MEET THE TEAM
Executive Team
OPENING REMARKS
Wewiew
Highlights
As at December 31, 2025.
As at December 31, 2025 vs. December 31, 2024.
For the year ended December 31, 2025.
$784M | 97.3% | 3.8% | ||||
Non-Core Dispositions in Canada | Property Dispositions in Europe | Same Property Canadian Residential Occupancy1 | Same Property Canadian Occupied AMR Growth2 | |||
$659M | $294M | 64.7% | 39.3% | |||
Strategically Aligned Acquisitions in Canada | Trust Units Repurchased via NCIB Program | Same Property NOI Margin3 | Total Debt to Gross Book Value Ratio1 | |||
CAPREIT CONFERENCE CALL I Q4 2025 | 4 | |||||
INVESTMENT STRATEGY
HlOCdt1OH
CANADIAN APARTMENT PROPERTIES • REIT
INVESTMENT STRATEGY
in Canadian Non-Core
D1Vestments in
$113 Million sold to non-profit initiatives and organizations, such as the City of Montréal's affordable housing initiative.
International Plaza sold to Nch'iay
" Development Corporation, the economic development group of the Squamish Nation
Note: $411M total includes $9M office disposition and the sale of two MHC properties for an aggregate $25M, not displayed below.
i
Brampton, ON Suites
Price
Orangeville, ON
242 Suites
$74M Price
Edmonton, AB
93 Suites
$30M Price
309
$71M
Montréal, OC Suites
Price
6 North Vancouver, BC 717 Suites
$104M Price
D Charlottetown, PEI
471 Suites
$54M Price
London, ON
138 Suites
$23M Price
Summerside, PEI
59 Suites
$12M Price
56
$9M
CAPREIT CONFERENCE CALL I Q4 2025 7
INVESTMENT STRATEGY
$659M in Canadian Core Investments in 2025
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 | $1OM |
Vancouver, BC | Vancouver, BC | Montréal, QC | West Vancouver, BC | Victoria, BC | |||
Suites | 51 Suites | 41 | Suites | 1O2 Suites | 30 | Suites | 60 |
Price | $35M Price | $18M | Price | $40M Price | $13M | Price | $17M |
Montréal, OC | London, ON | Regina, SK | Vancouver, BC | Vancouver, BC | ||||
Suites 121 | Suites | 162 | Suites | 187 | Suites | 37 | Suites | 35 |
Price $55M | Price | $56M | Price | $41M | Price | $15M | Price | $12M |
CAPREIT CONFERENCE CALL I Q4 2025 |
INVESTMENT STRATEGY
Value-Enhancing
NCIB Program
Disposition
Proceeds
Total Activity Since 2022
$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 million to repurchase 7.2 million Trust Units at a weighted average purchase price of approximately $41 per Unit.
CAPREIT CONFERENCE CALL I Q4 2025
21.9M
Units Purchased
1 As of December 31, 2025.
Net Asset Value Per Unit (DiIuted)1
PERFORMANCE OVERVIEW
CANADIAN APARTMENT PROPERTIES • REIT
PERFORMANCE OVERVIEW
Operational Results Canadian Suite Turnovers
Portfolio Breakdown by Lease Tenurel
30%
25%
Residents in suites for less than two years2
-6.3% 48%
Change in Monthly Rent Portion of Turnovers
Residents in suites for two years or longer2
+16.0% 52%
20O
15%
10% SOO OQO
< 2 years 2-3 years 4-5 years 6-9 years 10+ years
Change in Monthly Rent
Blended total2
+4.2%
Change in Monthly Rent
Portion of Turnovers
CAPREIT CONFERENCE CALL I Q4 2025
As at December 31, 2025.
For the year ended December 31, 2025. 12
As at December 31, 2025
Net Asset Value Per Unit (Diluted)
13
PERFORMANCE OVERVIEW | |||
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 | +5.0OO |
Same Property Net Operating Income Margin | 64.4% | 63.1% | +1.3% |
FFO per Unit (Diluted) | $0.632 | $0.622 | +1.6% |
FFO Payout Ratio | 61.3% | 59.8% | +1.5% |
Distributions per Unit | $0.388 | $0.375 | +3.5% |
Weighted Avg. Units Outstanding (Diluted) (000s) | 157,394 | 167,742 | -6.2% |
CAPREIT CONFERENCE CALL I Q4 2025 | |||
PERFORMANCE OVERVIEW
Financial Results Year End
r3.9% +2.5% +4.7%
Same Property Operating Revenues
Same Property Operating Costs
Same Property NOI
64.7% .541 60.8%
Same Property NOI Margin
FFO per Unit (Diluted)
FFO
Payout Ratio
CAPREIT CONFERENCE CALL I Q4 2025
CLOSING REMARKS
Cash FlOW
CANADIAN APARTMENT PROPERTIES • REIT
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 employee engagement
The best choice for investors
Seeking the strongest returns in our asset class
CAPREIT CONFERENCE CALL I Q4 2025 1B
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Canadian Apartment Properties Real Estate Investment Trust published this content on February 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 13, 2026 at 12:43 UTC.
