TORONTO, Aug. 07, 2025 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX: CAR.UN) announced today its operating and financial results for the three and six months ended June 30, 2025. Management will host a conference call to discuss the financial results on Friday, August 8, 2025 at 9:00 a.m. ET.
HIGHLIGHTS
| As at | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| Total Portfolio Performance and Other Measures | ||||||||||
| Number of suites and sites(1) | 46,924 | 48,696 | 64,155 | |||||||
| Investment properties fair value(2)(000s) | $ | 14,481,143 | $ | 14,868,362 | $ | 16,600,604 | ||||
| Assets held for sale (000s) | $ | 586,738 | $ | 307,460 | $ | 221,007 | ||||
| Occupied AMR(1)(3) | ||||||||||
| Canadian Residential Portfolio(4) | $ | 1,693 | $ | 1,636 | $ | 1,577 | ||||
| The Netherlands Residential Portfolio | € | 1,245 | € | 1,222 | € | 1,072 | ||||
| Occupancy(1) | ||||||||||
| Canadian Residential Portfolio(4) | 98.3 | % | 97.5 | % | 98.2 | % | ||||
| The Netherlands Residential Portfolio | 91.0 | % | 94.6 | % | 97.7 | % | ||||
| Total Portfolio(5) | 97.9 | % | 97.2 | % | 97.7 | % | ||||
(1) As at June 30, 2025, includes 1,556 suites classified as assets held for sale in Europe (December 31, 2024 – 1,803 suites and sites in Canada and Europe, June 30, 2024 – 816 suites in Canada and Europe), but excludes commercial suites.
(2) Investment properties exclude assets held for sale.
(3) Occupied average monthly rent (“Occupied AMR”) is defined as actual residential rents divided by the total number of occupied suites or sites in the property, and does not include revenues from parking, laundry or other sources.
(4) Excludes manufactured home communities (“MHC”) sites.
(5) Includes MHC sites, as applicable.
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Financial Performance | |||||||||||||
| Operating revenues (000s) | $ | 254,434 | $ | 278,126 | $ | 507,745 | $ | 553,942 | |||||
| Net operating income (“NOI”) (000s) | $ | 169,802 | $ | 186,281 | $ | 327,821 | $ | 363,330 | |||||
| NOI margin | 66.7 | % | 67.0 | % | 64.6 | % | 65.6 | % | |||||
| Same property NOI (000s) | $ | 154,076 | $ | 146,858 | $ | 296,960 | $ | 286,075 | |||||
| Same property NOI margin | 66.3 | % | 65.9 | % | 64.0 | % | 64.4 | % | |||||
| Net income (000s) | $ | 74,475 | $ | 112,072 | $ | 82,460 | $ | 294,185 | |||||
| Funds From Operations (“FFO”) per unit – diluted(1) | $ | 0.661 | $ | 0.644 | $ | 1.246 | $ | 1.253 | |||||
| Distributions per unit | $ | 0.388 | $ | 0.363 | $ | 0.771 | $ | 0.725 | |||||
| FFO payout ratio(1) | 58.5 | % | 56.2 | % | 61.8 | % | 57.8 | % | |||||
(1) These measures are not defined by International Financial Reporting Standards (“IFRS”), do not have standard meanings and may not be comparable with other industries or companies. Please refer to the cautionary statements under the heading “Non-IFRS Measures” and the reconciliations provided in this press release.
| As at | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| Financing Metrics and Liquidity | ||||||||||
| Total debt to gross book value(1) | 38.5 | % | 38.4 | % | 41.5 | % | ||||
| Weighted average mortgage effective interest rate(2) | 3.17 | % | 3.11 | % | 2.91 | % | ||||
| Weighted average mortgage term (years)(2) | 4.5 | 4.8 | 4.7 | |||||||
| Debt service coverage ratio (times)(1)(3) | 1.9 | x | 1.9 | x | 1.8 | x | ||||
| Interest coverage ratio (times)(1)(3) | 3.3 | x | 3.3 | x | 3.3 | x | ||||
| Cash and cash equivalents (000s)(4) | $ | 28,639 | $ | 136,243 | $ | 78,238 | ||||
| Available borrowing capacity – Acquisition and Operating Facility (000s)(5) | $ | 61,919 | $ | 500,292 | $ | 400,938 | ||||
| Capital | ||||||||||
| Unitholders’ equity (000s) | $ | 8,879,025 | $ | 9,027,312 | $ | 9,431,748 | ||||
| Net asset value (“NAV”) (000s)(1) | $ | 8,935,968 | $ | 9,042,068 | $ | 9,334,521 | ||||
| Total number of units – diluted (000s)(6) | 159,168 | 162,927 | 169,562 | |||||||
| NAV per unit – diluted(1) | $ | 56.14 | $ | 55.50 | $ | 55.05 | ||||
(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies. Please refer to the cautionary statements under the heading “Non-IFRS Measures” and the reconciliations provided in this press release.
(2) Excludes liabilities related to assets held for sale, as applicable.
(3) Based on the trailing four quarters.
(4) Consists of $11,709 and $16,930 in Canada and Europe, respectively (December 31, 2024 – $122,941 and $13,302, respectively, June 30, 2024 – $7,558 and $70,680, respectively).
(5) Excludes an accordion option of $400,000 (December 31, 2024 – $200,000, June 30, 2024 – $200,000).
(6) Consists of Trust Units, which are classified as Unitholders’ Equity, as well as Exchangeable LP Units, deferred units (“DUs”), restricted unit rights (“RURs”) and performance unit rights (“PURs”), which are classified as liabilities.
“I’m proud of CAPREIT’s performance during the second quarter of 2025, as we’ve made good progress across each of our organizational objectives, as shown in our results,” commented Mark Kenney, President and Chief Executive Officer. “We’re continuing to execute on our strategy of high grading the quality of our Canadian portfolio, improving its operational performance, investing in our value-enhancing NCIB, and all while remaining focused on free cash flow, and this has resulted in strong growth in earnings for our Unitholders.”
