pointe-Claire, Quebec - 1 50 57 108 108 Bois-Franc, St. Laurent, Quebec - 83 128 24 235 235 4760 Cote-des-Neiges, Montreal, Quebec 51 54 20 - 125 125 6707 Elbow Drive S.W., Calgary, Alberta 13 154 96 9 272 272 924-7th Avenue S.W., Calgary, Alberta 1 73 74 6 154 154 8510-111th Street, Edmonton, Alberta 76 154 80 - 310 310 9100 Bonaventure Drive S.E., Calgary, Alberta - 115 190 12 317 317 1959-1999 Marine Drive S.E., North Vancouver, BC 179 222 68 4 473 473 28, 30, 32 & 34 Ste-Ursule, Quebec 1 73 4 - 78 78 Carrefour des Erables, Montreal, Quebec - 189 142 88 419 419 Jardins Longueuil, Longueuil, Quebec - 45 115 20 180 180 Les Jardins & Serge Lemieux, Longueuil, Quebec - 19 58 11 88 88 Les Immeubles Joie-de Vivre, Montreal, Quebec - 207 186 - 393 393 Bois de Boulogne, Montreal, Quebec - 177 64 - 241 241 2505-2539 Rue Sherbrooke E., Montreal, Quebec - 63 23 2 88 88 2235 AV Prud Homme, Montreal, Quebec - 10 11 1 22 22 1021 Howay Street, New Westminster, BC - 49 59 - 108 108 10851,10871,10891,10951,10971 & 10991 Mortfield Road, Richmond, BC 10 63 112 33 218 218 990 Broughton Street, Vancouver, BC 11 48 21 - 80 80 186 Kingsview Boulevard, 10-41 Blackfriar Avenue and 15 & 25 & 55 Bridesburg Drive, Etobicoke, Ontario - 114 215 28 357 357 190-200 Kingsview Boulevard, 15-25 Blackfriar Avenue and 65-75 Bridesburg Drive, Etobicoke, Ontario - - 42 65 107 107 35 & 45 Bredin Parkway, Orangeville, Ontario - 6 45 42 93 93 Complex sur le Parc, Longueuil, Quebec - 20 60 80 160 160 Jardins sur le Parc, Longueuil, Quebec - 46 80 52 178 178 2200 & 2220 Chapdelaine, Quebec City, Quebec 47 120 48 - 215 215
Total 2,445 9,153 11,309 3,455 26,362 25,599
4 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Property Portfolio As at September 30, 2006
Portfolio By Asset Type Portfolio By Geography
As at September 30, 2006 As at September 30, 2006 (% of Total Suites) (% of Total Suites) 3% 1% 16% 5% GTA 4% 31% Other Ontario
18% Quebec 50% Nova Scotia
Alberta Affordable British Columbia Mid tier 53% 19% Luxury Saskatchewan
As at September 30, 2005 As at September 30, 2005 (% of Total Suites) (% of Total Suites)
3% 1% 16% 5% 4% GTA
33% Other Ontario
16% Quebec 52% Nova Scotia
Affordable Alberta
Mid tier 19% British Columbia
51% Luxury Saskatchewan
5 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Occupancy and Average Monthly Rent Per Suite As at October 1, 2006
Total Suites Oct-05 Jul-06 Oct-06 Percent # Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly % Rent ($) % Rent ($) % Rent ($) Summary by Asset Type
Affordable Owned Prior to September 30, 2005 3,994 96.4% 798 95.5% 773 96.8% 785 Purchased after September 30, 2005 160 - - - - 97.5% 564 Subtotal 15.8% 4,154 96.4% 798 95.5% 773 96.9% 777
