CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST

Transcription

1 CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST SUPPLEMENTARY INFORMATION FOR THE THREE MONTHS ENDED March 31, 2008

2 For the period ended March 31, 2008 Table of Contents Page Investor Information 1 Key Financial Data 2 Property Portfolio 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 Expenditures 14

3 Investor Information Head Office: 11 Church Street, Suite 401 Toronto, Ontario M5E 1W1 Contact: Mr. Yazdi Bharucha Chief Financial Officer (416) Research Coverage: Karine MacIndoe BMO Capital Markets (416) Garreth MacRae BMO Capital Markets (416) Jonathan Kelcher Canaccord Capital (416) Alex Avery CIBC World Markets (416) Jeffrey Roberts Desjardins Securities (416) Michael Smith National Bank Financial (416) Jimmy Shan National Bank Financial (416) Tanya Bouchard National Bank Financial (416) Kiran Mangat National Bank Financial (416) Gail Mifsud Blackmont Capital (416) Mandy Samols Raymond James Ltd. (416) Neil Downey RBC Dominion Securities (416) Mario Saric Scotia Capital (416) Samuel Damiani TD Securities (416) Daniel Kim TD Securities (416) Brad Cutsey Dundee Securities Corp (647) Danny Pinska Dundee Securities Corp (647) Mark Rothschild Genuity Capital Markets (416) Jenny Ma Genuity Capital Markets (416)

4 Key Financial Data ($000's, except per Unit amounts) Qtr Qtr Qtr Qtr Qtr Operating Data: Operating Revenues $ 78,104 $ 77,238 $ 74,675 $ 71,705 $ 70,360 Operating Expenses $ 39,683 $ 36,911 $ 32,148 $ 31,807 $ 37,537 NOI $ 38,421 $ 40,327 $ 42,527 $ 39,898 $ 32,823 NOI Margin 49.2% 52.2% 56.9% 55.6% 46.7% Interest Expense $ 19,439 $ 20,254 $ 19,592 $ 17,973 $ 17,831 Trust Expenses $ 2,976 $ 2,723 $ 2,686 $ 2,698 $ 2,821 (Loss) Income From Continuing Operations (1) $ (1,749) $ 386 $ 2,236 $ 1,844 $ (3,935) Income (Loss) From Discontinued Operations 17, ,640 (4,396) (107) Net Income (Loss) $ 14,363 $ 9,130 $ 3,640 $ (58,924) $ (4,042) Net Income / (Loss) per Unit - Basic $ $ $ $ (0.993) $ (0.068) Funds from Operations (2) $ 16,160 $ 18,990 $ 20,800 $ 19,964 $ 12,541 Funds from Operations per Unit - Basic (2) $ $ $ $ $ Distributable Income (2) $ 16,617 $ 18,972 $ 21,297 $ 19,898 $ 12,962 Distributable Income per Unit - Basic (2) $ $ $ $ $ Balance Sheet Data: Total Assets $ 2,157,668 $ 2,262,056 $ 2,272,247 $ 2,097,948 $ 2,068,307 Total Liabilities $ 1,589,010 $ 1,677,775 $ 1,776,487 $ 1,594,898 $ 1,494,154 Unitholders' Equity $ 568,658 $ 584,281 $ 495,760 $ 503,050 $ 574,153 Total Debt to Gross Book Value 60.0% 61.6% 65.3% 63.2% 62.6% Total Debt to Total Market Capitalization 57.8% 59.2% 58.4% 55.4% 53.4% (1) Before Other Costs and Income Taxes. (2) Q excludes gain on disposal of $17,105 or $0.262 per Unit. 2

