C 
Canadian Apartment Properties Real Estate Investment Trust CAR.UN.TO · CAD
Real Estate · Toronto Stock Exchange · 🇨🇦 Canada
31.06
-1.33%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$1.00bn
FY2016FY2025
Net income
C$197.1m
FY2016FY2025
Free cash flow
C$566.1m
FY2016FY2025
Shareholders' equity
C$8.76bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$1.00bn | C$1.11bn | C$1.07bn | C$1.01bn | C$933.1m | C$882.6m | C$780.8m | C$688.6m | C$638.8m | C$596.8m |
| Gross profit | C$653.7m | C$730.7m | C$692.8m | C$650.4m | C$610.0m | C$578.2m | C$508.2m | C$439.1m | C$393.3m | C$366.9m |
| Operating income | C$588.2m | C$666.0m | C$612.1m | C$588.4m | C$539.0m | C$522.8m | C$442.1m | C$359.9m | C$330.1m | C$310.7m |
| Net income | C$197.1m | C$292.7m | −C$411.6m | C$13.6m | C$1.39bn | C$925.9m | C$1.20bn | C$1.22bn | C$836.8m | C$439.5m |
| Diluted earnings per share | 1.23 | 1.73 | -2.49 | 0.08 | 8.03 | 5.39 | 7.51 | 8.45 | 6.07 | 3.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$15.13bn | C$15.58bn | C$16.97bn | C$17.74bn | C$17.71bn | C$15.50bn | C$13.94bn | C$10.84bn | C$9.19bn | C$7.89bn |
| Cash and short-term investments | C$41.8m | C$146.8m | C$35.2m | C$51.7m | C$73.4m | C$122.0m | C$477.0m | C$26.0m | C$24.0m | — |
| Total liabilities | C$6.37bn | C$6.55bn | C$7.69bn | C$7.74bn | C$7.31bn | C$6.22bn | C$5.53bn | C$4.53bn | C$4.26bn | C$3.73bn |
| Debt | C$6.05bn | C$6.11bn | C$7.19bn | C$7.09bn | C$6.56bn | C$5.57bn | C$4.89bn | C$4.30bn | C$4.03bn | C$3.52bn |
| Shareholders' equity | C$8.76bn | C$9.03bn | C$9.28bn | C$10.00bn | C$10.40bn | C$9.27bn | C$8.40bn | C$6.32bn | C$4.92bn | C$4.16bn |
| Shares outstanding | 160m | 169m | 166m | 171m | 174m | 172m | 159m | 144m | 138m | 133m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$568.8m | C$648.8m | C$615.9m | C$598.0m | C$551.4m | C$481.4m | C$458.6m | C$429.0m | C$358.9m | C$357.4m |
| Capital spending | −C$2.7m | −C$3.2m | −C$4.2m | — | — | — | — | — | — | — |
| Free cash flow | C$566.1m | C$645.6m | C$611.8m | C$598.0m | C$551.4m | C$481.4m | C$458.6m | C$429.0m | C$358.9m | C$357.4m |
| Dividends paid | −C$239.0m | −C$240.0m | −C$234.1m | −C$219.8m | −C$177.8m | −C$180.1m | −C$150.5m | −C$134.9m | −C$120.7m | −C$109.4m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$243.3m | C$252.3m | C$254.4m | C$253.3m | C$276.4m | C$282.4m | C$278.1m | C$275.8m |
| Gross profit | C$158.1m | C$167.8m | C$169.8m | C$158.0m | C$177.9m | C$189.4m | C$186.3m | C$177.0m |
| Operating income | C$142.7m | C$152.4m | C$152.5m | C$136.6m | C$159.8m | C$169.4m | C$168.1m | C$162.2m |
| Net income | C$88.4m | C$26.2m | C$74.5m | C$8.0m | −C$48.8m | C$47.4m | C$112.1m | C$182.1m |
| Diluted earnings per share | 0.56 | 0.17 | 0.46 | 0.05 | -0.29 | 0.28 | 0.66 | 1.07 |
| Cash from operations | C$174.0m | C$136.0m | C$134.0m | C$122.0m | C$181.0m | C$166.0m | C$155.0m | C$144.0m |
| Capital spending | — | — | — | — | — | — | −C$1.0m | — |
| Free cash flow | — | — | — | — | — | — | C$154.0m | — |
| Total assets | C$15.13bn | C$14.87bn | C$15.36bn | C$15.32bn | C$15.58bn | C$17.17bn | C$17.13bn | C$17.11bn |
| Cash and short-term investments | C$41.8m | C$112.3m | C$39.5m | C$129.0m | C$146.8m | C$34.7m | C$80.3m | C$163.6m |
| Debt | C$5.27bn | C$4.90bn | C$5.35bn | C$5.38bn | C$5.46bn | C$6.59bn | C$6.48bn | C$6.44bn |
| Shareholders' equity | C$8.76bn | C$8.83bn | C$8.88bn | C$8.99bn | C$9.03bn | C$9.45bn | C$9.43bn | C$9.37bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.1% | 2.6% | 6.5% |
| Operating income | -0.0% | 2.4% | 7.5% |
| Net income | 143.6% | -26.6% | -5.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 65.4% | 65.1% | 65.2% | 64.3% |
| Operating margin | 59.3% | 58.6% | 58.6% | 56.7% |
| Net margin | 23.1% | 2.2% | 40.1% | 69.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 29.9 | 24.6 | -19.6 | — | 7.5 | 9.3 | 7.1 | 5.3 | 6.2 | 9.5 |
| Price to sales | 5.9 | 6.5 | 7.6 | 7.2 | 11.2 | 9.7 | 10.8 | 9.3 | 8.1 | 7.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 28 years. Last went ex-dividend on 29 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.162 | 1.546 | 3.09 | 2.023 | 1.45 | 1.53 | 1.38 | 1.372 |
- 1.028-for-1 split · 31 Dec 2024
- 1.01-for-1 split · 28 Dec 2023
- 1.009-for-1 split · 29 Dec 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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