Canadian Apartment Properties Real Estate Investment Trust · TSX:CAR.UN
Canadian Apartment Properties Real Estate Investment Trust — Q4 2025 Earnings Presentation
19 slides from Canadian Apartment Properties Real Estate Investment Trust's earnings presentation, Feb 13, 2026
Slide 1: Q4 2025 Results Conference Call
MacLaren Edmonton, AB Results Conference Call February 13, 2026 Q4 2025 1
Slide 2: Disclaimer
Disclaimer Presentation Overview Non -IFRS Measures This presentation and our answers to questions in today’s session may contain CAPREIT prepares and releases unaudited condensed consolidated interim financial forward -looking information within the meaning of applicable securities laws. statements
Slide 3: Executive Team
MEET THE TEAM Executive Team Mark Kenney Stephen Co President & Chief Executive Officer Chief Financial Officer CAPREIT CONFERENCE CALL | Q4 2025 3
Slide 4: Overview: 2025 Highlights
OPENING REMARKS Overview: 2025 Highlights 1. As at December 31, 2025. 2. As at December 31, 2025 vs. December 31, 2024. 3. For the year ended December 31, 2025. $411M $784M 97.3% 3.8% Non -Core Dispositions Property Dispositions Same Property Canadian Same Property Canadian in Canada in Europe Resid
Slide 5: Capital Allocation Update
Nell’s Place Vancouver, BC INVESTMENT STRATEGY Capital Allocation Update
Slide 6: Strategic Portfolio Repositioning
INVESTMENT STRATEGY Strategic Portfolio Repositioning Note : Portfolio mix reflects December 31, 2025 IFRS fair values, and is subject to change based on market conditions. 68 % CORE 19% RECENTLY CONSTRUCTED Tower Hill, Toronto Olympic Village, Montreal White Oaks, Oakville MacLaren, Edmonton Grafto
Slide 7: $411M in Canadian Non-Core Divestments in 2025
$113 Million sold to non -profit initiatives and INVESTMENT STRATEGY organizations, such as the City of Montréal’s affordable housing initiative. $411M in Canadian Non -Core International Plaza sold to Nch’ ḵay Development Corporation, the economic development group of the Squamish Nation. Divestmen
Slide 8: $659M in Canadian Core Investments in 2025
INVESTMENT STRATEGY $659M in Canadian Core Investments in 2025 1 2 3 4 5 Edmonton, AB Laval, QC Regina, SK Vancouver, BC Victoria, BC Suites 240 Suites 436 Suites 320 Suites 31 Suites 38 Price $79M Price $178M Price $76M Price $14M Price $10M 6 7 8 9 10 Vancouver, BC Vancouver, BC Montréal, QC West
Slide 9: Value-Enhancing NCIB Program
MacLaren INVESTMENT STRATEGY Edmonton, AB Value -Enhancing NCIB Program Total Activity Since 2022 Disposition NCIB Proceeds $960M $44 NCIB Spend Weighted Average Purchase Price Per Unit Total Activity in 2025 NCIB continued to generate meaningful accretion in 2025, with CAPREIT having invested $294
Slide 10: Fourth Quarter Update
Nell’s Place Vancouver, BC PERFORMANCE OVERVIEW Fourth Quarter Update
Slide 11: Operational Results: AMRs & Occupancies
PERFORMANCE OVERVIEW Operational Results AMRs & Occupancies Total Canadian Residential Portfolio Occupied AMR Occupancy 100% 97.3% $1,750 $1,650 Average Monthly Rents 95% Occupancy Rate $1,550 90% $1,450 85% $1,350 80% $1,250 Dec'22 Mar '23 Jun'23 Sept'23 Dec'23 Mar'24 Jun'24 Sept'24 Dec'24 Mar'25 J
Slide 12: Operational Results: Canadian Suite Turnovers
PERFORMANCE OVERVIEW Residents in suites for l ess than two years 2 Operational Results Canadian Suite Turnovers -6.3% 48% Change in Monthly Rent Portion of Turnovers Portfolio Breakdown by Lease Tenure 1 Residents in suites for two years or longer 2 30% 25% 27% 28% +16.0% 52 % Change in Monthly Ren
Slide 13: Financial Results Fourth Quarter
Sterling Manor PERFORMANCE OVERVIEW Regina, SK Financial Results Fourth Quarter THREE MONTHS ENDED DECEMBER 31, 2025 2024 CHANGE (%) Same Property Operating Revenues $224.4M $218.4M +2.8% Same Property Operating Costs $79.8M $80.6M -1.0% Same Property Net Operating Income $144.6M $137.7M +5.0% Same
Slide 14: Financial Results Year End 2025
Market PERFORMANCE OVERVIEW Laval, QC Financial Results Year End 2025 +3.9% +2.5 % +4.7% Same Property Same Property Same Property Operating Revenues Operating Costs NOI 64.7% $2.541 60.8% Same Property FFO per Unit FFO NOI Margin (Diluted) Payout Ratio CAPREIT CONFERENCE CALL | Q4 2025 14
Slide 15: Canadian Debt Strategy: Liquidity & Laddered Mortgage Profile
PERFORMANCE OVERVIEW Canadian Debt Strategy: Liquidity 4.5Y & Laddered Mortgage Profile Weighted average mortgage term to maturity 700 13% 13% 12% $188M 12% 5.0% 600 11% 11% 10% 4.0% 500 9% Available liquidity in cash & capacity Maturities ($M) on Acquisition & Operating Facility 400 3.0% Rate 6% 30
Slide 16: Strategically Focused on Cash Flow
AVA Montréal, QC CLOSING REMARKS Strategically Focused on Cash Flow
Slide 17: Spending Less, Earning More
Market CASH FLOW STRATEGY Laval, QC Spending Less, Earning More Capex as a Percentage of Net Operating Income 1 Compared to 10 -Year (2015 -2024) Average 60% 54% 50% 46% 40% 37% 30% 20% 10% 0% 1. Consolidated – includes all residential suites in Canada & the Netherlands as well as MHC sites. CAPREIT
Slide 18: Striving to Be the Best Place to Live, Work, and Invest
CLOSING REMARKS Striving to Be the Best Place to Live, Work, and Invest Providing our residents with high quality rentals in welcoming communities Continuously working to ensure our residents love where they live Committed to the career growth of our employees Recognized as an industry leader in emp
Slide 19: Contact Us
Market CANADIAN APARTMENT PROPERTIES REIT (CAPREIT) Laval, QC Contact Us A: 11 Church Street, Suite 401, Toronto, Ontario, M5E 1W1 P: +1 416-861-9404 E: ir@capreit.net W: capreit.ca MARK KENNEY President & Chief Executive Officer STEPHEN CO Chief Financial Officer 19
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