Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone and welcome to Canadian Department of Properties REIT's first quarter 2025 results conference call. My name is Lydia and I'll be your operator today. After the prepared remarks will be an opportunity to ask questions. If you'd like to participate in the Q&A, you can do so by pressing star followed by one on your telephone keypad. I'll now hand you over to Nicole Dolan, Investor Relations to begin. Please go ahead. Thank you operator and good morning everyone. Before we begin, let me remind everyone that during our conference call this morning, we may include forward-looking statements about expected future events and the financial and operating results of CAPRE, which are subject to certain risks and uncertainties. We direct your attention to slide two and our other regulatory filings for important information about these statements. I will now turn the call over to Mark Kenney, President and CEO. Thanks, Nicole. Good morning, everyone. Joining me this morning is Stephen Coe, our Chief Financial Officer, and Julian Schoenfeld, our Chief Investment Officer. Let's start on slide four, where we summarize some of the key performance highlights here today. You will see that we've completed $265 million in non-core Canadian dispositions, and we closed on an additional $135 million of property sales in Europe so far in 2025. at prices that are at or above previously reported IFRS fair values at the time of negotiation. We've reinvested $137 million of net sale proceeds into the acquisition of recently constructed mid-market rental properties at prices that are meaningfully below replacement costs. We've also spent a further $88 million on our value-enhancing NCIB program to buy back CAPREIT's trust units at a weighted average purchase price of approximately $...