“So far this year, we’ve sold $274 million of non-core, under-performing Canadian assets with the lowest cash returns, and we’ve completed or committed to $743 million in European dispositions, bringing us much closer to our vision of returning to a pure play Canadian apartment REIT,” continued Mr. Kenney. “We’ve reinvested $165 million of the net proceeds into the acquisition of well-located, high-performing, low-CAPEX properties in Canada, and we’ve invested $187 million into Trust Unit buybacks at an average 24% discount to our NAV.”
“We’ve also been extremely focused internally on improving our operational performance, especially given some short-term headwinds,” added Stephen Co, Chief Financial Officer. “As a result of having recalibrated our rent optimization and vacancy mitigation strategies over the past few months in response to evolving market dynamics, we’re pleased to report that for our same property residential portfolio in Canada, occupancies are up to 98.3% as of June 30, 2025, and Occupied AMR grew by 5.2% since the comparative period.”
“We’ve made meaningful strides on the expense side as well, having taken proactive steps to contain and reduce controllable expenditures in all areas of the business,” Mr. Co continued. “These operational improvements drove the expansion of our same property NOI margin by 40 basis points to 66.3% for the three months ended June 30, 2025. Combined with the positive effects of our capital allocation efforts, particularly our accretive Trust Unit repurchases under the NCIB program, diluted FFO per Unit was up by 2.6% to $0.661 in the current period, and our balance sheet remains strong with leverage at 38.5% as of quarter end, down considerably from 41.5% on June 30, 2024.”
“As evidenced by these results, our strategy is working,” continued Mr. Kenney. “We’re looking forward to making further progress on our objectives, all of which work together to boost the generation of cash flow and ultimately bring us closer to funding capital expenditures and distributions entirely through our FFO. We’re well on our way to achieving that in the near term, and we’ve never had a better team in place to make it happen.”
SUMMARY OF Q2 2025 RESULTS OF OPERATIONS
Strategic Initiatives Update
- For the three months ended June 30, 2025, CAPREIT acquired two properties with 139 suites in Canada for a total gross purchase price of $54.5 million (excluding transaction costs and other adjustments). For the six months ended June 30, 2025, CAPREIT acquired four properties with 420 suites in Canada for a total gross purchase price of $152.1 million (excluding transaction costs and other adjustments).
- For the three months ended June 30, 2025, CAPREIT disposed of 357 sites in the last remaining MHC property located in Moncton, New Brunswick; a non-core residential property with 56 suites located in Summerside, Prince Edward Island and two single residential suites located in the Netherlands. The gross sale price was $23.1 million, consisting of $21.7 million in Canada and $1.4 million in Europe (excluding transaction costs and other adjustments). For the six months ended June 30, 2025, CAPREIT disposed of 2,196 suites and sites for a total gross sale price of $411.0 million, consisting of $274.3 million in Canada and $136.7 million in Europe (excluding transaction costs and other adjustments). CAPREIT is currently targeting the disposition of approximately $400 million of non-core Canadian properties in 2025.
- On April 2, 2025, CAPREIT announced that a subsidiary of European Residential Real Estate Investment Trust (“ERES”) has entered into an agreement to sell entities owning 1,446 residential suites in the Netherlands for gross proceeds, net of estimated adjustments, of approximately $522.0 million. Subject to the satisfaction of closing conditions, the announced disposition is expected to close on September 15, 2025. ERES also entered into several agreements to sell its German commercial property and one of its residential properties in the Netherlands for total gross proceeds of approximately $45.4 million. The sales are expected to close in the third quarter of 2025. There can be no assurance that all requirements for closing will be obtained, satisfied or waived.
- Subject to the completion of certain pending dispositions in accordance with the terms and timing disclosed, ERES has announced an intention to declare a special distribution to unitholders of ERES of an estimated €0.90 per ERES Unit and ERES Class B LP Unit, payable in cash in September 2025. The ERES special distribution has not yet been declared and there can be no assurance as to the timing or quantum of such a distribution. ERES also announced its intention to cease its regular monthly cash distributions. Subject to completion of the pending dispositions, the anticipated final ERES regular monthly distribution is to be declared in August 2025, with payment in September 2025. Please refer to ERES’s press release dated July 31, 2025 for more information.
- Furthermore, as previously announced, ERES has launched a sale process for all or a portion of the balance of the ERES portfolio. There can be no assurance that this process will result in the successful completion of the sale of any portion of the remaining portfolio or that such sales will be completed at, or above, reported IFRS fair value. It is anticipated that the proceeds of any such sales will be distributed to unitholders of ERES after deducting transaction expenses, taxes, wind-up costs and other costs and expenses, which could be significant.
- On May 15, 2025, CAPREIT filed a base shelf prospectus and a prospectus supplement to renew its at-the-market program (“ATM Program”) that allows CAPREIT, at its sole discretion, to issue Trust Units up to an aggregate sale price of $300 million from treasury to the public from time to time, directly on the TSX or on other marketplaces on which the Trust Units are listed or quoted in Canada or where the Trust Units are traded in Canada, at prevailing market prices. The ATM Program will be valid until June 15, 2027 unless terminated prior to such date. CAPREIT’s previous ATM program, which commenced on February 22, 2024, ceased upon the establishment of the renewed ATM Program. During the three and six months ended June 30, 2025, no Trust Units were issued under the ATM Program.
- During the three months ended June 30, 2025, CAPREIT purchased and cancelled approximately 3.4 million Trust Units, under the Normal Course Issuer Bid (“NCIB”) program, at a weighted average purchase price of $42.43 per Trust Unit, for a total cost of $146.4 million (excluding the federal 2% tax on repurchases of Trust Units). During the six months ended June 30, 2025, CAPREIT purchased and cancelled approximately 4.0 million of Trust Units, under the NCIB program, at a weighted average purchase price of $42.49 per Trust Unit, for a total cost of $171.9 million (excluding the federal 2% tax on repurchases of Trust Units).
Operating Results
- On turnovers and renewals, monthly residential rents for the three and six months ended June 30, 2025 increased by 3.8% and 3.5%, respectively, for the Canadian residential portfolio, compared to 7.5% and 5.0%, respectively, for the three and six months ended June 30, 2024.
- Same Property Occupied AMR for the Canadian residential portfolio as at June 30, 2025 increased by 5.2% compared to June 30, 2024, while same property occupancy for the Canadian residential portfolio increased to 98.3% (June 30, 2024 – 98.2%).
