Greg Romundt, President and CEO of Centurion:
“I’m a big believer in local expertise and there have been enough opportunities for us to stay very busy in our own backyard. It is not to say that we are not interested in other parts of the country, it is just that we can do deals right in our own backyard. I didn’t see a lot of need for us to go elsewhere.”
|Centurion Apartment REIT Markets|
Most Centurion properties are in Ontario, centred around the GTA and the 400-series of highways surrounding the metropolitan area.
Jason Castellan, Co-founder and CCEO of Skyline Apartment REIT:
“There is still lots of real estate in Ontario, it is the highest concentration of multi-residential real estate (in the country), so we will continue. Why go beyond your own backyard when you don’t have to?”
Both private apartment REITs have recently achieved unit price gains and have steady distributions above 7%. Those distributions were above 8 and 9% before the unit appreciation. Centurion even offers a discount on units purchased through their DRIP plan, enhancing long term value. Nice!