Mid-tier Owned Prior to September 30, 2005 12,998 97.8% 836 97.7% 794 98.5% 855 Purchased after September 30, 2005 950 - - 98.6% 942 98.4% 820 Subtotal 52.9% 13,948 97.8% 836 97.8% 848 98.5% 853
Luxury Owned Prior to September 30, 2005 8,260 98.3% 986 96.8% 986 98.7% 1,017 Purchased after September 30, 2005 ------Subtotal 31.3% 8,260 98.3% 986 96.8% 986 98.7% 1,017
Total 100.0% 26,362 97.7% 882 97.1% 882 98.3% 893
Total Suites Oct-05 Jul-06 Oct-06 Percent # Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly % Rent ($) % Rent ($) % Rent ($) Summary by Province
Ontario: Greater Toronto Area 50.1% 13,210 97.6% 991 97.7% 1,003 98.4% 1,016 Ottawa 5.8% 1,527 99.9% 771 99.7% 769 99.7% 775 London/ Kitchener / Waterloo 5.7% 1,482 98.0% 775 94.1% 747 97.6% 782 Other Ontario 7.3% 1,933 97.5% 838 97.9% 851 98.9% 866 Ontario Total 68.9% 18,152 97.8% 946 97.6% 954 98.5% 969
Quebec: Montreal 13.2% 3,465 96.6% 639 95.6% 630 96.7% 639 Quebec City 4.9% 1,301 97.7% 654 94.4% 647 97.2% 654 Quebec Total 18.1% 4,766 96.9% 643 95.3% 634 96.9% 643
Nova Scotia Halifax 4.1% 1,083 98.9% 916 90.8% 839 98.1% 931
Saskatchewan Saskatoon 0.5% 133 89.5% 454 98.5% 512 99.2% 514 Regina 0.4% 108 100.0% 623 100.0% 635 100.0% 637 Saskatchewan Total 0.9% 241 94.2% 530 99.2% 567 99.6% 569
Alberta Edmonton 1.2% 310 99.4% 758 100.0% 791 99.7% 806 Calgary 3.5% 931 99.2% 791 99.5% 818 99.7% 848 Alberta Total 4.7% 1,241 99.3% 783 99.6% 811 99.7% 838
British Columbia Greater Vancouver Area 3.3% 879 97.6% 838 99.1% 869 99.5% 883
Total 100.0% 26,362 97.7% 882 97.1% 882 98.3% 893
6 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Occupancy and Average Monthly Rent Per Suite As at October 1, 2006
Oct-05 Jul-06 Oct-06 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 99.8% 890 99.1% 894 99.1% 899 4000 and 4010 Lawrence Ave East, Toronto 362 96.1% 889 97.8% 907 98.1% 910 370 McCowan Road, Toronto 207 97.6% 900 98.1% 896 94.7% 866 1050 Markham Road, Toronto 295 100.0% 941 100.0% 964 98.0% 952 135, 139, 143 & 147 8th Street and 148 & 170 Islington Avenue, Toronto 278 91.4% 710 95.0% 720 93.2% 708 2010 22nd Street West, Saskatoon 31 87.1% 361 96.8% 413 100.0% 425 4 Rannock Street, Toronto N/A 96.2% 869 N/A N/A N/A N/A 3420 and 3425 Morning Star Drive, Mississauga 247 97.2% 962 99.6% 976 99.6% 985 195 Wellington Street South, Hamilton 143 95.1% 524 95.1% 524 99.3% 549 1203-1211,1223 Huron Street, London 146 95.9% 602 93.8% 586 96.6% 608 135 Connaught Avenue & 543 Mornington Avenue, London N/A 86.2% 568 N/A N/A N/A N/A Salaberry Portfolio, Montreal 250 92.8% 478 91.2% 479 91.2% 482 Choisy Portfolio, Montreal 437 97.5% 549 98.4% 557 96.6% 548 111 & 115 Johnny-Parent and 136 & 140 rue Legare, Quebec City 84 95.2% 574 90.5% 568 98.8% 622 2330-2338, 2360-2370 & 2390-2394 Trudeau St., Quebec City 68 94.1% 530 