5 List of Properties Total CAPREIT's Property Suites Share 10 & 30 Tuxedo Court, Scarborough, Ontario & 4010 Lawrence Ave. E., Scarborough, Ontario McCowan Road, Scarborough, Ontario Markham Road, Scarborough, Ontario St. Clair Ave. W., Toronto, Ontario South Park St., Halifax, Nova Scotia King's Cross Rd., Brampton, Ontario Knightsbridge Rd., Brampton, Ontario Knightsbridge Rd., Brampton, Ontario , & Balmoral Dr., Brampton, Ontario Eastdale Ave., East York, Ontario Eastdale Ave., 2-12 & Goodwood Park Cres., Ontario & 77 Huron Heights Dr., Newmarket, Ontario Queens Ave., Oakville, Ontario Stubbs Dr., North York, Ontario South Park St., Halifax, Nova Scotia ,139,143 & 147 8th St. and 148 & 170 Islington Ave., Etobicoke, Ontario Queen St., Regina, Saskatchewan nd St., Saskatoon, Saskatchewan Confederation Dr., Saskatoon, Saskatchewan Wellington St. S., Hamilton, Ontario & 1759 Victoria Park Ave., Toronto, Ontario & 3425 Morning Star Dr., Mississauga, Ontario Domaine Choisy, Montreal, Quebec Domaine Salaberry, Montreal, Quebec Clark Blvd., Brampton, Ontario Lees Avenue, Ottawa, Ontario (50%) Wellington St., Ottawa, Ontario (50%) ,3530, 3532 & 3550 Downpatrick, Ottawa, Ontario (50%) Silver Spear Road, Mississauga, Ontario Marlborough Court & 1360 White Oaks Court, Oakville, Ontario Churchill St, Waterloo, Ontario Holborn Dr, Kitchener, Ontario Old Chicopee Rd, Kitchener, Ontario ,40,60 & 80 Charlotte Lane, Halifax, Nova Scotia Rathburn Road East, Mississauga, Ontario Fairlea Crescent, Ottawa, Ontario (50%) & 341 TraynorAve., 551 & 553 VanierDr., Kitchener, Ontario ,80,85 & 90 Orenda Court, Brampton, Ontario Panorama Court, Toronto, Ontario Silver Spear Road, Mississauga, Ontario William Street, Waterloo, Ontario Havenwood Drive, Mississauga, Ontario Markham Road, Toronto, Ontario Evans Avenue, Toronto, Ontario Hurontario Street, Mississauga, Ontario ,1205,1207,1209,1211 &1223 Huron Street, London, Ontario ,1535,1545 Alta Vista Drive, Ottawa, Ontario (50%) Bloor Street East, Mississauga, Ontario , 85 & 95 Fiddlers Green Rd., London, Ontario ,1875 Glenanna Rd, 1800,1850 Valley Farm Rd, and 1480 Pickering Parkway, Pickering, Ontario Scarborough Golf Club Road, Scarborough, Ontario and 455 Rue Racine, Montreal, Quebec ieme Ave, 2305 Benoit XV, Quebec, Quebec Chemin Ste-Foy and Chemin Quatre Bourgeois Quebec, Quebec (Le Fontainebleau) Rue Des Chatelets, Quebec, Quebec (Jardins des Seigneurs) Chemin Ste-Foy, Quebec, Quebec Pere Marquette, Quebec, Quebec Pere Marquette, Quebec, Quebec de Grandville, Quebec, Quebec th Avenue NW, Calgary, Alberta Rue Gingras, Quebec, Quebec Robie Street, Halifax & 744 Fanshawe Park Road, London, Ontario Davisville Avenue, Toronto, Ontario Davisville Avenue, Toronto, Ontario Huntley Street, Toronto, Ontario Isabella Street, Toronto, Ontario Murray Ross Parkway, Toronto, Ontario San Romanoway, Toronto, Ontario /23 Oriole Road, Toronto, Ontario Duplex Avenue, Toronto, Ontario Orchardview Boulevard, Toronto, Ontario Lawrence Avenue East, Toronto, Ontario

