Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and thank you for joining the Canadian Apartment Property REIT's fourth quarter 2025 results conference call. My name is Claire, and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by 1 on your telephone keypad. If you change your mind, please press star followed by 2 on your telephone keypad. I will now hand over to your host, 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 CAPRI, 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, and good morning, everyone. Joining me this morning is Stephen Koh, our Chief Financial Officer. Let's start in slide four with some key highlights from 2025. This past year, we continued to actively reposition our portfolio, and we met our disposition target by selling more than $400 million of non-core assets in Canada. We also sold $784 million of ancillary interests in Europe. We used a portion of net proceeds to purchase $659 million in well-built, strategically aligned properties which offer low capital investment requirements and high cash returns above our portfolio average. We also continue to capitalize on the public-private market disconnect by spending $294 million on our NCIB program to enhance earnings for unit holders. Operationally, same property occupancies remained healthy at 9...