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Canadian Apartment Properties Real Estate Investment Trust
Canadian Apartment Properties Real Estate Investment Trust (CAR-UN) investor relations material
Canadian Apartment Properties Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved over CAD 400 million in non-core Canadian asset sales and CAD 784 million in European dispositions, with total gross transaction volume reaching $2 billion in 2025, and completed $659 million in Canadian acquisitions to reposition the portfolio toward higher-yielding, lower-capex properties and share buybacks.
Repurchased $294 million in Trust Units through the NCIB program, totaling 7.2 million units at an average price of $41 per unit, with over $960 million spent on NCIB since 2022.
Portfolio repositioning resulted in 79% value-add assets, with 68% as core long-term holdings, 19% recently constructed, and ERES now representing just 2% of the portfolio, down from 6%.
Maintained a high Canadian residential occupancy rate of 97.3% and achieved 3.8% growth in average monthly rent (AMR) for 2025.
Portfolio now consists of 45,905 suites/sites with a fair value of $14.7 billion as of December 31, 2025.
Financial highlights
Same-property NOI margin expanded to 64.7% for 2025, up 0.5 percentage points year-over-year, driven by cost controls and procurement improvements.
Same-property operating revenues grew 3.9% year-over-year to $1.00 billion, while operating expenses rose 2.5% and NOI increased 4.7% to $653.7 million.
Diluted FFO per unit increased 1.6% in Q4 to $0.632 and 0.3% for the year to $2.541, with a payout ratio of 60.8%.
Distributions per unit for 2025 were $1.546, up 3.5% year-over-year, and NAV per unit (diluted) increased to $56.41.
Total debt to gross book value at 39.3% as of year-end, with a weighted average mortgage interest rate of 3.3% and 4.5-year average term.
Outlook and guidance
Targeting 2–3% revenue growth for 2026, with renewal rates expected above 2% overall and continued focus on cost controls, leveraging technology and procurement.
Capital recycling to continue opportunistically, with no rush on remaining 11% of portfolio earmarked for disposition.
Management remains committed to Canadian mid-market apartments, maintaining stable value and financial flexibility for future growth.
When will negative mark-to-market leases clear?
What is the acquisition focus for new growth?
Future OpEx savings from procurement/tech initiatives?
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Next Canadian Apartment Properties Real Estate Investment Trust earnings date
Q1 20268 May, 2026
Canadian Apartment Properties Real Estate Investment Trust
Next Canadian Apartment Properties Real Estate Investment Trust earnings date
Q1 20268 May, 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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