6 List of Properties Total CAPREIT's Property Suites Share 236 Dixon Road, Etobicoke, Ontario Bloor Street East, Mississauga, Ontario Park Royal Village, Mississauga, Ontario Bay Mills Boulevard, Toronto, Ontario /101/200/201 White Oaks Court, Whitby, Ontario Lakeshore Boulevard, Burlington, Ontario /9 Roanoke Road, Toronto, Ontario Cassandra Boulevard, Toronto, Ontario Shallmar Boulevard, Toronto, Ontario Broadway Avenue, Toronto, Ontario Wellesley Street East, Toronto, Ontario John Street, Oakville, Ontario Guelph Line, Burlington, Ontario Eastmout Avenue, Toronto, Ontario Locust Street, Burlington, Ontario Livonia Place, Toronto, Ontario Tyandaga Park Drive, Burlington, Ontario /36/42 Maitland Street, Toronto, Ontario Sherobee Road, Mississauga, Ontario /2932 Yonge Street and 1 Cheritan Avenue, Toronto, Ontario Longmoor Drive, Burlington, Ontario Guelph Line, Burlington, Ontario Davisville Avenue, Toronto, Ontario Lanthier Avenue, Pointe-Claire, Quebec Cote-des-Neiges, Montreal, Quebec Elbow Drive S.W., Calgary, Alberta th Avenue S.W., Calgary, Alberta th Street, Edmonton, Alberta Bonaventure Drive S.E., Calgary, Alberta Marine Drive S.E., North Vancouver, BC , 30, 32 & 34 Ste-Ursule, Quebec Carrefour des Erables, Montreal, Quebec Jardins Longueuil, Longueuil, Quebec Les Jardins & Serge Lemieux, Longueuil, Quebec Les Immeubles Joie-de Vivre, Montreal, Quebec Bois de Boulogne, Montreal, Quebec Rue Sherbrooke E., Montreal, Quebec AV Prud Homme, Montreal, Quebec Howay Street, New Westminster, BC ,10871,10891,10951,10971 & Mortfield Road, Richmond, BC Broughton Street, Vancouver, BC Kingsview Boulevard, Blackfriar Avenue and 15 & 25 & 55 Bridesburg Drive, Etobicoke, Ontario Kingsview Boulevard, Blackfriar Avenue and Bridesburg Drive, Etobicoke, Ontario & 45 Bredin Parkway, Orangeville, Ontario & 2220 Chapdelaine, Quebec City, Quebec , 3015 & 3017 Queen Street East, Toronto, Ontario Domaine Lebourgneuf, Quebec City, Quebec Domaine Laudance, Quebec City, Quebec Domaine Faubourg de la Pointe, Quebec City, Quebec th Street N.W., Calgary, Alberta Clarke Road, Coquitlam, BC Sydney Avenue, Coquitlam, BC Sherbrooke Street, New Westminster, BC & 1132 Howie Avenue, Coquitlam, BC , 217, 219 & 221 Gorge Road East, Victoria, BC & 157 Gorge Road East, Victoria, BC Gorge Road East, Victoria, BC Dervock Crescent and 75 Talara Crescent, Toronto, Ontario Total 26,366 25,603 Land Lease Sites Wilmot Creek, Clarington, Ontario Grand Cove, Grand Bend, Ontario Total Ontario Land Lease Sites 1,258 1,258 Total Residential Suites and Land Lease Sites 27,624 26,861 4

7 Property Portfolio Portfolio By Asset Type Portfolio By Geography (% of Total Suites and Sites) 5% 13% 4% 5% (% of Total Suites and Sites) 5% 1% GTA 32% 16% 48% Other Ontario Quebec Nova Scotia 50% Affordable M id tier Luxury Land Lease 21% Alberta British Columbia Saskatchewan As at March 31, 2007 (% of Total Suites) As at March 31, 2007 (% of Total Suites) 34% 15% 1% 5% 3% 4% GTA Other Ontario 20% 49% Quebec Nova Scotia Affordable Alberta 51% M id tier Luxury 18% British Columbia Saskatchewan 5