- NOI for the same property portfolio increased by 4.9% and 3.8%, respectively, for the three and six months ended June 30, 2025, compared to the same periods last year. Additionally, NOI margin for the same property portfolio increased to 66.3%, up 0.4%, for the three months ended June 30, 2025, and decreased to 64.0%, down 0.4%, for the six months ended June 30, 2025, compared to the same periods last year.
- Diluted FFO per unit was up 2.6% for the three months ended June 30, 2025 compared to the same periods last year, primarily due the impact of Trust Units purchased and cancelled through the NCIB program and lower interest expense on credit facilities payable and mortgages payable, partially offset by the lost NOI from disposed properties. Diluted FFO per unit was down 0.6% for the six months ended June 30, 2025 compared to the same period last year, primarily due to lost NOI from disposed properties, partially offset by lower interest expense on credit facilities payable and mortgages payable and by the impact of Trust Units purchased and cancelled through the NCIB program.
Balance Sheet Highlights
- As at June 30, 2025, CAPREIT’s financial position remains strong, with approximately $73.6 million of available Canadian liquidity, comprising $11.7 million of Canadian cash and cash equivalents and $61.9 million of available capacity on its Acquisition and Operating Facility, excluding the $400 million accordion option.
- To date, CAPREIT completed financings totalling $93.9 million, with a weighted average term to maturity of 5.0 years and a weighted average interest rate of 3.60% per annum.
- For the six months ended June 30, 2025, the overall carrying value of investment properties (excluding assets held for sale) decreased by $387.2 million primarily due to transfers to assets held for sale of $586.7 million, dispositions of $102.0 million and fair value loss of $40.8 million, partially offset by acquisitions of $155.4 million, property capital investments of $104.3 million and foreign currency translation adjustment of $82.6 million.
- Diluted NAV per unit as at June 30, 2025 increased to $56.14 from $55.56 as at March 31, 2025 primarily due to the effects of accretive purchases of Trust Units for cancellation through the NCIB program.
Subsequent Events
- On July 10, 2025, CAPREIT acquired an additional 30 suites in Canada for a total gross purchase price of $13.0 million (excluding transaction costs and other adjustments).
- On July 31, 2025, CAPREIT disposed of a Belgian commercial property for a total gross sale price of $38.8 million (excluding transaction costs and other adjustments).
- Effective February 28, 2025, CAPREIT amended the maximum borrowing capacity on its Acquisition and Operating Facility from $600 million to $200 million in an effort to actively manage capital and reduce financing fees. On July 9, 2025, CAPREIT received approval from its lender to temporarily increase the maximum borrowing capacity on the Acquisition and Operating Facility from $200 million to $400 million until September 30, 2025 (inclusive). CAPREIT strategically increased the borrowing capacity temporarily to fund acquisitions, capital investments, and other general trust purposes in anticipation of proceeds in the third quarter of 2025 from the anticipated special distribution from ERES that was first announced on April 2, 2025.
- Subsequent to June 30, 2025, CAPREIT purchased and cancelled approximately 0.3 million Trust Units under the 2025-2026 NCIB, at a weighted average purchase price of $44.50 per Trust Unit, for a total cost of $15.3 million (excluding the federal 2% tax on repurchases of Trust Units).
OPERATIONAL AND FINANCIAL RESULTS
Portfolio Occupied Average Monthly Rents
| Total Portfolio | Same Property Portfolio(1) | |||||||||||
| As at June 30, | 2025 |
2024 |
2025 |
2024 |
||||||||
| Occupied AMR | Occ. % | Occupied AMR | Occ. % | Occupied AMR | Occ. % | Occupied AMR | Occ. % | |||||
| Total Canadian residential suites | $ | 1,693 | 98.3 | $ | 1,577 | 98.2 | $ | 1,674 | 98.3 | $ | 1,592 | 98.2 |
| The Netherlands residential portfolio | € | 1,245 | 91.0 | € | 1,072 | 97.7 | € | 1,303 | 92.9 | € | 1,220 | 98.2 |
| Total portfolio | 97.9 | 97.7 | 98.2 | 98.2 | ||||||||
(1) Same property Occupied AMR and occupancy include all properties held as at June 30, 2024, but exclude properties disposed of or held for sale as at June 30, 2025.
The rate of growth in total portfolio Occupied AMR has been primarily driven by (i) new acquisitions completed over the past 12 months; and (ii) same property operational growth. The rate of growth in same property Occupied AMR has been primarily due to (i) rental increases on turnover in the rental markets of most provinces across the Canadian portfolio; and (ii) rental increases on renewals.
Occupancy for the total portfolio as at June 30, 2025 increased by 0.2% to 97.9% compared to June 30, 2024. Occupancy for the total Canadian residential portfolio as at June 30, 2025 increased by 0.1% to 98.3% compared to June 30, 2024. Occupancy for the Netherlands total portfolio as at June 30, 2025 decreased by 6.7% to 91.0% compared to June 30, 2024, predominantly related to suites held vacant for dispositions.
The weighted average gross rent per square foot for total Canadian residential suites was approximately $2.03 as at June 30, 2025, increased from $1.86 as at June 30, 2024.
Canadian Residential Portfolio
| For the Three Months Ended June 30, | 2025 | 2024 | ||
| Change in Monthly Rent | Turnovers and Renewals of Suites(1) | Change in Monthly Rent | Turnovers and Renewals of Suites(1) | |
| % | % | % | % | |
| Suite turnovers | 4.6 | 5.1 | 21.3 | 3.4 |
| Lease renewals | 3.5 | 14.2 | 4.0 | 14.5 |
| Weighted average of turnovers and renewals | 3.8 | 7.5 | ||
(1) Percentage of suites turned over or renewed during the period is based on the total weighted average number of residential suites (excluding MHC sites) held during the period.
| For the Six Months Ended June 30, | 2025 | 2024 | ||
| Change in Monthly Rent | Turnovers and Renewals of Suites(1) | Change in Monthly Rent | Turnovers and Renewals of Suites(1) | |
| % | % | % | % | |
| Suite turnovers | 5.7 | 9.0 | 22.0 | 5.8 |
| Lease renewals | 3.1 | 56.1 | 3.2 | 59.5 |
| Weighted average of turnovers and renewals | 3.5 | 5.0 | ||
(1) Percentage of suites turned over or renewed during the period is based on the total weighted average number of residential suites (excluding MHC sites) held during the period.
