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Owns and operates multi-family rental apartment buildings across Canada.
Owns and operates multi-family rental apartment buildings across Canada.
Collects rent on mostly one-year leases. Provincial rent-control rules limit increases on sitting tenants in places such as Ontario, so most of the gain from rising market rents arrives only when a suite turns over and is re-let. Cash from operations is paid out to unit holders as distributions.
Moat: narrow (scale, installed base). Canada's largest residential REIT, giving purchasing/operating scale in a fragmented rental market.
Headquarters: Toronto, Canada · Founded: 1997 · Employees: 847
Size Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $3.45B, the 147th largest of 420 Canada companies the cockpit tracks. Shares closed at C$31.48 on 6 Nov 2026.
Performance Over six months the shares fell 14.2%, against -4.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 7.2% over the last twelve months (peer median +4.8%); the operating margin is 60.8% (peer median 48.1%).
Valuation It trades at 0.58× book value against a peer median of 0.97× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 6.0%; Canadian Apartment Properties Real Estate Investment Trust delivers -1.5%, so the price asks more than the business earns today.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$990M | C$1.00B | C$1.11B | C$1.07B | C$1.01B |
| Revenue growth | — | -10% | +4% | +6% | — |
| Gross profit | C$595M | C$598M | C$663M | C$622M | C$585M |
| EBITDA | C$608M | C$575M | C$657M | C$588M | C$697M |
| Net income | -C$132M | C$197M | C$293M | -C$412M | C$13.6M |
| Free cash flow | C$383M | C$403M | C$453M | C$441M | C$452M |
| Capital expenditure | C$1.68M | C$0 | C$0 | C$0 | C$0 |
| Total debt | C$6.13B | C$6.08B | C$6.04B | C$7.11B | C$7.01B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% |
| Boardwalk Real Estate Investment Trust BEI-UN.TO | $2.21B | -5% | +3% | -1% | 0.66× | 6.0% |
| Killam Apartment REIT KMP-UN.TO | $1.51B | -3% | +5% | 0% | 0.68× | 6.6% |
| Mainstreet Equity MEQ.TO | $1.19B | +1% | +5% | 10% | 0.90× | 7.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CAR-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | +3.3% | 6th lowest of 21 |
| 6-month return | -14.2% | -4.7% | 3rd lowest of 21 |
| Return on equity | -1.5% | 6.1% | 2nd lowest of 21 |
| Price / book | 0.58× | 0.97× | 2nd cheapest of 21 |
| ROE the price implies | 6.0% | 7.5% | 7th least demanding of 21 |
| ROE delivered | -1.5% | 6.0% | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | -5% | 1.03× | 12.1% | -5.0% |
| Daiwa House REIT Investment 8984.T | Japan | $3.15B | -13% | -9% | 5% | 1.01× | 4.4% | 4.9% |
| Japan Hotel Reit Investment 8985.T | Japan | $3.14B | +7% | +15% | 8% | 1.44× | 6.8% | 8.5% |
| CT Real Estate Investment Trust CRT-UN.TO | Canada | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% | 12.9% |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% | 6.5% |