8 Occupancy and Average Monthly Rent Per Suite By Asset Type and Province As at April 1, 2008 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 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 Residential Suites Affordable Owned Prior to March 31, 2007 (1) 3, % % % % % 826 Acquired after March 31, Subtotal 13.1% 3, % % % % % 826 Mid-tier Owned Prior to March 31, 2007 (1) 12, % % % % % 889 Acquired after March 31, N/A N/A 99.2% % % 823 Subtotal 49.9% 13, % % % % % 884 Luxury Owned Prior to March 31, 2007 (1) 8, % % % 1, % 1, % 1,037 Acquired after March 31, Subtotal 32.4% 8, % % % 1, % 1, % 1,037 Total Owned Prior to March 31, 2007 (1) 25, % % % % % 933 Acquired after March 31, N/A N/A % % % 823 Total Residential Suites 95.4% 26, % % % % % 929 Land Lease Sites 4.6% 1,258 N/A N/A N/A N/A 99.8% % % 592 Total Suites and Sites 100.0% 27, % % % % % 913 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 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 Residential Suites Ontario: Greater Toronto Area 48.5% 13, % 1, % 1, % 1, % 1, % 1,034 Ottawa 5.5% 1, % % % % % 802 London/ Kitchener / Waterloo 5.4% 1, % % % % % 803 Other Ontario 5.3% 1, % % % % % 920 Ontario Residential Suites 64.7% 17, % % % % % 994 Land Lease Sites 4.6% 1,258 N/A N/A N/A N/A 99.8% % % 592 Ontario Residential Suites and Sites 69.3% 19, % % % % % 966 Quebec: Montreal 9.2% 2, % % % % % 633 Quebec City 6.4% 1, % % % % % 723 Quebec Total 15.6% 4, % % % % % 670 Nova Scotia Halifax 3.9% 1, % % % % % 947 Saskatchewan Saskatoon 0.5% % % % % % 632 Regina 0.4% % % % % % 752 Saskatchewan Total 0.9% % % % % % 686 Alberta Edmonton 1.1% % % % % % 941 Calgary 3.9% 1, % % % 1, % 1, % 1,051 Alberta Total 5.0% 1, % % % % 1, % 1,026 British Columbia Greater Vancouver Region 4.0% 1, % % % % % 910 Victoria 1.3% 371 N/A N/A N/A N/A 98.9% % % 748 British Columbia Total 5.3% 1, % % % % % 869 Total Residential Suites 95.4% 26, % % % % % 929 Total Suites and Sites 100.0% 27, % % % % % 913 (1) Numbers have been adjusted to exclude properties sold in January

