Canadian Apartment Properties Real Estate Investment Trust (CAR-UN) Investor presentation summary

Management and portfolio overview

• Leadership team with over 30 years of experience and strong financial expertise.

• Portfolio includes 44,768 Canadian residential suites and 618 Dutch suites, with a 97.1% occupancy rate as of March 31, 2026.

• Average monthly rent for Canadian apartments is $1,732, and the total portfolio fair value is $14.5 billion.

• Net operating income margin for the last twelve months is 65.2%, with a total debt to gross book value ratio of 40.3%.

• Annualized cash distribution is $1.55 per unit, with a distribution yield of 4.2%.

Historical and operational performance

• Monthly cash distributions have increased by 117% since IPO, with a total return CAGR of ~10%.

• FFO per unit reached $2.54 in 2025, and NAV per unit was $54.79 as of March 31, 2026.

• Properties are consistently sold at or above reported fair values, supporting NAV.

• Trust unit buybacks executed at significant discounts to NAV.

• 75% of suites are under $2,000 per month, with a weighted average rent per square foot of $2.1.

Market trends and challenges

• Population growth projected to stabilize at 0.8% annually, below historical averages.

• Housing supply is shifting toward smaller apartments, reducing the number of bedrooms delivered.

• Rising construction costs and development charges are limiting new supply and making replacement costs higher than current market values.

• Home ownership affordability has declined, increasing rental demand and raising the average age of first-time homebuyers.

• CAPREIT rents remain more affordable than market averages in major cities.