Canadian Apartment Properties Real Estate Investment Trust · TSX:CAR.UN
Canadian Apartment Properties Real Estate Investment Trust — Q2 2025 Earnings Presentation
16 slides from Canadian Apartment Properties Real Estate Investment Trust's earnings presentation, Aug 8, 2025
Slide 1: Second Quarter 2025
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Slide 2: Disclaimer
Disclaimer Presentation Overview This presentation and our answers to questions in today’s session may contain forward-looking information within the meaning of applicable securities laws ForwardJooking information may relate to CAPREIT’s future outlook and anticipated events or results. These state
Slide 3: Executive Team
Executive Team Mark Kenney Stephen Co Julian Schonfeldt President & Chief Executive Officer Chief Financial Officer Chief Investment Officer CAPREIT CONFERENCE CALL | Q2 2025
Slide 4: Opening Remarks: Year to Date Highlights
OPENING REMARKS Overview: Year to Date Highlights $274M Non-Core Legacy Suite & Site Sales in Canada $743M Completed or Committed Dispositions in Europe 98.3% Same Property Canadian Residential Occupancy! 5.2% Same Property Canadian Occupied AMR Growth? $165M Strategically Aligned Acquisitions in Ca
Slide 5: Capital Allocation Update
CANADIAN APARTMENT il PROPERTIES * REIT Capital Allocation Update CAPREIT CONFERENCE CALL | Q2 2025
Slide 6: Buying and Selling to Upgrade Quality
INVESTMENT STRATEGY Buying and Selling to Upgrade Quality: Canadian Apartment Portfolio 4 Dispositions - Non-Core Legacy Acquisitions - Recently Constructed $783M = Acquisitions - Core Legacy $681M $670M $501M $304M $165M DEC 31, 2019 ! wy wy my Today -$31M -$143M -$274M 78% “$346M cnosm — -$385M 79
Slide 7: Strategic Portfolio Repositioning
INVESTMENT STRATEGY Strategic Portfolio Repositioning 67% iscacy 16% construcreo NON-CORE LEGACY 22 ¥We.Montreat ‘Sit Peters ‘Chaioteton ANCILLARY CAPREIT CONFERENCE CALL | Q2 2025
Slide 8: Value-Enhancing NCIB Program
INVESTMENT STRATEGY Value-Enhancing NCIB Program Total Activity Since Inception Disposition Proceeds NCIB $853M NCIB Spend $45 Weighted Average Purchase Price Per Unit Total Activity This Year 19.1M NCIB continues to generate meaningful accretion in 2025, with CAPREIT having Units Purchased invested
Slide 9: Second Quarter Update
CANADIAN APARTMENT 1 PROPERTIES + REIT PERFORMANCE OVERVIEW Second Quarter Update CAPREIT CONFERENCE CALL | Q2 2025
Slide 10: Operational Results: AMRs & Occupancies
PERFORMANCE OVERVIEW Operational Results AMRs & Occupancies Total Canadian Residential Portfolio mm Occupied AMR Occupancy 100% = $1650 g G yg 9 5 3 $1,550 2 > 5 2 90% s g $1,450 o 8 S Q £ fe) g q 85% l $1,350 80% $1,250 Jun'22 Sept'22 Dec'22 Mar'23 Jun'23. Sept'23. Dec'23. Mar'24 = Jun'24_— Sept'24
Slide 11: Financial Results: Second Quarter
PERFORMANCE OVERVIEW Financial Results Second Quarter Three Months Ended June 30, 2025 2024 Change (%) Same Property Operating Revenues $232.5M +4.4% Same Property Operating Costs $78.5M +3.3% Same Property Net Operating Income $154.1M +4.9% Same Property Net Operating Income Margin 66.3% +0.4% Fund
Slide 12: Financial Results: Six Months 2025
PERFORMANCE OVERVIEW Financial Results Six Months 2025 +4.4% Same Property Operating Revenues +5.4% Same Property Operating Costs 0.4% Same Property NOI Margin 64.6% Total Portfolio NOI Margin $1.246 FFO per Unit (Diluted) CAPREIT CONFERENCE CALL | Q2 2025 61.8% FFO Payout Ratio
Slide 13: Debt Strategy: Liquidity & Laddered Mortgage Portfolio
PERFORMANCE OVERVIEW Debt Strategy: Liquidity & Laddered Mortgage Portfolio 5 Years 700 ~ 19% 5.0% Weighted average mortgage term to maturity 500 $62M Available on the Acquisition and Operating Facility 100 = i 4.0% Oo e 1% —_ || | _ | ~ ~ a TT _ 7 ~~ 3.0% 6% 4% 2.0% 1.0% 0.0% B 2025 2026 2027 2028
Slide 14: Closing Remarks: Strategically Focused on Cash Flow
Apartment B&C Mondev Portfolio, Montréal Acquired Q4'24 CANADIAN APARTMENT PROPERTIES * REIT CLOSING REMARKS Strategically Focused on Cash Flow CAPREIT CONFERENCE CALL | Q2 2025
Slide 15: The best choice for investors
4 The best choice for investors cll) . . Seeking the strongest returns in our asset class CAPREIT CONFERENCE CALL | Q2 2025 15
Slide 16: Contact Us
CANADIAN APARTMENT 1 PROPERTIES + REIT Contact Us CANADIAN APARTMENT PROPERTIES REIT (CAPREIT) 11 Church Street, Suite 401 Toronto, Ontario, M5E 1W1 +1 416-861-9404 ir@capreit.net www.capreit.ca Mark Kenney President & Chief Executive Officer Stephen Co Julian Schonfeldt Chief Financial Officer Chie
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