From GlobeNewswire: 2025-05-08 17:00:00

Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) reported its financial results for the first quarter of 2025, with a total portfolio of 47,197 suites and sites. Operating revenues were $253.3 million, while Net Operating Income (“NOI”) was $158 million, resulting in an NOI margin of 62.4%. Occupancy for the Canadian residential portfolio was 97.9%.

For the same period, the company’s Funds From Operations (“FFO”) per unit was $0.585, with a payout ratio of 65.4%. Total debt to gross book value was 37.7%, with a weighted average mortgage effective interest rate of 3.16%. Cash and cash equivalents were $118.9 million, with available borrowing capacity of $195.6 million.

CAPREIT’s strategic initiatives included acquiring two properties in Canada and divesting of 1,190 suites across various portfolios. The company also initiated a normal course issuer bid (“NCIB”) and increased monthly distributions. Additionally, CAPREIT announced the sale of 1,446 residential suites in the Netherlands for gross proceeds of approximately $522 million.

The company faced challenges in the first quarter, including increased property operating costs due to repairs, maintenance, and weather-related expenses. Occupied average monthly rent for the Canadian residential portfolio increased by 3.4%, while same property NOI margin decreased to 62.3%. Diluted FFO per unit was down by 3.9% from the prior year.

Looking ahead, CAPREIT remains optimistic about the long-term fundamentals of the residential rental market in Canada. The company continues to focus on improving operational and financial results throughout the remainder of 2025. Additionally, CAPREIT has completed additional acquisitions and dispositions subsequent to March 31, 2025, as part of its ongoing strategic initiatives.



Read more at GlobeNewswire:: CAPREIT Reports First Quarter 2025 Results