The Netherlands Residential Portfolio
| For the Three Months Ended June 30, | 2025 | 2024 | ||
| Change in Monthly Rent | Turnovers and Renewals of Suites(1) | Change in Monthly Rent | Turnovers and Renewals of Suites(1) | |
| % | % | % | % | |
| Suite turnovers(2) | 3.6 | 1.0 | 17.3 | 1.9 |
| Lease renewals | — | — | — | — |
| Weighted average of turnovers and renewals | 3.6 | 17.3 | ||
(1) Percentage of suites turned over during the period is based on the total weighted average number of the Netherlands residential suites held during the period.
(2) On turnover, rents increased by 3.6% on 2.6% of the Netherlands same property residential portfolio for the three months ended June 30, 2025 compared to an increase of 9.1% on 3.9% of the Netherlands same property residential portfolio for the three months ended June 30, 2024. Same property residential portfolio for turnover purposes includes all properties continuously owned since December 31, 2023, and excludes properties and suites disposed of or held for sale as at June 30, 2025.
| For the Six Months Ended June 30, | 2025 | 2024 | ||
| Change in Monthly Rent | Turnovers and Renewals of Suites(1) | Change in Monthly Rent | Turnovers and Renewals of Suites(1) | |
| % | % | % | % | |
| Suite turnovers(2) | 13.4 | 2.3 | 16.3 | 5.0 |
| Lease renewals | — | — | — | — |
| Weighted average of turnovers and renewals | 13.4 | 16.3 | ||
(1) Percentage of suites turned over during the period is based on the total weighted average number of the Netherlands residential suites held during the period.
(2) On turnover, rents increased by 13.4% on 6.1% of the Netherlands same property residential portfolio for the six months ended June 30, 2025 compared to an increase of 9.5% on 8.3% of the Netherlands same property residential portfolio for the six months ended June 30, 2024. Same property residential portfolio for turnover purposes includes all properties continuously owned since December 31, 2023, and excludes properties and suites disposed of or held for sale as at June 30, 2025.
As the Netherlands lease renewals occur once a year in July, there were no changes in lease renewals for the three and six months ended June 30, 2025 and June 30, 2024. For rent renewal increases due to indexation beginning on July 1, 2025, ERES served tenant notices to 85% of the residential portfolio, across which the average rental increase due to indexation and household income adjustment is 4.0%. In the prior year period, ERES renewed leases for 94% of the residential portfolio, across which the average rental increase due to indexation and household income adjustment was 5.5%.
Net Operating Income
Same properties for the three and six months ended June 30, 2025 are defined as all properties owned by CAPREIT continuously since December 31, 2023, and therefore do not take into account the impact on performance of acquisitions or dispositions completed during 2024 or 2025, or properties that are classified as held for sale as at June 30, 2025.
| ($ Thousands) | Total NOI | Same Property NOI | ||||||||||||||
| For the Three Months Ended June 30, | 2025 | 2024 | %(1) | 2025 | 2024 | %(1) | ||||||||||
| Operating revenues | ||||||||||||||||
| Rental revenues | $ | 241,934 | $ | 264,368 | (8.5 | ) | $ | 220,741 | $ | 211,142 | 4.5 | |||||
| Other(2) | 12,500 | 13,758 | (9.1 | ) | 11,801 | 11,699 | 0.9 | |||||||||
| Total operating revenues | $ | 254,434 | $ | 278,126 | (8.5 | ) | $ | 232,542 | $ | 222,841 | 4.4 | |||||
| Operating expenses | ||||||||||||||||
| Realty taxes | $ | (25,004 | ) | $ | (24,681 | ) | 1.3 | $ | (23,241 | ) | $ | (21,483 | ) | 8.2 | ||
| Utilities | (13,960 | ) | (16,785 | ) | (16.8 | ) | (13,406 | ) | (14,204 | ) | (5.6 | ) | ||||
| Other(3) | (45,668 | ) | (50,379 | ) | (9.4 | ) | (41,819 | ) | (40,296 | ) | 3.8 | |||||
| Total operating expenses(4) | $ | (84,632 | ) | $ | (91,845 | ) | (7.9 | ) | $ | (78,466 | ) | $ | (75,983 | ) | 3.3 | |
| NOI | $ | 169,802 | $ | 186,281 | (8.8 | ) | $ | 154,076 | $ | 146,858 | 4.9 | |||||
| NOI margin | 66.7 | % | 67.0 | % | 66.3 | % | 65.9 | % | ||||||||
(1) Represents the year-over-year percentage change.
(2) Comprises parking and other ancillary income such as laundry and antenna revenue.
(3) Comprises repairs and maintenance (“R&M”), wages, insurance, advertising, legal costs and expected credit losses.
(4) Total operating expenses, on a constant currency basis, increased (decreased) by approximately (8.2)% and 3.1%, respectively, for the total and same property portfolio compared to the same periods last year.
| ($ Thousands) | Total NOI | Same Property NOI | ||||||||||||||
| For the Six Months Ended June 30, | 2025 | 2024 | %(1) | 2025 | 2024 | %(1) | ||||||||||
| Operating Revenues | ||||||||||||||||
| Rental revenues | $ | 482,737 | $ | 526,825 | (8.4 | ) | $ | 440,127 | $ | 421,190 | 4.5 | |||||
| Other(2) | 25,008 | 27,117 | (7.8 | ) | 23,580 | 23,143 | 1.9 | |||||||||
| Total operating revenues | $ | 507,745 | $ | 553,942 | (8.3 | ) | $ | 463,707 | $ | 444,333 | 4.4 | |||||
| Operating expenses | ||||||||||||||||
| Realty taxes | $ | (49,808 | ) | $ | (49,500 | ) | 0.6 | $ | (46,407 | ) | $ | (43,478 | ) | 6.7 | ||
| Utilities | (37,521 | ) | (39,946 | ) | (6.1 | ) | (35,917 | ) | (34,402 | ) | 4.4 | |||||
| Other(3) | (92,595 | ) | (101,166 | ) | (8.5 | ) | (84,423 | ) | (80,378 | ) | 5.0 | |||||
| Total operating expenses(4) | $ | (179,924 | ) | $ | (190,612 | ) | (5.6 | ) | $ | (166,747 | ) | $ | (158,258 | ) | 5.4 | |
| NOI | $ | 327,821 | $ | 363,330 | (9.8 | ) | $ | 296,960 | $ | 286,075 | 3.8 | |||||
| NOI margin | 64.6 | % | 65.6 | % | 64.0 | % | 64.4 | % | ||||||||
(1) Represents the year-over-year percentage change.