72.1% 406 91.2% 530 325, 365 boulevard Cote-Vertu & 320, 360 boulevard Thompson, Montreal 204 93.1% 576 93.6% 583 96.1% 603 500 Murray Ross Parkway, Toronto (4) 390 99.0% 974 92.3% 912 96.7% 945 10 San Romanoway, Toronto (4) 428 96.5% 933 92.5% 891 98.4% 949 Subtotal 3,994 96.4% 798 95.5% 773 96.8% 785 Complex sur le Parc, Longueuil (8) 160 N/A N/A N/A N/A 97.5% 564 Subtotal 15.8% 4,154 96.4% 798 95.5% 773 96.9% 777 Mid-Tier 5 King's Cross Road and 3 & 11 Knightsbridge Road, Brampton 703 97.4% 968 99.3% 990 98.4% 975 1757 & 1759 Victoria Park Avenue, Toronto 200 97.0% 931 97.5% 956 98.5% 963 215 Markham Road, Toronto 192 99.0% 915 96.4% 892 96.9% 902 567 Scarborough Golf Club Road, Toronto 224 97.8% 925 98.2% 919 98.2% 916 11-111, 115-159 & 76-128 Balmoral Drive, Brampton 101 100.0% 1,177 98.0% 1,158 98.0% 1,163 75 & 77 Huron Heights Drive, Newmarket 110 99.1% 969 98.2% 974 100.0% 1,000 75 Eastdale Avenue, Toronto 232 97.0% 956 98.7% 986 98.3% 985 61-69 Eastdale Avenue and 2-12 & 16-24 Goodwood Park Crescent, Toronto 16 100.0% 1,347 100.0% 1,366 93.8% 1,213 1 & 3 Biggin Court, Toronto N/A 99.0% 860 N/A N/A N/A N/A 75 Stewart Street, Oakville N/A 100.0% 917 N/A N/A N/A N/A 615 Confederation Drive, Saskatoon 102 90.2% 482 99.0% 542 99.0% 542 4902 Queen Street, Regina 108 100.0% 623 100.0% 635 100.0% 637 800-806 Clark Boulevard, Brampton 183 94.0% 1,038 98.4% 1,080 100.0% 1,111 180 Lees Avenue, Ottawa (3) 335 99.7% 872 100.0% 878 100.0% 894 1265 Wellington Street, Ottawa (3) 72 100.0% 685 100.0% 686 100.0% 689 3528, 3530, 3532 & 3550 Downpatrick Road, Ottawa (3) 207 100.0% 736 100.0% 734 99.5% 738 21 Holborn Drive and 75 Old Chicopee Road, Kitchener and 90-98 Churchill Street, Waterloo 213 100.0% 810 99.5% 805 100.0% 810 2969 Fairlea Crescent, Ottawa (3) 163 100.0% 710 100.0% 708 99.4% 708 301 & 341 Traynor Avenue and 551 & 553 Vanier Drive, Kitchener 279 99.3% 755 94.6% 718 97.5% 746 75, 80, 85 & 90 Orenda Court, Brampton 241 90.9% 940 95.4% 970 92.9% 937 18 Panorama Court, Toronto 204 98.0% 973 96.1% 957 99.0% 988 3455 Havenwood Drive, Mississauga 58 93.1% 1,269 100.0% 1,380 93.1% 1,288 2465 Hurontario Street, Mississauga 137 97.8% 947 96.4% 932 99.3% 961 1525, 1535 & 1545 Alta Vista Drive, Ottawa (3) 750 99.9% 758 99.3% 752 99.7% 756 1560 Bloor Street East, Mississauga 141 96.5% 1,060 100.0% 1,096 99.3% 1,101 1865 & 1875 Glenanna Road, 1800 & 1850 Valley Farm Road and 1480 Pickering Parkway, Pickering 327 99.7% 1,121 98.5% 1,091 100.0% 1,130 450 & 455 rue Racine, Montreal 194 93.3% 746 98.5% 798 93.3% 758 2300 2e Avenue and 2305 Benoit XV, Quebec City 97 96.9% 570 91.8% 554 97.9% 589 2415 & 2425 chemin Ste-Foy and 2416 & 2426 chemin Quatre Bourgeois, Quebec City 84 100.0% 584 100.0% 595 100.0% 596 3040-3094 rue des