Canadian Apartment Properties Real Estate Investment Trust

CAR-UN.TO

REIT - Residential · Real Estate

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Canadian Apartment Properties Real Estate Investment Trust, known as CAPREIT, owns and rents out apartments and other residential homes to everyday tenants across Canada and Europe. It is one of Canada's largest residential landlords, with a portfolio of tens of thousands of apartment units, townhouses, and manufactured home communities. Its main customers are ordinary renters looking for a place to live.

CAPREIT makes money by collecting monthly rent from its tenants, which provides a steady and predictable stream of income. It operates primarily in major Canadian cities like Toronto, Vancouver, and Montreal, with additional properties in the Netherlands through a partial stake in a European residential REIT. Its scale and diversified portfolio give it a stable competitive position in a market where housing demand remains structurally high. The key risk facing the business is rising interest rates, which increase borrowing costs and can compress the value of its properties and reduce funds available for distribution to unitholders.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-187.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$14.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Canadian Apartment Properties Real Estate Investment Trust's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

61.0%

Premium pricing power — 61.0% gross margin

Profit after running costs

Operating Margin

59.9%

Excellent — 59.9% operating margin

Return on the money invested

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-7.2%

Shrinking sales (-7.2% YoY)

Profit growth

EPS YoY

-266.9%

Earnings shrinking (-266.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

18.3%

Converts sales into free cash efficiently (18.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.73

Moderate — manageable debt (0.73)

Covers its interest

Interest Cover

3.04x

Tight — interest eats into profit (3.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

4.54%

no trend

Healthy income — 4.54% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-0.0%

no trend

Dividend cut (-0.0% YoY) — warning sign

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