(2) Comprises parking and other ancillary income such as laundry and antenna revenue.
(3) Comprises R&M, wages, insurance, advertising, legal costs and expected credit losses.
(4) Total operating expenses, on a constant currency basis, increased (decreased) by approximately (5.8)% and 5.2%, respectively, for the total and same property portfolio compared to the same period last year.
The following table reconciles same property NOI and NOI from acquisitions, dispositions and assets held for sale to total NOI, for the three and six months ended June 30, 2025 and June 30, 2024:
| ($ Thousands) | Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Same property NOI | $ | 154,076 | $ | 146,858 | $ | 296,960 | $ | 286,075 | |||||
| NOI from acquisitions | 8,365 | 1,524 | 15,715 | 1,748 | |||||||||
| NOI from dispositions and assets held for sale | 7,361 | 37,899 | 15,146 | 75,507 | |||||||||
| Total NOI | $ | 169,802 | $ | 186,281 | $ | 327,821 | $ | 363,330 | |||||
Operating Revenues
For the three months ended June 30, 2025, same property operating revenues increased by $9.7 million, primarily driven by increases in monthly rents on turnovers and renewals. Total operating revenues decreased by $23.7 million during the same period, mainly due to lost revenue from dispositions totalling $44.9 million, primarily due to the MHC and ERES portfolio dispositions in 2024, partially offset by revenue generated from acquisitions totalling $10.1 million and operational growth of $11.1 million, primarily on the same property operating portfolio as at June 30, 2025 and to a lesser extent on assets held for sale as at June 30, 2025.
For the six months ended June 30, 2025, same property operating revenues increased by $19.4 million, primarily driven by increases in monthly rents on turnovers and renewals. Total operating revenues decreased by $46.2 million during the same period, mainly due to lost revenue from dispositions totalling $87.4 million, primarily due to MHC and ERES portfolio dispositions in 2024, partially offset by revenue generated from acquisitions totalling $20.7 million and operational growth of $20.5 million, primarily on the same property operating portfolio as at June 30, 2025 and to a lesser extent on assets held for sale as at June 30, 2025.
Operating Expenses
For the three and six months ended June 30, 2025, realty taxes for both the total and same property portfolios increased compared to the same periods in the prior year, primarily due to increases in realty tax rates in certain municipalities within the provinces of British Columbia, Ontario and Québec.
For the three and six months ended June 30, 2025, total property utilities decreased year-over-year mainly due to the MHC portfolio disposition in 2024. For the three months ended June 30, 2025, same property utilities decreased year-over-year mainly due lower natural gas cost, primarily due to the federal carbon tax removal that came into effect on April 1, 2025. For the six months ended June 30, 2025, same property utilities increased year-over-year mainly due to increased consumption driven by colder weather in Ontario and Québec during the first quarter of 2025.
For the three and six months ended June 30, 2025, other operating expenses for the total property portfolio decreased by $4.7 million and $8.6 million, respectively, or 9.4% and 8.5%, respectively, when compared to the same period last year, primarily due to net disposition activity.
For the three months ended June 30, 2025, other operating expenses for the same property portfolio increased by $1.5 million, or 3.8%, when compared to the same period last year, primarily due to the following reasons:
- higher expected credit losses of $1.0 million due to delays in regulatory processes in Ontario, as well as factors such as the rising cost of living and elevated past due balances not being cleared by prior tenants across most Canadian regions; and
- higher advertising costs of $0.4 million across most Canadian regions to combat the increase in vacancy due to general rental market conditions.
For the six months ended June 30, 2025, other operating expenses for same property portfolio increased by $4.0 million, or 5.0%, when compared to the same period last year, primarily due to the following reasons:
- higher expected credit losses of $1.4 million due to the same reasons described above;
- higher advertising costs of $0.7 million due to the same reason described above; and
- higher R&M costs in Québec of $1.0 million primarily driven by higher in-suite and common area maintenance needs and weather-related maintenance costs in the first quarter of 2025.
SUBSEQUENT EVENTS
The table below summarizes the acquisition of an investment property completed subsequent to June 30, 2025:
| ($ Thousands) | |||||
| Acquisition Date | Suite Count | Region | Gross Purchase Price(1) | ||
| July 10, 2025 | 30 | Vancouver, BC | $ | 13,000 | |
| Total | 30 | $ | 13,000 | ||
(1) Gross purchase price is the amount stated in the purchase and sale agreement and excludes transaction costs and other adjustments.
The table below summarizes the disposition of an investment property completed subsequent to June 30, 2025:
| ($ Thousands) | |||
| Disposition Date | Region | Gross Sale Price(1) | |
| July 31, 2025(2) | Belgium | $ | 38,756 |
| Total | $ | 38,756 | |
(1) Gross sale price is the amount stated in the purchase and sale agreement and excludes transaction costs and other adjustments.
(2) Represents disposition of a commercial building.
ADDITIONAL INFORMATION
More detailed information and analysis is included in CAPREIT’s condensed consolidated interim financial statements and MD&A for the three and six months ended June 30, 2025, which have been filed on SEDAR+ and can be viewed at www.sedarplus.ca under CAPREIT’s profile or on CAPREIT’s website on the investor relations page at www.capreit.ca.
Conference Call
A conference call, hosted by CAPREIT’s senior management team, will be held on Friday, August 8, 2025 at 9:00 am ET. The telephone numbers for the conference call are: Canadian Toll Free: +1 (833) 950-0062, International: +1 (929) 526-1599. The conference call access code is 139947.
The call will also be webcast live and accessible through the CAPREIT website at www.capreit.ca – click on “For Investors” and follow the link at the top of the page. A replay of the webcast will be available for one year after the webcast at the same link.