Chatelets, Quebec City 240 99.6% 602 99.2% 609 100.0% 615 1805 de Grandville, Quebec City 80 100.0% 536 97.5% 535 96.3% 530 501-40th Avenue N.W., Calgary 188 100.0% 797 99.5% 807 100.0% 833 5 Biggin Court, Toronto N/A 95.4% 797 N/A N/A N/A N/A 621-705 rue Gingras, Quebec 40 95.0% 724 95.0% 744 100.0% 785 724 & 744 Fanshawe Park Road East, London 276 98.2% 666 90.2% 615 96.4% 665 921, 923 & 925 St. Clair Avenue West, Toronto N/A 97.2% 739 N/A N/A N/A N/A 1004 Lawrence Avenue East, Toronto (4) 65 98.5% 888 100.0% 900 100.0% 904 236 Dixon Road, Etobicoke 123 99.2% 992 95.9% 982 97.6% 998 1425 Bodmin Road, 2360 Bonner Road and 2333 & 2345 Truscott Road, Mississauga 601 97.7% 949 96.2% 943 97.8% 962 25 Bay Mills Boulevard, Toronto 281 96.4% 1,013 95.7% 1,011 97.9% 1,032 7 & 9 Roanoke Road, Toronto 226 96.9% 904 98.2% 923 97.3% 918 56-88 Cassandra Boulevard, Toronto 160 96.3% 1,207 98.1% 1,231 95.6% 1,218 124 Broadway Avenue, Toronto (4) 86 96.5% 868 97.7% 896 100.0% 924 33 Eastmount Avenue, Toronto 211 94.8% 975 97.6% 1,003 100.0% 1,040 34, 36 & 42 Maitland Street, Toronto 56 98.2% 975 98.2% 994 100.0% 1,029 274, 276 & 278 Cedar Avenue, Richmond Hill 95 97.9% 937 95.8% 922 97.9% 948 2928 & 2932 Yonge Street & 1 Cheritan Avenue, Toronto (4) 156 96.8% 917 99.4% 943 99.4% 967 46 Foxden Road and 110 Cottonwood Drive, Toronto N/A 97.7% 871 N/A N/A N/A N/A 221 Glenridge Avenue, St. Catharines 136 100.0% 792 100.0% 806 100.0% 810 100 Lancaster Drive, Welland 112 99.1% 723 100.0% 738 99.1% 736 511 Guelph Line, Burlington 83 100.0% 906 100.0% 908 100.0% 920 2051-2067 Prospect Street, Burlington N/A 100.0% 881 N/A N/A N/A N/A 1360-1422 Tyandaga Park Drive, Burlington 83 98.8% 981 100.0% 1,001 98.8% 993 351 Geneva Street, St. Catharines 106 99.1% 783 99.1% 803 97.2% 797 363 Geneva Street, St. Catharines 109 100.0% 662 99.1% 669 100.0% 681 4067 Longmoor Drive, Burlington 91 96.7% 828 98.9% 867 100.0% 893 640 Guelph Line, Burlington 83 100.0% 791 96.4% 783 100.0% 820 100, 101, 200 & 201 White Oaks Court, Whitby 704 95.3% 896 96.4% 904 97.9% 926 55 Laframboise, St. Laurent 143 97.2% 712 94.4% 698 95.8% 706 4760 Cote-des-Neiges, Montreal 125 99.2% 663 94.4% 650 97.6% 671 6707 Elbow Drive S. W., Calgary (5) 272 98.9% 777 98.9% 816 99.3% 850 924 - 7th Avenue S. W., Calgary (5) 154 98.7% 786 100.0% 814 100.0% 846 30 Livonia Place, Toronto (4) 200 97.0% 895 98.5% 917 97.0% 900 141 Davisville Avenue, Toronto 313 97.1% 869 99.0% 900 99.0% 908 28, 30, 32 & 34 Ste. Ursule, Quebec 78 98.7% 493 94.9% 478 100.0% 506 Joie de Vivre - 135, 145-155 Deguire, Montreal 393 95.2% 623 91.9% 616 97.5% 658 Carrefour des Erables, Montreal 419 99.5% 528 98.6% 537 98.6% 539 2235 Prud Homme, Montreal 22 100.0% 511 100.0% 518 100.0% 520 2430, 2490 & 2510 Rue de