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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, redeploying capital into higher-yielding Canadian properties and buybacks.
Completed $659M in Canadian acquisitions and repurchased $294M in Trust Units through the NCIB program, totaling 7.2 million units at an average price of $41 per unit.
Portfolio repositioning resulted in 79% value-add assets, with 68% as core long-term holdings and 19% in recently constructed properties, enhancing resilience and reducing capital needs.
Canadian residential portfolio occupancy held steady at 97.3% as of December 31, 2025, with average rent increasing to CAD 1,750 per month and 3.8% AMR growth.
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 50 bps year-over-year, with same-property NOI growing 4.7% to $579.4 million.
Same-property operating revenues grew 3.9% year-over-year to $1.00 billion, while operating expenses rose 2.5% year-over-year.
Diluted FFO per unit increased 0.3% for the year to $2.541, with a payout ratio of 60.8%.
Net Asset Value per unit (diluted) as of December 31, 2025, was $56.41.
Total debt to gross book value at 39.3% as of year-end, maintaining balance sheet strength.
Outlook and guidance
Targeting 2–3% revenue growth for 2026, with spring leasing season expected to provide clearer direction.
Renewal rates expected to remain above 2%, with Ontario particularly solid due to guidelines.
OpEx growth anticipated to be around inflation, with potential for further cost savings from technology and procurement.
Focus remains on strategic portfolio repositioning, cash flow generation, and disciplined capital allocation.
Management confident in financial flexibility to pursue growth and navigate evolving market conditions.
Quantify yield improvement from portfolio repositioning
Future levers for same property NOI margin growth
Impact of ERES vacancy strategy on portfolio value
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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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One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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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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