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

Portfolio overview

• 44,845 Canadian residential suites and 615 Dutch suites; Canadian portfolio occupancy 97.5%, average monthly rent $1,738, and fair value $14.4B as of June 30, 2026.

• Total portfolio weighted average cap rate 4.6%; LTM NOI margin 65.1%; debt to gross book value 41.2%; weighted average mortgage effective interest rate 3.4%.

• Monthly cash distributions have risen 117% since the 1997 IPO; total return CAGR was ~10% through Dec. 31, 2025, and 2025 FFO per unit reached $2.54.

• Portfolio mix by IFRS fair value: 68% core, 19% recently constructed, and 13% non-core as of June 30, 2026.

Canadian market

• PBO forecasts population growth flat in 2026 and 0.3% in 2027, then stabilizing near 0.8% annually over the medium term versus a 1.1% historical average.

• Housing starts have shifted toward apartments from larger detached and semi-detached homes; smaller average unit sizes mean fewer bedrooms are being delivered.

• Higher construction and development costs constrain new supply; GTA illustrative required rent to support development was $6.00 per square foot versus ~$4.20 at Strada.

• Canadian suites had a $2.07 weighted average rent per square foot; 74% rented for under $2,000 monthly, and Q2 2026 turnover rent change was +5.4%.

Capital allocation

• Gross strategic transaction volume totaled $6.58B in 2023–2025, including $2.15B in 2025; 2025 activity included $659M in Canadian strategic acquisitions and $386M in non-core apartment dispositions.

• 2025 Canadian non-core divestments included $113M sold to non-profit initiatives and organizations, including Montréal’s affordable housing initiative.

• 2025 Canadian core investments totaled $659M across prime-located, value-add acquisitions; 15 on-strategy acquisitions were closed from 200+ opportunities assessed.

• In 2025, $294M was spent repurchasing 7.2M units at a weighted average $41 per unit; a further $71M was invested in 2026 at an average ~34% discount to NAV per unit.