The slide presentation to accompany management’s comments during the conference call will be available on the CAPREIT website an hour and a half prior to the conference call.
About CAPREIT
CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at June 30, 2025, CAPREIT owns approximately 45,400 (excluding approximately 1,600 suites classified as assets held for sale) residential apartment suites and townhomes that are well-located across Canada and the Netherlands, with a total fair value of approximately $14.5 billion (excluding approximately $0.6 billion of assets held for sale). For more information about CAPREIT, its business and its investment highlights, please visit our website at www.capreit.ca and our public disclosures which can be found under our profile at www.sedarplus.ca.
Non-IFRS Measures
CAPREIT prepares and releases unaudited condensed consolidated interim financial statements and audited consolidated annual financial statements in accordance with IFRS. In this and other earnings releases and investor conference calls, as a complement to results provided in accordance with IFRS, CAPREIT discloses measures not recognized under IFRS which do not have standard meanings prescribed by IFRS. These include FFO, NAV, Total Debt, Gross Book Value, and Adjusted Earnings Before Interest, Tax, Depreciation, Amortization and Fair Value (“Adjusted EBITDAFV”) (the “Non-IFRS Financial Measures”), as well as diluted FFO per unit, diluted NAV per unit, FFO payout ratio, Total Debt to Gross Book Value, Debt Service Coverage Ratio and Interest Coverage Ratio (the “Non-IFRS Ratios” and together with the Non-IFRS Financial Measures, the “Non-IFRS Measures”). These Non-IFRS Measures are further defined and discussed in the MD&A released on August 7, 2025, which should be read in conjunction with this press release. Since these measures and related per unit amounts are not recognized under IFRS, they may not be comparable to similar measures reported by other issuers. CAPREIT presents Non-IFRS Measures because management believes Non-IFRS Measures are relevant measures of the ability of CAPREIT to earn revenue and to evaluate its performance, financial condition and cash flows. These Non-IFRS Measures have been assessed for compliance with National Instrument 52-112 and a reconciliation of these Non-IFRS Measures is included in this press release below. The Non-IFRS Measures should not be construed as alternatives to net income or cash flows from operating activities determined in accordance with IFRS as indicators of CAPREIT’s performance or the sustainability of CAPREIT’s distributions.
Cautionary Statements Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information may relate to CAPREIT’s future outlook and anticipated events or results and may include statements regarding the future financial position, business strategy, budgets, litigation, occupancy rates, rental rates, productivity, projected costs, capital investments, development and development opportunities, financial results, taxes, plans and objectives of, or involving, CAPREIT. Particularly, statements regarding CAPREIT’s future results, performance, achievements, prospects, costs, opportunities and financial outlook, including those relating to acquisition, disposition and capital investment strategies and the real estate industry generally, are forward-looking statements. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “would”, “should”, “could”, “likely”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “forecast”, “predict”, “potential”, “project”, “budget”, “continue” or the negative thereof, or other similar expressions concerning matters that are not historical facts. Forward-looking statements are based on certain factors and assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities. In addition, certain specific assumptions were made in preparing forward-looking information, including: that the Canadian and Dutch economies will generally experience growth, which, however, may be adversely impacted by the geopolitical risks, global economy, inflation and elevated interest rates, potential health crises and their direct or indirect impacts on the business of CAPREIT, including CAPREIT’s ability to enforce leases, perform capital expenditure work, increase rents and apply for above guideline increases (“AGIs”), obtain financings at favourable interest rates; that Canada Mortgage and Housing Corporation (“CMHC”) mortgage insurance will continue to be available and that a sufficient number of lenders will participate in the CMHC-insured mortgage program to ensure competitive rates; that the Canadian capital markets will continue to provide CAPREIT with access to equity and/or debt at reasonable rates; that vacancy rates for CAPREIT properties will be consistent with historical norms; that rental rates on renewals will grow; that rental rates on turnovers will grow; that the difference between in-place and market-based rents will be reduced upon such turnovers and renewals; that CAPREIT will effectively manage price pressures relating to its energy usage; and, with respect to CAPREIT’s financial outlook regarding capital investments, assumptions respecting projected costs of construction and materials, availability of trades, the cost and availability of financing, CAPREIT’s investment priorities, the properties in which investments will be made, the composition of the property portfolio, the impact and scope of certain commitments and contingencies, and the projected return on investment in respect of specific capital investments. Although the forward-looking statements contained in this press release are based on assumptions and information that is currently available to management, which are subject to change, management believes these statements have been prepared on a reasonable basis, reflecting CAPREIT’s best estimates and judgements. However, there can be no assurance actual results, terms or timing will be consistent with these forward-looking statements, and they may prove to be incorrect. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond CAPREIT’s control, that may cause CAPREIT’s or the industry’s actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risks related to: rent control and residential tenancy regulations, general economic conditions, privacy, cyber security and data governance risks, availability and cost of debt, acquisitions and dispositions, leasing risk, valuation risk, liquidity and price volatility of units of CAPREIT (“Trust Units”), catastrophic events, climate change, taxation-related risks (including certain tax liabilities and contingencies), energy costs, environmental matters, vendor management and third-party service providers, operating risk, talent management and human resources shortages, public health crises, other regulatory compliance risks, litigation risk, CAPREIT’s investment in ERES, potential conflicts of interest, investment restrictions, lack of diversification of investment assets, geographic concentration, illiquidity of real property, capital investments, dependence on key personnel, property development, adequacy of insurance and captive insurance, competition for residents, controls over disclosures and financial reporting, the nature of Trust Units, dilution, distributions and foreign operation and currency risks. There can be no assurance that the expectations of CAPREIT’s management will prove to be correct. These risks and uncertainties are more fully described in regulatory filings, including CAPREIT’s Annual Information Form, which can be obtained on SEDAR+ at www.sedarplus.ca, under CAPREIT’s profile, as well as under the “Risks and Uncertainties” section of the MD&A released on August 7, 2025. The information in this press release is based on information available to management as of August 7, 2025. Subject to applicable law, CAPREIT does not undertake any obligation to publicly update or revise any forward-looking information.
