Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN)

TSX:CAR.UN Income Statement

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	1,036	1,113	1,065	1,007	933.14	882.64
Total Revenue	1,036	1,113	1,065	1,007	933.14	882.64
Revenue Growth (YoY	-6.51%	4.45%	5.76%	7.94%	5.72%	13.05%
Property Expenses	362.84	382.09	372.53	356.86	323.14	304.47
Selling, General & Administrative	49.57	51.95	51.38	52.27	51.37	42.47
Depreciation & Amortization	-	-	-	-	8.25	7.67
Total Operating Expenses	422.87	440.35	431.73	416.39	397.87	359.77
Operating Income	613.56	672.4	633.59	590.88	535.27	522.88
Interest Expense	-203.67	-222.59	-214.05	-182.87	-150.42	-146.12
Interest & Investment Income	12.11	6.97	12.61	12.09	2.27	3.23
Income (Loss) on Equity Investments	-	-	-	0.65	18.46	17.17
Currency Exchange Gain (Loss)	-32.4	-26.78	4.16	-21	-6.1	5.98
Other Non-Operating Income	-10.87	-34.11	-47.25	-14.9	50.56	-62.82
EBT Excluding Unusual Items	378.73	395.88	389.07	384.85	450.04	340.32
Impairment of Goodwill	-	-	-	-14.28	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	14.09	-3.98
Gain (Loss) on Sale of Assets	-	-	-	0.47	-0.24	-1.39
Asset Writedown	-166.57	58.49	-914.59	-468.33	1,049	595.86
Other Unusual Items	-7.81	3.01	3.25	1.77	-	-0.8
Pretax Income	194.99	450.71	-533.26	-101.22	1,513	930.01
Income Tax Expense	30.82	39.44	-76.48	-10.03	81.18	28.56
Earnings From Continuing Operations	164.17	411.27	-456.78	-91.19	1,431	901.45
Minority Interest in Earnings	-104.34	-118.53	45.21	104.82	-38.65	24.48
Net Income	59.83	292.74	-411.57	13.64	1,393	925.93
Net Income to Common	59.83	292.74	-411.57	13.64	1,393	925.93
Net Income Growth	-82.94%	-	-	-99.02%	50.42%	-22.55%
Basic Shares Outstanding	162	169	170	174	174	171
Diluted Shares Outstanding	163	169	170	175	174	172
Shares Change (YoY)	-4.22%	-0.56%	-2.69%	0.45%	1.37%	7.91%
EPS (Basic)	0.37	1.74	-2.43	0.08	8.03	5.41
EPS (Diluted)	0.37	1.73	-2.43	0.08	8.00	5.39
EPS Growth	-82.19%	-	-	-99.02%	48.39%	-28.22%
Dividend Per Share	1.533	1.471	1.450	1.450	1.409	1.380
Dividend Growth	5.08%	1.44%	-	2.91%	2.10%	0.58%
Operating Margin	59.20%	60.43%	59.48%	58.66%	57.36%	59.24%
Profit Margin	5.77%	26.31%	-38.63%	1.35%	149.26%	104.90%
EBITDA	619.81	678.76	639.8	598.34	543.49	529.91
EBITDA Margin	59.80%	61.00%	60.06%	59.40%	58.24%	60.04%
D&A For Ebitda	6.25	6.36	6.21	7.46	8.23	7.03
EBIT	613.56	672.4	633.59	590.88	535.27	522.88
EBIT Margin	59.20%	60.43%	59.48%	58.66%	57.36%	59.24%
Funds From Operations (FFO)	411.18	428.64	407.66	406.98	392.42	386.39
FFO Per Share	2.53	2.53	2.40	2.33	2.25	2.25
Adjusted Funds From Operations (AFFO)	-	428.64	407.66	406.98	392.42	386.39
AFFO Per Share	-	2.53	2.40	2.33	-	-
FFO Payout Ratio	59.11%	56.55%	58.00%	51.72%	45.30%	46.37%
Effective Tax Rate	15.81%	8.75%	-	-	5.37%	3.07%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.