Boulogne and 2477 Rue Montarville and 535 Rue Beaubien, Longueuil 180 100.0% 591 98.9% 599 100.0% 608 10250 & 10300 Bois de Boulogne, Montreal 241 100.0% 565 99.2% 576 100.0% 584 2505, 2525 & 2539 Rue Sherbrooke East, Montreal 88 97.7% 458 100.0% 482 97.7% 476 2569 & 2573 Boul Perron and 2516 & 2507-11 Rue Montarville, Longueuil 88 100.0% 598 97.7% 599 100.0% 617 10851-10991 Mortfield Road, Richmond 218 95.0% 867 98.6% 917 98.6% 924 Subtotal 12,998 97.8% 836 97.7% 794 98.5% 855 186 Kingsview Blvd., 10-41 Blackfriar Ave. and 15, 25 & 55 Bridesburg Drive (6) 357 N/A N/A 98.9% 900 98.9% 908 190-200 Kingsview Blvd., 15-25 BlackfriarAve. & 65-75 Bridesburg Drive (6) 107 N/A N/A 96.3% 1,092 99.1% 1,137 35-45 Bredin Parkway, Orangeville (7) 93 N/A N/A 100.0% 927 100.0% 928 Jardins sur le Parc, Longueuil (8) 178 N/A N/A N/A N/A 94.4% 633 2200 and 2220 Chapdelaine, Quebec City (9) 215 N/A N/A N/A N/A 100.0% 626 Subtotal 52.9% 13,948 97.8% 836 97.8% 848 98.5% 853
7 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Occupancy and Average Monthly Rent Per Suite As at October 1, 2006
Oct-05 Jul-06 Oct-06 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 96.4% 2,127 98.2% 2,223 97.6% 2,221 625 Evans Avenue, Toronto 85 98.8% 1,115 97.6% 1,115 95.3% 1,094 1333 South Park Street, Halifax 400 99.8% 1,151 86.0% 998 96.5% 1,152 297 Queens Avenue, Oakville 78 100.0% 1,112 100.0% 1,119 98.7% 1,120 44 Stubbs Drive, Toronto 84 95.2% 1,294 98.8% 1,377 100.0% 1,408 1030 South Park Street, Halifax 251 99.2% 795 92.4% 745 98.4% 805 320-342 & 425 Avenue Road, Toronto N/A 98.7% 855 N/A N/A N/A N/A 1315 Silver Spear Road, Mississauga 90 96.7% 951 96.7% 950 98.9% 984 1297 Marlborough Court and 1360 White Oaks Boulevard, Oakville 266 99.6% 1,213 98.9% 1,209 99.6% 1,247 20, 40, 60 & 80 Charlotte Lane, Halifax 302 97.4% 754 93.4% 730 99.3% 790 2121 Rathburn Road East, Mississauga 139 97.8% 1,148 97.8% 1,153 98.6% 1,164 1355 Silver Spear Road, Mississauga 199 100.0% 995 97.5% 957 99.0% 994 55 William Street East, Waterloo 142 99.3% 1,277 95.8% 1,228 99.3% 1,279 75, 85 & 95 Fiddlers Green Road, London 426 97.9% 761 93.0% 718 96.9% 760 435 chemin Ste-Foy, Quebec City 121 95.0% 934 94.2% 944 88.4% 886 440 Pere-Marquette, Quebec City 150 97.3% 814 94.7% 808 93.3% 797 736 Pere-Marquette, Quebec City 44 100.0% 733 97.7% 727 100.0% 744 2074 Robie Street, Halifax 130 99.2% 799 96.2% 781 99.2% 821 33 Davisville Avenue, Toronto (4) 266 97.4% 792 98.5% 810 99.6% 832 111 Davisville Avenue, Toronto (4) 370 96.8% 946 98.4% 972 100.0% 991 77 Huntley Street, Toronto (4) 561 99.8% 903 97.7% 904 98.9% 923 88 Isabella Street, Toronto (4) 82 100.0% 1,046 98.8% 1,060 100.0% 1,083 1 & 23 Oriole Road, Toronto 127 100.0% 989 100.0% 998 100.0% 1,002 411 Duplex Avenue, Toronto (4) 455 99.1% 1,063 98.7% 1,080 99.8% 1,101 33 Orchardview Boulevard, Toronto (4) 327 97.9% 1,031 99.1% 1,053 99.7% 1,072 1055 Bloor Street East, Mississauga 323 96.6% 998 98.5% 1,025 99.1% 1,038 20 Shallmar Boulevard, Toronto (4) 155 96.8% 1,059 95.5% 1,055 98.7% 1,104 2515 Bathurst Street, Toronto N/A 98.3% 1,042 N/A N/A N/A N/A 6 John Street, Oakville (4) 75 100.0% 1,464 100.0% 1,473 100.0% 1,481 2076 Sherobee Road, Mississauga (4) 199 99.5% 1,235 97.0% 1,221 98.0% 1,244 5200 Lakeshore Boulevard, Burlington 72 100.0% 1,019 97.2% 1,004 100.0% 1,030 505 Locust Street, Burlington 118 98.3% 1,002 100.0% 1,041 100.0% 1,046 321 Lanthier Avenue, Pointe-Claire 108 100.0% 1,187 96.3% 1,166 99.1% 1,204 Bois-Franc, St. Laurent 235 91.1% 913 87.2% 877 94.5% 956 9100 Bonaventure Drive S. E., Calgary 317 99.4% 801 99.7% 829 99.7% 856 8510-111th Street, Edmonton 310 99.4% 758 100.0% 791 99.7% 806 1959-1999 Marine Drive S. E., North Vancouver (5) 473 98.9% 812 99.2% 833 100.0% 852 100 Wellesley Street East, Toronto 424 97.9% 1,107 99.8% 1,142 99.8% 1,155 1021 Howay Street, New Westminster 108 95.4% 767 99.1% 808 99.1% 811 990 Broughton Street, Vancouver 80 100.0% 1,005 100.0% 1,029 100.0% 1,043
Subtotal 31.3% 8,260 98.3% 986 96.8% 986 98.7% 1,017
Total 100.0% 26,362 97.7% 882 97.1% 882 98.3% 893
Summary
Suites as at October 01, 2005 26,049 97.7% 882 97.1% 880 98.3% 898 Suites sold December 15, 2005 (797) 97.5% 857 N/A N/A N/A N/A Suites acquired since October 1, 2005 1,110 N/A N/A 98.6% 942 98.3% 783 26,362 97.7% 882 97.1% 882 98.3% 893
(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 in the building, 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 February 01, 2006 (7) Property purchased May 24, 2006 (8) Property purchased July 27, 2006 (9) Property purchased September 01, 2006
8 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Quarterly Tenant Allowances and Vacancy Loss Analysis As at September 30, 2006
Tenant Tenant Total Tenant Allowances Allowances Vacancy Allowances and Net Average Incurred Amortized Loss Vacancy Loss Rent ($) ($000s) ($000s) ($000s) ($000s)
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 Qtr 4 - 2005 877 139 309 1,561 1,870 Qtr 3 - 2005 882 212 423 1,802 2,225
$895
$890
$885 $880 Net Average Rent ($) $875
$870
$865
$860 Qtr 3 '05 Qtr 4 '05 Qtr 1 '06 Qtr 2 '06 Qtr 3 '06
$2,500
Tenant Allowances $2,000 Incurred ($000's) $1,500
Total Tenant $1,000 Allowances and Vacancy Loss $500 ($000's)
$- Qtr 3 Qtr 4 Qtr 1 Qtr 2 Qtr 3 '05 '05 '06 '06 '06
Trend: - Steady net average rents and tenant allowances incurred
Sensitivity: - 1% change in gross rents impacts DI/FFO by $0.052/Unit
9 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Quarterly Tenant Turnovers and Lease Renewals As at September 30, 2006
