The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the residential reits peer group is "buy"
Wall Street's median 12-month price target for Canadian Apartment Properties Real Estate Investment Trust is C$44.00, about 26.4% above its August 5 closing price of C$34.82
The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 14 three months ago
Revenue growth driven by renewals
RENT GROWTH ON RENEWALS - Co said Q2 revenue growth was primarily driven by increases in monthly rents on lease renewals and, to a lesser extent, turnovers
OCCUPANCY PRESSURE - Co said occupancy for the Canadian residential portfolio declined to 97.5%, reflecting current pressures in residential market dynamics
HIGHER OPERATING COSTS - Realty taxes and utilities increased year-over-year, partly offset by improved operating efficiencies
XLRE•
