Canadian Apartment (TSE:CAR.UN)
TSX:CAR.UN
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Canadian Apartment
(TSX:CAR.UN)
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Rating:54Neutral
Price Target:
C$36.00
▼(-4.94% Downside)
Action:Reiterated
Date:05/09/26
The score is held up by steady margins, positive cash flow, and a solid dividend yield, but is pulled down by a sharp TTM revenue drop and volatile earnings/ROE. Technically, the stock shows weak momentum (below key moving averages with negative MACD), which further pressures the overall rating.
Positive Factors
Recurring rental income model
CAPREIT’s core rental business produces predictable monthly cash inflows from suites and ancillary services. That repeatable revenue base supports steady operating cash, underpins distributions, and enables long‑term value creation via re‑leasing, selective capex, acquisitions and capital recycling.
Negative Factors
Sharp TTM revenue decline
A roughly 54% TTM revenue drop materially reduces scale and predictability of top-line cash generation. Sustained lower revenue weakens NOI growth potential, limits economies of scale, and increases pressure on covering fixed operating and financing costs, challenging distribution and reinvestment plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income model
CAPREIT’s core rental business produces predictable monthly cash inflows from suites and ancillary services. That repeatable revenue base supports steady operating cash, underpins distributions, and enables long‑term value creation via re‑leasing, selective capex, acquisitions and capital recycling.
Read all positive factors
Canadian Apartment (CAR.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.39B
Dividend Yield4.2%
Average Volume (3M)445.85K
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue Growth-8.46%
EPS Growth-97.03%
CountryCA
Employees1,076
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.03
Shares Outstanding153,215,600
10 Day Avg. Volume421,437
30 Day Avg. Volume445,852
Financial Highlights & Ratios
PEG Ratio-1.04
Price to Book (P/B)0.67
Price to Sales (P/S)5.85
P/FCF Ratio17.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$45.75Price Target Upside20.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.63
Revenue Forecast (FY)C$995.49M
Canadian Apartment Business Overview & Revenue Model
Company Description
CAPREIT is one of Canada's largest real estate investment trusts. CAPREIT owns approximately 57,000 suites, including townhomes and manufactured housing sites, in Canada and, indirectly through its investment in ERES, approximately 5,800 suites in...
How the Company Makes Money
CAPREIT primarily makes money by generating recurring rental income from its residential portfolio. Its core revenue stream is monthly rent paid by tenants for apartment suites, with additional property-level revenue coming from ancillary charges ...
Canadian Apartment Earnings Call Summary
Earnings Call Date:Nov 07, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The earnings call reflects strong operational and financial performance, characterized by high occupancy rates, rent growth, and effective capital recycling strategies. Despite increased interest expenses and maintenance costs, the company demonstrated robust financial strength and a strategic focus on optimizing their portfolio. Overall, the sentiment is positive with a clear emphasis on growth and stability.Positive Updates
High Occupancy and Rent Growth
Occupancy remained high at 98%, with average rent at $1,617 per month. Rent growth drove a 5.2% increase in total portfolio operating revenues.
Negative Updates
Higher Interest Expenses
Higher interest expenses partially offset the healthy organic growth achieved in the quarter.
Read all updates
Q3-2024 Updates
Positive
Negative
High Occupancy and Rent Growth
Occupancy remained high at 98%, with average rent at $1,617 per month. Rent growth drove a 5.2% increase in total portfolio operating revenues.