Turnovers Renewals $ Change per % of Total $ Change per % of Total Suite Suites Suite Suites
Qtr 3 2006 15 13.57 19 26.06 Qtr 2 2006 8 9.39 20 16.68 Qtr 1 2006 (3) 6.30 19 13.15 Qtr 4 2005 (1) 8.43 15 16.52 Qtr 3 2005 2 12.91 14 22.61
Qtr 3 05 Qtr 4 05 Qtr 1 06 Qtr 2 06 Qtr 3 06 $25
$20
$15
$10
$5
$-
$(5)
Turnovers $ change per suite Renewals $ change per suite
30.00%
25.00% 20.00%
15.00%
10.00% 5.00%
0.00% Qtr 3 05 Qtr 4 05 Qtr 1 06 Qtr 2 06 Qtr 3 06
Turnovers % of Total Suites Renewals % of Total Suites
10 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Profitability Analysis of Stabilized Properties (Properties held at December 31, 2004)
Q3/06 9M/06 Number of Stabilized Suites 22,250 22,250 % Of Total Suites 86.9% 86.9% NOI Margin 54.7% 51.9%
Change in Gross Revenues 2.1% 1.6% Change in Operating Costs (3.5%) (1.9%) Change in NOI 0.9% 1.4%
# of Suites Gross Revenues
13.1% 8.7%
Stabilized Stabilized Properties Properties
Other Properties Other Properties
86.9% 91.3%
Net Operating Income ("NOI")
9%
Stabilized Properties
Other Properties
91%
11 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Debt Highlights As at September 30, 2006
Sep 30, 2006 Sep 30, 2005
Total Debt to Total Capitalization 55.2% 62.6%
Total Debt to GBV 61.4% 63.9%
Acquisition Capacity ($ millions) $629 $415
Total Debt Repayments and Weighted Average Interest Rates (including interest rate forward contracts)
$250,000 6.3% 5.6% $200,000 4.9% 4.2% $150,000 3.5% $100,000 2.8% 2.1% $50,000 1.4% 0.7% $0 0.0%
Total Debt ($000s) Weighted Avg Interest Rate for Maturing Mortgages
Weighted average term to maturity - 7.6 years Weighted average interest rate - 5.35%
12 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Capital Expenditures Analysis As at September 30, 2006
13 CAP REIT CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST Capital Expenditures Analysis As at September 30, 2006
CAPEX PROGRAM ADDS VALUE
Vacancy % Net Rent $ Suites $ Spent Total Property Suites Jun 04 Sep 06 Jun 04 Sep 06 % Change Improved on Insuite $ Spent
355 St. Clair, Toronto 168 6.0 2.4 2,068 2,221 7.4 23 804,291 1,681,927
56-88 Cassandra, Toronto 160 13.1 4.4 1,103 1,218 10.4 90 506,118 1,200,121
10 San Romanoway, Toronto 428 14.5 1.6 850 949 11.6 104 444,811 1,525,604
77 Huntley, Toronto 561 5.3 1.1 832 923 10.9 63 229,305 487,431
411 Duplex, Toronto 455 9.0 0.2 956 1,101 15.2 175 630,763 1,200,325
2076 Sherobee, Mississauga 199 11.6 2.0 1,123 1,244 10.8 53 290,322 1,229,199
Park Royal, Mississauga 601 10.0 2.2 864 962 11.3 258 1,654,814 6,421,695
44 Stubbs, Toronto 84 3.6 0.0 1,297 1,408 8.6 20 474,609 966,450
Traynor Vanier, Kitchener 279 8.2 2.5 692 746 7.8 98 970,758 4,189,850
435 Ste Foy, Quebec 121 5.9 11.6 925 886 (4.2) 20 170,569 392,336
14