SOURCE: Canadian Apartment Properties Real Estate Investment Trust
| CAPREIT Mr. Mark Kenney President & Chief Executive Officer (416) 861-9404 |
CAPREIT Mr. Stephen Co Chief Financial Officer (416) 306-3009 |
CAPREIT Mr. Julian Schonfeldt Chief Investment Officer (647) 535-2544 |
SELECTED NON-IFRS MEASURES
A reconciliation of net income to FFO is as follows:
| ($ Thousands, except per unit amounts) | Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Net income | $ | 74,475 | $ | 112,072 | $ | 82,460 | $ | 294,185 | |||||
| Adjustments: | |||||||||||||
| Fair value adjustments of investment properties | 16,173 | (13,190 | ) | 40,960 | (84,509 | ) | |||||||
| Fair value adjustments of financial instruments | 16,487 | 3,109 | 29,493 | 3,682 | |||||||||
| Interest expense on Exchangeable LP Units | 560 | 597 | 1,114 | 1,200 | |||||||||
| Loss (gain) on non-controlling interest | (3,187 | ) | (833 | ) | 15,934 | (10,473 | ) | ||||||
| FFO impact attributable to ERES units held by non-controlling unitholders(1) | (2,497 | ) | (4,797 | ) | (4,724 | ) | (9,513 | ) | |||||
| Deferred income tax expense (recovery) | (3,237 | ) | 3,946 | 544 | 3,282 | ||||||||
| Loss (gain) on foreign currency translation | (362 | ) | 3,419 | 2,319 | 9,389 | ||||||||
| Transaction costs and other activities(2) | 4,845 | 2,999 | 16,749 | 7,680 | |||||||||
| Tax related to ERES dispositions and tax authority reassessments(3) | 208 | 1,279 | 5,928 | 1,922 | |||||||||
| Net loss (gain) on derecognition of debt | 256 | (859 | ) | 3,809 | (3,138 | ) | |||||||
| Lease principal repayments | (339 | ) | (319 | ) | (674 | ) | (630 | ) | |||||
| Reorganization, senior management termination, and retirement costs(4) | 2,826 | 1,722 | 7,673 | 1,722 | |||||||||
| Unit-based compensation amortization recovery relating to ERES Unit Option Plan (“UOP”) forfeitures upon senior management termination(5) | — | — | — | (2,284 | ) | ||||||||
| FFO | $ | 106,208 | $ | 109,145 | $ | 201,585 | $ | 212,515 | |||||
| Weighted average number of units (000s) – diluted | 160,711 | 169,527 | 161,839 | 169,661 | |||||||||
| Total distributions declared | $ | 62,098 | $ | 61,342 | $ | 124,498 | $ | 122,865 | |||||
| FFO per unit – diluted(6) | $ | 0.661 | $ | 0.644 | $ | 1.246 | $ | 1.253 | |||||
| FFO payout ratio(7) | 58.5 | % | 56.2 | % | 61.8 | % | 57.8 | % | |||||
(1) For the three and six months ended June 30, 2025, the adjustment is based on applying the 35% weighted average ownership held by ERES non-controlling unitholders (for the three and six months ended June 30, 2024 – 35%).
(2) Primarily includes transaction costs and other adjustments on dispositions and amortization of property, plant and equipment (“PP&E”), right-of-use asset and enterprise resource planning implementation costs.
(3) Included in current income tax expense.
(4) For the three and six months ended June 30, 2025, includes $nil and $157, respectively, of accelerated vesting of previously granted CAPREIT unit-based compensation (for the three and six months ended June 30, 2024 – $nil) and $799 and $1,402, respectively, of accelerated vesting of ERES Restricted Unit Plan (“ERES RUR”) that vested on May 20, 2025 and January 7, 2025 (for the three and six months ended June 30, 2024 – $nil).
(5) During the three and six months ended June 30, 2024, nil and three million ERES unit options were forfeited, respectively, upon senior management termination totalling $nil and $2,284, respectively.
(6) FFO per unit – diluted is calculated using FFO during the period divided by weighted average number of units – diluted.
(7) FFO payout ratio is calculated using total distributions declared during the period divided by FFO.
Reconciliation of Total Debt and Total Debt Ratios:
| ($ Thousands) | ||||||||||
| As at | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| Mortgages payable – non-current | $ | 5,087,294 | $ | 5,343,549 | $ | 6,060,330 | ||||
| Mortgages payable – current | 690,132 | 644,320 | 764,687 | |||||||
| Total mortgages payable | $ | 5,777,426 | $ | 5,987,869 | $ | 6,825,017 | ||||
| Credit facilities payable – non-current | 157,128 | 4,145 | 301,496 | |||||||
| Total Debt | $ | 5,934,554 | $ | 5,992,014 | $ | 7,126,513 | ||||
| Total Assets | $ | 15,355,115 | $ | 15,576,093 | $ | 17,126,078 | ||||
| Add: Accumulated amortization of PP&E | 46,147 | 43,164 | 47,955 | |||||||
| Gross Book Value(1) | $ | 15,401,262 | $ | 15,619,257 | $ | 17,174,033 | ||||
| Total Debt to Gross Book Value(2) | 38.5 | % | 38.4 | % | 41.5 | % | ||||
| Total Mortgages Payable to Gross Book Value(3) | 37.5 | % | 38.3 | % | 39.7 | % | ||||
(1) Gross Book Value (“GBV”) is defined by CAPREIT’s Declaration of Trust.
(2) Total Debt to Gross Book Value is calculated using total debt divided by gross book value.
(3) Total Mortgages Payable to Gross Book Value is calculated using total mortgages payable divided by gross book value.
