CAR-UN FINANCIAL STATEMENTS

Canadian Apartment Properties Real Estate Investment Trust — balance sheet, income statement and cash flow trends

CAR-UNCanadian Apartment Properties Real Estate Investment Trust

🇨🇦 Canada · TO · Real Estate · REIT - Residential

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue998 M C$-8.5%

Gross Profit593.4 M C$-8.7%

Operating Income605.2 M C$-5.0%

EBITDA282.9 M C$-25.4%

Net Income6.6 M C$-94.4%

Peer Comparison· REIT - Residential

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CAR-UN	-8.5%	59.5%	28.4%	0.7%
IRT	3.2%	20.2%	57.2%	7.3%
EKGYO	30.4%	32.0%	29.6%	4.6%
UMH	9.1%	41.7%	45.7%	11.0%
CPT	1.5%	42.3%	73.5%	24.7%
AMH	5.8%	30.2%	66.5%	25.2%
Industry median	3.8%	45.5%	46.6%	13.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity8.5 B C$57%
Current Liabilities977.3 M C$7%
Long-term Liabilities5.4 B C$36%

Key Figures

YoY change

Total Assets14.9 B C$-2.7%

Total Liabilities6.4 B C$+1.3%

Total Equity8.5 B C$-5.5%

Cash & ST Investments70.8 M C$-45.1%

Total Debt6.1 B C$+5.2%

Net Debt6.1 B C$+6.4%

Peer Comparison· REIT - Residential

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CAR-UN	0.30	72.4%	21.48	57.0%
IRT	0.18	71.7%	6.31	55.6%
EKGYO	2.05	38.1%	1.67	41.2%
UMH	55.15	85.0%	5.71	53.0%
CPT	0.11	106.1%	3.58	44.5%
AMH	0.33	74.3%	4.09	52.6%
Industry median	0.37	74.3%	4.64	49.0%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow481.7 M C$-23.1%

Capital Expenditures241.3 M C$-3.2%

Free Cash Flow240.4 M C$-27.5%

Dividends Paid-238 M C$-199.2%

Peer Comparison· REIT - Residential

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CAR-UN	48.3%	24.1%	24.2%	7,284.5%
IRT	41.9%	22.9%	19.0%	575.7%
EKGYO	-54.0%	-55.4%	0.3%	-1,175.5%
UMH	41.7%	32.5%	41.2%	377.9%
CPT	52.5%	45.4%	32.0%	213.0%
AMH	45.2%	45.6%	12.3%	179.4%
Industry median	41.8%	23.5%	11.9%	178.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.