9 Occupancy and Average Monthly Rents Per Suite As at April 1, 2008 Apr-07 Jan-08 Apr-08 Percent Total Occupancy Avg Mthly Occupancy Avg Mthly Occupancy Avg Mthly Suites (1) % Rent (2) % Rent (2) % Rent (2) RESIDENTIAL SUITES Affordable 10 and 30 Tuxedo Court, Toronto % % % and 4010 Lawrence Ave East, Toronto % % % McCowan Road, Toronto % % % Markham Road, Toronto % % % , 139, 143 & 147 8th Street and 148 & 170 Islington Avenue, Toronto % % % nd Street West, Saskatoon % % % and 3425 Morning Star Drive, Mississauga % % % Wellington Street South, Hamilton % % % ,1223 Huron Street, London % % % 658 Salaberry Portfolio, Montreal % % % 533 Choisy Portfolio, Montreal % % % Murray Ross Parkway, Toronto (4) % % % San Romanoway, Toronto (4) % % % 950 Subtotal (9) 13.1% 3, % % % 826 Mid-Tier 5 King's Cross Road and 3 & 11 Knightsbridge Road, Brampton % % % 1, & 1759 Victoria Park Avenue, Toronto % % % Markham Road, Toronto % % % Scarborough Golf Club Road, Toronto % % % , & Balmoral Drive, Brampton % 1, % 1, % 1, & 77 Huron Heights Drive, Newmarket % 1, % % Eastdale Avenue, Toronto % % 1, % Eastdale Avenue and 2-12 & Goodwood Park Crescent, Toronto % 1, % 1, % 1, Confederation Drive, Saskatoon % % % Queen Street, Regina % % % Clark Boulevard, Brampton % 1, % 1, % 1, Lees Avenue, Ottawa (3) % % % Wellington Street, Ottawa (3) % % % , 3530, 3532 & 3550 Downpatrick Road, Ottawa (3) % % % Holborn Drive and 75 Old Chicopee Road, Kitchener and Churchill Street, Waterloo % % % Fairlea Crescent, Ottawa (3) % % % & 341 Traynor Avenue and 551 & 553 Vanier Drive, Kitchener % % % , 80, 85 & 90 Orenda Court, Brampton % % % Panorama Court, Toronto % % % 1, Havenwood Drive, Mississauga % 1, % 1, % 1, Hurontario Street, Mississauga % % % , 1535 & 1545 Alta Vista Drive, Ottawa (3) % % % Bloor Street East, Mississauga % 1, % 1, % 1, & 1875 Glenanna Road, 1800 & 1850 Valley Farm Road and 1480 Pickering Parkway, Pickering % 1, % 1, % 1, & 455 rue Racine, Montreal % % % e Avenue and 2305 Benoit XV, Quebec City % % % & 2425 chemin Ste-Foy and 2416 & 2426 chemin Quatre Bourgeois, Quebec City % % % rue des Chatelets, Quebec City % % % de Grandville, Quebec City % % % th Avenue N.W., Calgary % % % 1, rue Gingras, Quebec % % % & 744 Fanshawe Park Road East, London % % % Lawrence Avenue East, Toronto (4) % % % Dixon Road, Etobicoke % % 1, % 1, Bodmin Road, 2360 Bonner Road and 2333 & 2345 Truscott Road, Mississauga % % % Bay Mills Boulevard, Toronto % 1, % 1, % 1,044 7 & 9 Roanoke Road, Toronto % % % Cassandra Boulevard, Toronto % 1, % 1, % 1, Broadway Avenue, Toronto (4) % % % Eastmount Avenue, Toronto % 1, % 1, % 1,049 34, 36 & 42 Maitland Street, Toronto % 1, % 1, % 1, & 2932 Yonge Street & 1 Cheritan Avenue, Toronto (4) % % % Guelph Line, Burlington % % % Tyandaga Park Drive, Burlington % % 1, % 1, Longmoor Drive, Burlington % % % Guelph Line, Burlington % % % , 101, 200 & 201 White Oaks Court, Whitby % % % Cote-des-Neiges, Montreal % % % Elbow Drive S. W., Calgary (5) % % 1, % 1, th Avenue S. W., Calgary (5) % % 1, % 1, Livonia Place, Toronto (4) % % % , 30, 32 & 34 Ste. Ursule, Quebec % % % 509 Joie de Vivre - 135, Deguire, Montreal % % % 645 Carrefour des Erables, Montreal % % % Prud Homme, Montreal % % % , 2490 & 2510 Rue de Boulogne and 2477 Rue Montarville and 535 Rue Beaubien, Longueuil % % % & Bois de Boulogne, Montreal % % % , 2525 & 2539 Rue Sherbrooke East, Montreal % % % & 2573 Boul Perron and 2516 & Rue Montarville, Longueuil % % % Mortfield Road, Richmond % % % Kingsview Blvd., Blackfriar Av. and 15, 25 & 55 Bridesburg Drive % % % Kingsview Blvd., BlackfriarAv. & Bridesburg Drive % 1, % 1, % 1, Bredin Parkway, Orangeville % % % and 2220 Chapdelaine, Quebec City % % % , Queen Street East, Toronto % % 1, % 998 Subtotal (9) 12, % % % & 157 Gorge Road East, Victoria (7) 163 N/A N/A 97.5% % , 217, 219 & 221 Gorge Road East, Victoria (7) 111 N/A N/A 99.1% % Gorge Road East, Victoria (7) 97 N/A N/A 95.9% % th Street N.W., Calgary (7) 139 N/A N/A 96.4% 1, % 1, & 1132 Howie Avenue, Coquitlam (7) 54 N/A N/A 96.3% % Sherbrooke Street, New Westminster (7) 60 N/A N/A 98.3% % Sydney Avenue, Coquitlam (7) 74 N/A N/A 100.0% % Clarke Road, Coquitlam (7) 50 N/A N/A 100.0% % Dervock Crescent and 75 Talara crescent, Toronto (8) 143 N/A N/A N/A N/A 96.5% 860 Subtotal (9) 891 N/A N/A 97.7% % 823 Subtotal (9) 49.9% 13, % % % 884 7

