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Canadian Apartment Properties Real Estate Investment Trust (CAR-UN) investor relations material
Canadian Apartment Properties Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Disposed of $411M in non-core Canadian properties and $783M in European assets, redeploying proceeds into $366M of high-quality Canadian acquisitions and $200M in NCIB repurchases at a discount to NAV per unit.
Focused on portfolio repositioning, reducing non-core exposure to 11% in Canada and 2% in Europe, and returning to a pure-play Canadian apartment provider.
Maintained strong operational performance with 97.8% occupancy and 4.4% growth in average monthly rent in the Canadian portfolio.
Achieved disciplined execution on strategic, operational, and financial priorities, focusing on free cash flow and earnings growth for unitholders.
NCIB program used to repurchase Trust Units at a discount to NAV, enhancing returns.
Financial highlights
Same property NOI margin expanded to 66.4% in Q3, up 0.8 percentage points year-over-year, with same property NOI up 5.0% to $151.1M.
Diluted FFO per unit increased 0.6% for the quarter to $0.663, with FFO payout ratio at 58.6%.
Operating revenues for Q3 2025 were $252.3M, down 10.7% year-over-year due to asset sales.
Net asset value per unit (diluted) at $56.07 as of September 30, 2025.
Weighted average units outstanding (diluted) decreased 6.4% to 158,731,000.
Outlook and guidance
Expect continued transformation toward a pure-play Canadian apartment REIT, with ongoing capital recycling and disciplined cost management.
Management remains focused on internal optimization, revenue growth, vacancy mitigation, and cost reduction.
Turnover from above-market leases expected to weigh on stats for another 12–18 months, with 3–4% turnover seen as a reasonable bottom before growth resumes.
ERES continues to explore sale of its remaining portfolio, with proceeds expected to be distributed to unitholders after costs.
No specific guidance provided on future capital recycling volumes.
How is NCIB pace balanced with other capital uses?
What is the remaining impact of above-market leases?
What drives the self-sustaining cash flow timeline?
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Next Canadian Apartment Properties Real Estate Investment Trust earnings date
Q4 202513 Feb, 2026
Next Canadian Apartment Properties Real Estate Investment Trust earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Canadian Apartment Properties Real Estate Investment Trust is a real estate investment trust that owns and manages a portfolio of residential rental properties. Its assets include apartment buildings, townhomes, and manufactured home communities located across Canada, with additional holdings in the Netherlands and Ireland. The trust focuses on long-term ownership and property management. Canadian Apartment Properties Real Estate Investment Trust is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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