加拿大最大的私人公寓房地产投资信托基金 C加拿大最大的私人公寓房地产投资信托基金 Centurion Apartment Real Estate Investment Trust（“REIT”或“信托基金”）的董事会已决定立即暂时限制赎回，并通过管理赎回程序赎回单位。
这是该房地产投资信托基金运营历史上首次限制赎回。该房地产投资信托基金将继续向所有基金份额持有人支付每月现金和直接投资计划 (DRIP) 分配，并将努力提供与更规范的赎回水平相一致的赎回流动性，但方式将对所有投资者公平。
过去18个月，另类投资行业面临挑战，赎回请求增加，资金流收紧，诸多市场参与者受到影响。多家另类投资公司已暂停赎回，导致房地产投资信托基金（REIT）成为部分基金份额持有人的流动性来源，赎回利率比正常水平高出3至4倍。
尽管面临这些挑战，该房地产投资信托基金依然保持韧性，保持了净正融资和积极的运营业绩，这证明了我们投资组合、运营团队和长期战略的实力。由于这对我们来说并非个例，因此在房地产投资信托基金对短期环境明朗化之前，我们将采取审慎的策略。
限制赎回的决定是为了保护所有基金份额持有人的利益和房地产投资信托基金的流动性。我们认为，采取规范的流动性和大额赎回管理方式，对于确保房地产投资信托基金的长期稳定至关重要。
根据信托声明和其他重要发行文件，房地产投资信托基金将满足以下概述的每月赎回请求：
- 根据信托声明的要求，将支付 50,000.00 加元现金，按照先进先出的原则兑现前 50,000.00 加元的赎回。
- 根据房地产投资信托基金的《信托声明》和COT票据契约，发行Centurion运营信托票据（“COT票据”），支付给赎回请求余额的单位持有人。COT票据的重要细节如下：
- 本金：每个份额持有人赎回申请的余额。
- 利率：2.57%
- 期限/到期日：5年
- 安全性：无担保
- 利息支付：利息将与房地产投资信托基金的同一天每月支付分布
- 每月将有20,000,000加元用于按比例赎回每个投资者的COT票据。所有发行的COT票据，无论是当月还是后续月份，都将按比例平均分配。董事会将每月审查此计划。
税务影响：赎回属于应税行为。赎回将产生资本利得，且票据的利息收入也需纳税。COT 票据不适用于注册延期储蓄计划，例如注册退休储蓄计划 (RRSP)、免税储蓄账户 (TFSA) 等。请咨询您的税务顾问。
每位单位持有人均可选择撤销赎回或获得COT票据。由于该房地产投资信托基金预计此管理赎回流程将持续较短，因此撤销赎回或许是投资者的理想选择。
即日起，REIT 的资产管理公司 Centurion Asset Management Inc. 将把其资产管理费降低至 90 个基点，直至 REIT 停止管理赎回计划并恢复正常赎回。
REIT 正在积极寻求战略机遇，以度过这个更高的赎回期，包括与我们的银行合作伙伴一起寻找额外的流动性，为新认购提供 2% 的非稀释性折扣，审查非核心资产的潜在出售，以及资产管理人承诺在赎回队列清除之前不赎回其持有的任何单位。
REIT 将尽商业上合理的努力，及时偿还本金并结束有限赎回计划。REIT 将每月审查该计划，并根据需要重新评估情况。
REIT 的表现依然积极，这一点从我们2025 年第二季度的业绩中可以看出结果和指标：
- 净营业收入（“NOI”）同比增长 4.6%，达到 1.264 亿美元，主要得益于物业营业收入增长5.1%。
- 同店营业收入增长4.96%。
- 受租金增长和运营效率提升的推动，同店净营业利润增长 5.9%。
- 公寓和学生公寓同店平均租金分别上涨4.24%和11.52%，分别。
- 租金周转率一直非常高，尤其是学生公寓组合，增长25.91%。
我们对多户型住宅市场的前景依然乐观。尽管经济形势普遍存在不确定性，但加拿大的租赁公寓市场依然强劲。人口增长和住房需求等长期基本面支撑着该行业的可靠性。随着租金增长放缓，供应增长，专业管理的社区，尤其是由 Centurion 等经验丰富的平台运营的社区，有望表现良好。
加拿大租金持续上涨，全国平均现房租金涨幅为4.8%。新租房增长有所放缓，但需求依然强劲，尤其是在那些难以拥有住房的中型和大型城市。越来越多的加拿大人选择租房更长时间，并寻求设施⻬全、专业管理的社区。Centurion 注重服务、物业维护和住户体验，有助于吸引和留住租户。
Centurion 始终致力于保持透明度、稳定性，并与投资者和顾问保持定期沟通。这些临时措施旨在保护所有基金份额持有人的利益，同时确保信托继续成功执行其战略。
Centurion Apartment Real Estate InvCenturion Apartment Real Estate Investment Trust: Managed Redemption Program
The Board of Trustees of Centurion Apartment Real Estate Investment Trust (the “REIT” or the “Trust”),
Canada’s largest private apartment real estate investment trust, has made the decision to temporarily
limit redemptions effective immediately and redeem units through a managed redemption process.