10 Occupancy and Average Monthly Rents Per Suite As at April 1, 2008 RESIDENTIAL SUITES Apr-07 Jan-08 Apr-08 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 % 2, % 2, % 2, Evans Avenue, Toronto % 1, % 1, % 1, South Park Street, Halifax % 1, % 1, % 1, Queens Avenue, Oakville % 1, % 1, % 1, Stubbs Drive, Toronto % 1, % 1, % 1, South Park Street, Halifax % % % Silver Spear Road, Mississauga % % 1, % 1, Marlborough Court and 1360 White Oaks Boulevard, Oakville % 1, % 1, % 1,256 20, 40, 60 & 80 Charlotte Lane, Halifax % % % Rathburn Road East, Mississauga % 1, % 1, % 1, Silver Spear Road, Mississauga % 1, % 1, % 1, William Street East, Waterloo % 1, % 1, % 1,299 75, 85 & 95 Fiddlers Green Road, London % % % chemin Ste-Foy, Quebec City % % 1, % 1, Pere-Marquette, Quebec City % % % Pere-Marquette, Quebec City % % % Robie Street, Halifax % % % Davisville Avenue, Toronto (4) % % % Davisville Avenue, Toronto (4) % % 1, % 1, Davisville Avenue, Toronto % % % Huntley Street, Toronto (4) % % % Isabella Street, Toronto (4) % 1, % 1, % 1,063 1 & 23 Oriole Road, Toronto % % 1, % Duplex Avenue, Toronto (4) % 1, % 1, % 1, Orchardview Boulevard, Toronto (4) % 1, % 1, % 1, Bloor Street East, Mississauga % 1, % 1, % 1, Shallmar Boulevard, Toronto (4) % 1, % 1, % 1,119 6 John Street, Oakville (4) % 1, % 1, % 1, Sherobee Road, Mississauga (4) % 1, % 1, % 1, Lakeshore Boulevard, Burlington % 1, % 1, % 1, Locust Street, Burlington % 1, % 1, % 1, Lanthier Avenue, Pointe-Claire % 1, % 1, % 1, Bonaventure Drive S. E., Calgary % % 1, % 1, th Street, Edmonton % % % Marine Drive S. E., North Vancouver (5) % % % Wellesley Street East, Toronto % 1, % 1, % 1, Howay Street, New Westminster % % % Broughton Street, Vancouver % 1, % 1, % 1,131 Domaine Lebourgneuf, Quebec City % % % 687 Domaine Laudance, Quebec City % % % 816 Faubourg de la Pointe, Quebec City % % % 830 Subtotal (9) 32.4% 8, % % 1, % 1,037 Total Residential Suites (9) 95.4% 26, % % % 929 LAND LEASE SITES Grand Cove, Grand Bend (6) 379 N/A N/A 99.2% % 458 Wilmot Creek, Clarington (6) 879 N/A N/A 100.0% % 649 Total Land Lease Sites 4.6% 1,258 N/A N/A 99.8% % 592 Total Residential Suites and Land Lease Sites (9) 100.0% 27, % % % 913 Summary Continuing Residential Suites as at April 1, , % % % 933 Residential Suites Sold since April 1, , % % Total Suites as at April 1, , % % % 933 Residential Suites acquired since April 1, N/A N/A 97.7% % 823 Subtotal Residential Suites prior to Sales 27, % % % 929 Less Residential Suites Sold since April 1, 2007 (1,630) (95.5%) (715) (96.9%) (737) - - Total Residential Suites as at April 1, , % % % 929 Land Lease Sites Acquired since April 1, ,258 N/A N/A 99.8% % 592 Total Residential Suites and Land Lease Sites 27, % % % 913 (1) Total suites include co-ownership interests (for CAP REIT's share of suites see note 3 below. (2) Based on actual residential rent less vacancies divided by the total number of suites and excluding revenue from parking, laundry and other sources (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) Land Lease communities purchased July 10, (7) Property purchased September 26, (8) Property purchased January 10, (9) Number have been adjusted to exclude properties sold January

11 Quarterly Tenant Inducements and Vacancy Loss Analysis Residential Average Monthly Rent ($) Tenant Inducements Incurred ($000s) Tenant Inducements Amortized ($000s) Vacancy Loss ($000s) Total Tenant Inducements and Vacancy Loss ($000s) Qtr $ 929 $ 94 $ 174 $ 1,470 $ 1,644 Qtr ,450 1,631 Qtr ,173 2,374 Qtr ,098 2,299 Qtr ,137 2,337 Residential Net Average Rent ($) $940 $930 $920 $910 $900 $890 $880 $870 $860 Qtr 1 '07 Qtr 2 '07 Qtr 3 '07 Qtr 4 '07 Qtr 1 '08 $2,500 $2,000 $1,500 $1,000 $500 Tenant Inducements Incurred ($000's) Total Tenant Inducements and Vacancy Loss ($000's) $- Qtr 1 '07 Qtr 2 '07 Qtr 3 '07 Qtr 4 '07 Qtr 1 '08 Trend: Sensitivity: - Increased average monthly rents and reduced tenant inducements - 1% change in gross rents impacts DI/FFO by $0.048/Unit 9

