Canadian Apartment Properties Real Estate Investment Trust (CAR-UN) investor relations material

Management and portfolio overview

• Leadership team with over 30 years of experience and long tenures in key executive roles.

• Portfolio includes 44,876 Canadian residential suites and 619 Dutch residential suites as of December 31, 2025.

• High occupancy rate of 97.3% and average monthly rent of $1,718 for Canadian apartments.

• Portfolio fair value stands at $14.7 billion with a weighted average cap rate of 4.5%.

• Net asset value per unit is $56 (diluted), with a market capitalization of $5.8 billion.

Financial and operational performance

• Net operating income margin for the last twelve months is 65.2%.

• Funds from operations payout ratio is 60.8%, and distribution yield is 4.2%.

• Annual FFO per unit increased to $2.54 in 2025, with a total return CAGR of ~10% since IPO.

• Same property occupancy remains resilient at 97.3%, with a 3.8% increase in average monthly rents year-over-year.

• Net operating income grew by 5% year-over-year, with margin improvement to 64.4%.

Market and portfolio dynamics

• Owns less than 1% of the total Canadian rental market; public REITs collectively hold under 3%.

• 76% of suites rent for under $2,000 per month, supporting affordability in major cities.

• Rent-to-income ratios for tenants are lower than market averages in Toronto, Montréal, and Vancouver.

• Portfolio is diversified across major Canadian urban centers, with the largest exposure in Ontario (40%).

• Lease tenure is balanced, with 46% of tenants in their units for less than two years.