Read all positive updates
Company Guidance
During the Canadian Apartment Properties REIT (CAPREIT) Q3 2024 earnings call, a robust set of metrics highlighted significant operational and strategic achievements. CAPREIT reported a high occupancy rate of 98% with an average rent of $1,617 per month. Rent growth led to a 5.2% increase in total portfolio operating revenues, with a 6.1% rise in NOI, expanding the margin by 60 basis points to 67.1%. Despite higher repairs and maintenance costs, diluted FFO per unit increased by 3.3% to $0.659 for the quarter. Over the first nine months, rent growth was 6.4%, and diluted FFO per unit rose by 6.5%, maintaining a conservative payout ratio of 57.3%. CAPREIT's strategic repositioning involved $1 billion in Canadian rental property transactions and $219 million in European property sales, with further dispositions planned, including a $740 million MHC portfolio sale set for closing in Q4 2024. The company's total debt to gross book value ratio improved to 40.9%, and a strategic CapEx program reduced capital spend by 7% year-over-year, enhancing cash flow generation.Canadian Apartment Financial Statement Overview
Summary
Income Statement
55
Neutral
Balance Sheet
62
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 997.95M | 1.00B | 1.11B | 1.07B | 1.01B | 933.14M |
| Gross Profit | 593.40M | 591.63M | 672.03M | 630.41M | 592.44M | 609.99M |
| EBITDA | 282.94M | 411.95M | 552.38M | 587.78M | 697.07M | 541.37M |
| Net Income | 6.61M | 197.05M | 292.74M | -411.57M | 13.64M | 1.39B |
Balance Sheet | ||||||
| Total Assets | 14.91B | 15.13B | 15.58B | 16.97B | 17.74B | 17.71B |
| Cash, Cash Equivalents and Short-Term Investments | 70.78M | 51.74M | 146.76M | 35.22M | 51.68M | 73.41M |
| Total Debt | 6.15B | 6.11B | 6.04B | 7.11B | 7.01B | 6.46B |
| Total Liabilities | 6.42B | 6.37B | 6.55B | 7.69B | 7.74B | 7.31B |
| Stockholders Equity | 8.49B | 8.76B | 9.03B | 9.28B | 10.00B | 10.40B |
Cash Flow | ||||||
| Free Cash Flow | 240.38M | 327.24M | 399.04M | 308.09M | 261.56M | 252.01M |
| Operating Cash Flow | 481.72M | 568.82M | 648.85M | 615.92M | 598.03M | 551.43M |
| Investing Cash Flow | 200.87M | 441.70M | 1.74B | -138.47M | -502.97M | -1.11B |
| Financing Cash Flow | -757.53M | -1.11B | -2.29B | -495.23M | -132.32M | 512.50M |
Canadian Apartment Technical Analysis
Neutral
37.87
Price Trends
35.81
Negative
36.75
Negative
37.20
Negative
Market Momentum
-0.60
Positive
44.66
Neutral
56.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CAR.UN, the sentiment is Neutral. The current price of 37.87 is above the 20-day moving average (MA) of 35.35, above the 50-day MA of 35.81, and above the 200-day MA of 37.20, indicating a bearish trend. The MACD of -0.60 indicates Positive momentum. The RSI at 44.66 is Neutral, neither overbought nor oversold. The STOCH value of 56.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:CAR.UN.
Canadian Apartment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | C$2.21B | 9.91 | -0.71% | 4.42% | 4.79% | -103.92% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$871.73M | 5.86 | 5.11% | 4.41% | 0.32% | -7.66% | |
59 Neutral | C$1.83B | -114.62 | 0.20% | 3.01% | >-0.01% | ― | |
54 Neutral | C$5.39B | -7.56 | 0.08% | 4.20% | -8.46% | -97.03% | |
52 Neutral | C$640.35M | -2.70 | -39.64% | 3.87% | -0.32% | -340.85% |
* Real Estate Sector Average
TSE:CAR.UN
Canadian Apartment
34.79
-4.03
-10.38%
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Canadian Apartment Corporate Events
Business Operations and StrategyDividends
CAPREIT Declares April 2026 Monthly Distribution
Positive
Apr 15, 2026
Canadian Apartment Properties Real Estate Investment Trust, the country’s largest publicly traded rental housing provider, owns roughly 45,500 residential units in Canada and the Netherlands with a portfolio valued at about $14.7 billion as ...
Business Operations and StrategyDividends
CAPREIT Declares March 2026 Monthly Distribution
Positive
Mar 17, 2026
Canadian Apartment Properties Real Estate Investment Trust has declared a monthly cash distribution of $0.12917 per unit for March 2026, equivalent to $1.55 on an annualized basis. The payout will be made on April 15, 2026 to unitholders of record...
Business Operations and StrategyM&A Transactions
CAPREIT to Take European Residential REIT Private in $441 Million Cash Deal
Positive
Mar 3, 2026
European Residential Real Estate Investment Trust has agreed to a going-private transaction in which an affiliate of Canadian Apartment Properties REIT will acquire all ERES units it does not already own for $1.19 per unit in cash, valuing ERES at...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
CAPREIT Trims Portfolio but Lifts Per-Unit Metrics in 2025
Positive
Feb 12, 2026
Canadian Apartment Properties REIT reported 2025 results showing a smaller portfolio but stronger unit economics, as it completed about $2 billion of non-core divestments and sharpened its strategic focus on Canadian mid-market apartments. Investm...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.