This is the first time in the REIT’s operating history that redemptions have been limited. The REIT will
continue to pay the monthly cash and DRIP distributions to all Unitholders and will attempt to provide
redemption liquidity consistent with more normalized redemption levels, albeit in a manner equitable to
all our Investors.
The past 18 months have presented challenges across the alternative investment industry, with elevated
redemption requests and tighter capital flows affecting many market participants. Several alternative
investment companies have suspended redemptions, resulting in the REIT becoming a source of
liquidity for some Unitholders at a rate 3-4 times higher than the normal course.
Despite these conditions, the REIT has remained resilient, maintaining a net positive capital raising
position and positive operating performance, a testament to the strength of our portfolio, operating
teams and long-term strategy. As this is an atypical event for us, prudence dictates a measured
approach until the REIT has clarity into the near-term environment.
The decision to limit redemptions was made to protect the interests of all Unitholders and the REIT’s
liquidity. We believe that a disciplined approach to managing liquidity and large redemptions is
necessary to ensure the long-term stability of the REIT.
In accordance with the Declaration of Trust and the other material offering documents, the REIT will
satisfy the monthly redemption requests as outlined below:
1) As required by the Declaration of Trust, a cash payment of $50,000.00 CAD will be paid to
honour the first $50,000.00 CAD of redemptions on a First In First Out basis.
2) Issuance of a Centurion Operating Trust Note (“COT Note”), pursuant to the REIT’s Declaration
of Trust and COT Note Indenture, payable to the Unitholders that are redeeming for the balance
of the redemption requests. The important details of the COT Note are as follows:
a. Principal Amount: The balance of the redemption request for each Unitholder after the
payment in 1) above.
b. Interest Rate: 2.57 %
c. Term/Maturity: 5 Years
d. Security: Unsecured
e. Interest Payment: Interest will be paid monthly on the same date as the REIT
distributions
3) $20,000,000.00 CAD per month will be used to redeem COT Notes on a pro-rata basis per
Investor redemption request. All COT Notes issued, whether for the current month or the
following months will be pro-rated equally. The board will be reviewing this program monthly.
Tax Impact: Redemption is a taxable event. Capital gains will apply, and the interest income on the
note will be taxable. The COT Notes are not eligible for Registered Deferred Savings Plans such as
RRSPs, TFSAs, etc. Please consult your tax advisor.
Each Unitholder will be provided with the choice to either rescind their redemption or receive a COT
Note. As the REIT expects this managed redemption process to be short term in duration, rescinding the
redemption may be a suitable Investor choice.
Effective immediately, Centurion Asset Management Inc., the asset manager of the REIT, will
reduce its asset management fee to 90 basis points until such time as the REIT ceases the
managed redemption program and resumes normal redemptions.
The REIT is actively pursuing strategic opportunities to work through this higher redemption period,
including sourcing additional liquidity with our banking partners, offering a 2% non-dilutive discount on
new subscriptions, reviewing the potential sale of non-core assets, and the asset manager pledging not
to redeem any units held by them until the redemption queue is cleared.
The REIT will make commercially reasonable efforts to satisfy the notes and bring the limited
redemption program to a close in a timely manner. The REIT will review the program on a monthly basis
and reassess the situation as required.
The REIT’s performance remains positive, as evidenced by our Q2 2025 results and metrics:
- Net Operating Income (“NOI”) rose 4.6% year-over-year to $126.4 million – largely driven by a
5.1% increase in property operating revenues. - Same Store Operating Revenues grew by 4.96%.
- Same Store NOI grew 5.9%, supported by rent growth as well as operational efficiencies.
- Same Store Average Rents in Apartment and Student Housing grew 4.24% and 11.52%,
respectively. - Rents on turnovers have been very positive, especially in the student housing portfolio, which
increased by 25.91%.
Our market outlook for the multi-family sector continues to remain positive. Canada’s rental apartment
market remains strong despite broader economic uncertainty. Long-term fundamentals—population
growth and housing demand—support the sector’s reliability. As rent growth moderates and supply
increases, professionally managed communities, especially those operated by experienced platforms
like Centurion, are positioned to perform well in.
Rents in Canada continue to rise, with in-place growth averaging 4.8% nationally. New lease growth has
slowed, but demand remains strong, especially in mid-sized and major cities where homeownership is
out of reach. More Canadians are renting longer and seeking amenity-rich, professionally managed
communities. Centurion’s focus on service, property upkeep, and Resident experience helps attract and
retain tenants.
Centurion remains committed to transparency, stability, and regular communication with our Investors
and Advisors. These temporary measures are designed to protect the interests of all Unitholders while
ensuring the Trust continues to execute successfully on its strategy.