12 Quarterly Tenant Turnovers and Lease Renewals Turnovers Renewals $ Change per Suite $ Change per Suite Qtr 1 $ 14 $ 20 $ (3) $ 24 $ 30 $ 19 Qtr 2 $ 19 $ 8 $ 27 $ 20 Qtr 3 $ 20 $ 15 $ 25 $ 19 Qtr 4 $ 13 $ 12 $ 30 $ 21 $35 $30 $25 $20 $15 $10 $5 $- $(5) Qtr 1 06 Qtr 2 06 Qtr 3 06 Qtr 4 06 Qtr 1 07 Qtr 2 07 Qtr 3 07 Qtr 4 07 Qtr 1 08 Turnovers $ change per suite Renewals $ change per suite 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Qtr 1 06 Qtr 2 06 Qtr 3 06 Qtr 4 06 Qtr 1 07 Qtr 2 07 Qtr 3 07 Qtr 4 07 Qtr 1 08 Turnovers % of Total Suites Renewals % of Total Suites 10

13 NOI Summary by Province Total NOI $ March 31, 2008 March 31, 2007 Change in NOI NOI as % of Rev % of total NOI Total NOI $ NOI as % of Rev % of total NOI $ % Ontario 26, % 69.5% 23, % 71.1% 3, % Quebec 4, % 10.6% 3, % 11.7% % Alberta 2, % 7.3% 2, % 6.7% % British Columbia 2, % 7.3% 1, % 4.5% 1, % Nova Scotia 1, % 4.7% 1, % 5.5% 5 0.3% Saskatchewan % 0.6% % 0.5% % 38, % 100.0% 32, % 100.0% 5, % 7.3% March 31, 2008 NOI by Province 4.7% 0.6% 7.3% 10.6% 69.5% Ontario Quebec Alberta British Columbia Nova Scotia Saskatchewan 11.7% 4.5% 6.7% March 31, 2007 NOI by Province 0.5% 5.5% 71.1% Ontario Quebec Alberta British Columbia Nova Scotia Saskatchewan 11

14 Profitability Analysis of Stabilized Properties (Properties held at December 31, 2006) Q1/08 Q1/07 Number of Stabilized Suites 24,105 24,105 % Of Total Suites and Sites 89.7% 97.5% NOI Margin 48.0% 46.3% Change in Gross Revenues 3.8% Change in Operating Costs (0.6%) Change in NOI 7.6% # of Suites 10.3% Gross Revenues 7.7% Stabilized Properties Other Properties Stabilized Properties Other Properties 89.7% 92.3% Net Operating Income (NOI) 9.9% Stabilized Properties Other Properties 90.1% 12

15 Debt Highlights Mar 31, 2008 Mar 31, 2007 Total Debt to Total Market Capitalization 57.83% 53.38% Total Debt to GBV 60.03% 62.58% Acquisition Capacity ($ millions) $809 $564 Total Debt Repayments and Weighted Average Interest Rates $250, $200,000 $150, $100, $50, $ Subsequent Total Debt ($000s) Weighted Avg Interest Rate for Maturing Mortgages Weighted average term to maturity years Effective weighted average interest rate % (including deferred financing costs and fair value adjustments) 13

16 Capital Expenditures Analysis Three Months Ended March 31, 2008 Three Months Ended March 31, % 31.2% Building Improvements Boilers and Elevators Appliances 6.3% 12.1% Common Area 40.5% 3.4% 0.5% 9.4% 13.2% 12.2% 1.2% 3.7% Equipment Energy Saving Programs Other Suite Improvements 3.5% 15.9% 18.3% Three months ended March 31, ($ Thousands, except per suite amounts) Total Per Suite (1) Total Per Suite (1) Maintenance capital expenditures (2) $2,880 $112.5 $2,940 $112.5 Stabilized and value-enhancing capital expenditures 3, , Total (3) $6,511 $254.3 $8,378 $320.6 (1) Based on the weighted average number of suites owned during the year. (2) Based on an estimated annualized per suite cost of $450. (2) Excludes head office assets, assets held for sale, land lease sites, tenant improvements and signage. 14