Canadian Apartment Properties Real Estate Investment Trust

Latest Results (04.04.2026):

Canadian Apartment Properties Real Estate Investment Trust's results for the three months and year ended December 31, 2025 (Q4 2025 and FY2025) show a portfolio reshaped by active transactions, modest same‑property operating growth, and continued capital discipline: Q4 revenue and NOI declined versus Q4 2024 due to dispositions and assets held for sale, but same‑property NOI and margins improved and diluted FFO per unit was slightly higher year‑over‑year. Management highlights a stronger, more focused Canadian portfolio, lower leverage and ongoing liquidity to support operations and future opportunities.

Q4 and FY2025 headline financials

Q4 2025 operating revenues: $243.3M (down from $276.4M Q4 2024); Q4 NOI: $158.1M (vs $177.9M); Q4 net income: $88.4M (vs loss of $48.8M in Q4 2024). FY2025 operating revenues: $1,003.4M (down 9.8% y/y); FY NOI: $653.7M (down 10.5% y/y); FY net income: $197.1M (vs $292.7M). Diluted FFO per unit: $0.632 (Q4) and $2.541 (FY), modest increases versus prior periods.

Same‑property operating performance

Same‑property NOI rose 5.0% in Q4 and 4.7% for FY2025; same‑property NOI margin increased to 64.4% (Q4) and 64.7% (FY), driven by leasing/retention initiatives and lower controllable costs. Canadian same‑property Occupied AMR increased (Canadian portfolio Occupied AMR $1,718 total; same‑property AMR growth ~3.8% y/y) while occupancy remained high in Canada (~97.3%).

Portfolio transactions and disposition program

CAPREIT completed $2.0B gross transaction volume in 2025: Q4 acquisitions of 7 properties (969 suites) for $348.7M and 15 properties YTD (1,891 suites) for $658.6M. Disposed 4,600 suites/sites in 2025 for ~$1.2B (Canada $411.3M; Europe $783.5M). ERES announced sale agreements for four Netherlands properties (410 suites) for ~ $141.4M (some closings expected March–April 2026).

Capital management, repurchases and distribution

NCIB activity: ~2.5M Trust Units repurchased and cancelled in Q4 for $94.1M; ~7.2M YTD for $294.1M. CAPREIT declared a special non‑cash distribution of $0.90 per Trust Unit payable in units (Dec 31, 2025) and consolidated units thereafter. FFO payout ratio was ~61.3% (Q4) and 60.8% (FY).

Balance sheet, liquidity and financing metrics

Total Debt to Gross Book Value 39.3% at Dec 31, 2025 (vs 38.4% a year earlier). Cash and Canadian liquidity ~ $188.2M (cash $6.2M plus $182.0M available capacity on Acquisition & Operating Facility, including a $100M temporary increase maturing April 30, 2026). Weighted average mortgage effective interest rate 3.30% and weighted average mortgage term ~4.4 years; CAPREIT completed $428.6M of financings in 2025 at a 3.57% weighted average rate and 5.3‑year average term. Diluted NAV per unit rose to $56.41 from $55.50.

Operational markets and regional notes

Canadian portfolio: Occupied AMR $1,718 and occupancy ~97.3% (small decline vs prior year); turnover and renewal rent growth moderated (turnover/renewal weighted average +2.6% in Q4, +3.4% FY). Netherlands: Occupied AMR €1,349 and occupancy 90.6% (down from 94.6%), largely because suites are being held vacant to maximize sale values under the ERES disposition program.

Management outlook

Management states the portfolio is better positioned following the sale of non‑core assets, with improved same‑property margins (up ~50 bps FY) and conservative leverage to pursue opportunities. They remain committed to the current strategy until supply‑demand dynamics improve and expect continued focus on leasing, cost control and disciplined capital allocation.