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

Canadian Apartment Properties Real Estate Investment Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

Executive summary

  • Achieved $274M in Canadian non-core asset sales and $743M in European dispositions, reinvesting $165M in Canadian acquisitions and $187M in NCIB buybacks.

  • Canadian same property occupancy reached 98.3% with a 5.2% year-over-year increase in average monthly rent.

  • Portfolio repositioning increased new generation Canadian apartments to 16% of total, with European exposure set to drop to 2% post-dispositions.

  • Focused on operational excellence, cost containment, and optimizing rent growth amid market headwinds.

  • Enhanced operational performance through rent optimization and expense control, driving higher occupancy and NOI margin.

Financial highlights

  • Same property operating revenues rose 4.4% to $232.5M, and same property NOI increased 4.9% to $154.1M in Q2 2025.

  • Diluted FFO per unit grew 2.6% to $0.661, while FFO payout ratio was 58.5%.

  • Net income for Q2 2025 was $74.5M, compared to $112.1M in Q2 2024.

  • NAV per unit (diluted) as of June 30, 2025 was $56.14.

  • Total debt to gross book value improved to 38.5% from 41.5% year-over-year.

Outlook and guidance

  • Management expects stable market conditions in the near term, with steady leasing activity and positive outlook as COVID lease turnover subsides.

  • Targeting $400M in Canadian dispositions for 2025, aiming to match with acquisitions as European capital is repatriated.

  • Ongoing NCIB activity is expected to generate further accretion, with $187M invested in unit repurchases year-to-date.

  • Anticipates funding capital expenditures and distributions entirely through FFO in the near term.

  • ERES expects to declare a special distribution to unitholders, subject to completion of pending European asset sales.

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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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