Reconciliation of Net Income (Loss) to Adjusted EBITDAFV:
| ($ Thousands) | ||||||||||
| For the Trailing 12 Months Ended | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| Net income (loss) | $ | 81,017 | $ | 292,742 | $ | (54,145 | ) | |||
| Adjustments: | ||||||||||
| Interest expense on debt and other financing costs | 205,117 | 220,162 | 219,016 | |||||||
| Interest expense on Exchangeable LP Units | 2,343 | 2,429 | 2,394 | |||||||
| Total current income tax expense and deferred income tax expense (recovery) | 39,049 | 39,439 | (7,246 | ) | ||||||
| Amortization of PP&E and right-of-use asset | 6,401 | 6,363 | 6,073 | |||||||
| Total unit-based compensation amortization expense, net | 10,933 | 6,306 | 5,830 | |||||||
| EUPP unit-based compensation expense | (480 | ) | (523 | ) | (555 | ) | ||||
| Fair value adjustments of investment properties | 66,983 | (58,486 | ) | 533,875 | ||||||
| Fair value adjustments of financial instruments | 31,805 | 5,994 | (9,739 | ) | ||||||
| Net loss (gain) on derecognition of debt | 3,935 | (3,012 | ) | (2,643 | ) | |||||
| Loss (gain) on non-controlling interest | 144,933 | 118,526 | (48,974 | ) | ||||||
| Loss on foreign currency translation | 19,712 | 26,782 | 14,577 | |||||||
| Transaction costs and other adjustments on dispositions and other | 31,200 | 22,169 | 9,447 | |||||||
| Adjusted EBITDAFV | $ | 642,948 | $ | 678,891 | $ | 667,910 | ||||
Debt Service Coverage Ratio
| ($ Thousands) | ||||||||||
| For the Trailing 12 Months Ended | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| Contractual interest on mortgages payable(1)(2)(3) | $ | 169,939 | $ | 171,254 | $ | 167,820 | ||||
| Amortization of deferred financing costs and fair value adjustments on mortgages payable(1) | 9,529 | 8,025 | 6,698 | |||||||
| Contractual interest on credit facilities payable, net(2) | 13,449 | 25,049 | 27,117 | |||||||
| Amortization of deferred financing costs on credit facilities payable | 918 | 731 | 895 | |||||||
| Mortgage principal repayments(1) | 138,915 | 153,237 | 166,194 | |||||||
| Debt service payments | $ | 332,750 | $ | 358,296 | $ | 368,724 | ||||
| Adjusted EBITDAFV | $ | 642,948 | $ | 678,891 | $ | 667,910 | ||||
| Debt service coverage ratio (times) | 1.9 | x | 1.9 | x | 1.8 | x | ||||
(1) Includes mortgages payable related to assets held for sale, as applicable.
(2) Includes net cross-currency interest rate (“CCIR”) and interest rate (“IR”) swap interest, offsetting contractual interest.
(3) Net of capitalized interest expense.
Interest Coverage Ratio
| ($ Thousands) | ||||||||||
| For the Trailing 12 Months Ended | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| Contractual interest on mortgages payable(1)(2)(3) | $ | 169,939 | $ | 171,254 | $ | 167,820 | ||||
| Amortization of deferred financing costs and fair value adjustments on mortgages payable(1) | 9,529 | 8,025 | 6,698 | |||||||
| Contractual interest on credit facilities payable, net(2) | 13,449 | 25,049 | 27,117 | |||||||
| Amortization of deferred financing costs on credit facilities payable | 918 | 731 | 895 | |||||||
| Interest Expense | $ | 193,835 | $ | 205,059 | $ | 202,530 | ||||
| Adjusted EBITDAFV | $ | 642,948 | $ | 678,891 | $ | 667,910 | ||||
| Interest coverage ratio (times) | 3.3 | x | 3.3 | x | 3.3 | x | ||||
(1) Includes mortgages payable related to assets held for sale, as applicable.
(2) Includes net CCIR and IR swap interest, offsetting contractual interest.
(3) Net of capitalized interest expense.
Reconciliation of Unitholders’ Equity to NAV:
| ($ Thousands, except per unit amounts) | ||||||||||
| As at | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| Unitholders’ equity | $ | 8,879,025 | $ | 9,027,312 | $ | 9,431,748 | ||||
| Adjustments: | ||||||||||
| Exchangeable LP Units | 64,164 | 70,220 | 73,217 | |||||||
| Unit-based compensation financial liabilities excluding ERES RUR and ERES UOP | 24,449 | 23,701 | 23,667 | |||||||
| Deferred income tax liability(1) | 22,380 | 32,076 | 53,074 | |||||||
| Deferred income tax asset | (84 | ) | (11,793 | ) | (19,794 | ) | ||||
| Derivative assets – non-current | (6,369 | ) | (8,813 | ) | (36,695 | ) | ||||
| Derivative assets – current | — | (10,263 | ) | (7,586 | ) | |||||
| Derivative liabilities – current | 11,435 | 3,684 | 469 | |||||||
| Adjustment to ERES non-controlling interest(2) | (59,032 | ) | (84,056 | ) | (183,579 | ) | ||||
| NAV | $ | 8,935,968 | $ | 9,042,068 | $ | 9,334,521 | ||||
| Diluted number of units | 159,168 | 162,927 | 169,562 | |||||||
| NAV per unit – diluted(3) | $ | 56.14 | $ | 55.50 | $ | 55.05 | ||||
(1) Includes deferred income tax liability classified as liabilities related to assets held for sale, as applicable.
(2) CAPREIT accounts for the non-controlling interest in ERES as a liability, measured at the redemption amount, as defined by the ERES Declaration of Trust, of ERES’s units not owned by CAPREIT. The adjustment is made so that the non-controlling interest in ERES is measured at ERES’s disclosed NAV, rather than the redemption amount. The table below summarizes the calculation of adjustment to ERES non-controlling interest as at June 30, 2025, December 31, 2024 and June 30, 2024.
| ($ Thousands) | ||||||||||
| As at | June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
| ERES’s NAV | € | 433,240 | € | 486,259 | € | 689,324 | ||||
| Ownership by ERES non-controlling interest | 35 | % | 35 | % | 35 | % | ||||
| Closing foreign exchange rate | $ | 1.60325 | $ | 1.49288 | $ | 1.46581 | ||||
| Impact to NAV due to ERES’s non-controlling unitholders | $ | 243,107 | $ | 254,074 | $ | 353,646 | ||||
| Less: ERES units held by non-controlling unitholders | (184,075 | ) | (170,018 | ) | (170,067 | ) | ||||
| Adjustment to ERES non-controlling interest | $ | 59,032 | $ | 84,056 | $ | 183,579 | ||||
(3) NAV per unit – diluted is calculated using NAV as at period end divided by diluted number of units.
