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Firm Capital Property Trust Announces Strong Start to 2021 globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.
SUMMARY OF Q1- 2021 RESULTS OF OPERATIONS
Strong Operating Results
CAPREIT has maintained a very high level of rent collection, with over 99% of rents collected year to date
On turnovers, monthly residential rents for the three months ended March 31, 2021 increased by 3.4% on 4.4% of the Canadian portfolio, compared to an increase of 13.5% on 3.3% of the Canadian portfolio for the three months ended March 31, 2020. The reduced increases are primarily due to the impact of the COVID-19 pandemic on the overall rental market.
On renewals, monthly residential rents for the three months ended March 31, 2021 increased by 0.9% on 9.3% of the Canadian portfolio, compared to 2.2% on 17.6% of the Canadian portfolio for the three months ended March 31, 2020. The reduced increases are primarily due to rent freezes enacted as a result of the COVID-19 pandemic
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SUMMARY HIGHLIGHTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2021
HEALTH AND SAFETY THROUGH THE COVID-19 PANDEMIC REMAINS A PRIORITY AS WE CONTINUE TO PROVIDE OUR ESSENTIAL SERVICE OF SAFE AND AFFORDABLE HOUSING
SOLID FFO PERFORMANCE
RESILIENT OPERATIONAL RESULTS THROUGH THE WINTER MONTHS
Strong same-property revenue and net operating income growth in Ontario, Quebec, and Saskatchewan.
Occupancy gains and revenue optimization during the first quarter providing positive trend in Alberta portfolio.
April 2021 occupancy of 95.7%, an increase of 100 basis points from February 2021.
Q1 2021 same-property occupancy of 94.9% through additional government-imposed lockdowns and seasonally slower period.
Continued sustainable reduction of incentives on lease renewals.