Canadian Apartment Properties REIT
Canadian Apartment Properties Real Estate Investment Trust is Canada's largest publicly traded provider of quality rental housing. As at December 31, 2025, CAPREIT owns approximately 45,500 residential apartment suites and townhomes (excluding approximately 400 suites classified as assets held for sale), that are well-located across Canada and, to a lesser extent, the Netherlands, with a total fa… Read more
Canadian Apartment Properties REIT (CDPYF) - Net Assets
Latest net assets as of December 2025: $8.75 Billion USD
Based on the latest financial reports, Canadian Apartment Properties REIT (CDPYF) has net assets worth $8.75 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($15.12 Billion) and total liabilities ($6.37 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $8.75 Billion |
| % of Total Assets | 57.89% |
| Annual Growth Rate | 18.56% |
| 5-Year Change | -15.83% |
| 10-Year Change | 110.47% |
| Growth Volatility | 40.88 |
Canadian Apartment Properties REIT - Net Assets Trend (1997–2025)
This chart illustrates how Canadian Apartment Properties REIT's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Canadian Apartment Properties REIT (1997–2025)
The table below shows the annual net assets of Canadian Apartment Properties REIT from 1997 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $8.75 Billion | -3.03% |
| 2024-12-31 | $9.03 Billion | -2.71% |
| 2023-12-31 | $9.28 Billion | -7.25% |
| 2022-12-31 | $10.00 Billion | -3.81% |
| 2021-12-31 | $10.40 Billion | +12.14% |
| 2020-12-31 | $9.27 Billion | +10.35% |
| 2019-12-31 | $8.40 Billion | +33.04% |
| 2018-12-31 | $6.32 Billion | +28.30% |
| 2017-12-31 | $4.92 Billion | +18.38% |
| 2016-12-31 | $4.16 Billion | +13.63% |
| 2015-12-31 | $3.66 Billion | +22.69% |
| 2014-12-31 | $2.98 Billion | +8.18% |
| 2013-12-31 | $2.76 Billion | +13.51% |
| 2012-12-31 | $2.43 Billion | +39.56% |
| 2011-12-31 | $1.74 Billion | +192.13% |
| 2010-12-31 | $595.85 Million | +30.33% |
| 2009-12-31 | $457.18 Million | -5.92% |
| 2008-12-31 | $485.93 Million | -16.83% |
| 2007-12-31 | $584.28 Million | -1.72% |
| 2006-12-31 | $594.48 Million | +1.04% |
| 2005-12-31 | $588.36 Million | +2.20% |
| 2004-12-31 | $575.70 Million | +113.08% |
| 2003-12-31 | $270.18 Million | +2.46% |
| 2002-12-31 | $263.70 Million | +4.14% |
| 2001-12-31 | $253.22 Million | +24.06% |
| 2000-12-31 | $204.11 Million | +26.96% |
| 1999-12-31 | $160.76 Million | +52.35% |
| 1998-12-31 | $105.52 Million | +41.78% |
| 1997-12-31 | $74.43 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Canadian Apartment Properties REIT's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 449705420800.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $4.50 Billion | 51.37% |
| Common Stock | $4.19 Billion | 47.83% |
| Other Comprehensive Income | $69.92 Million | 0.80% |
| Other Components | $3.00 | 0.00% |
| Total Equity | $8.75 Billion | 100.00% |
Canadian Apartment Properties REIT Competitors by Market Cap
The table below lists competitors of Canadian Apartment Properties REIT ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Eva Airways Corp
TW:2618
|
$4.34 Billion |
|
Kiwoom
KO:039490
|
$4.35 Billion |
|
Valmet Oyj
PINK:VLMTY
|
$4.35 Billion |
|
UIPATH INC. A DL-00001
F:9UV
|
$4.35 Billion |
|
Boyd Gaming Corporation
NYSE:BYD
|
$4.34 Billion |
|
Addtech AB (publ.)
PINK:ADDHY
|
$4.34 Billion |
|
Colliers International Group Inc Bats
NASDAQ:CIGI
|
$4.34 Billion |
|
Zhejiang China Commodities City Group Co Ltd
SHG:600415
|
$4.34 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Canadian Apartment Properties REIT's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 9,027,312,000 to 8,754,056,203, a change of -273,255,797 (-3.0%).
- Net income of 196,890,416 contributed positively to equity growth.
- Dividend payments of 238,970,000 reduced retained earnings.
- Share repurchases of 300,646,000 reduced equity.
- New share issuances of 2,276,000 increased equity.
- Other comprehensive income increased equity by 60,368,974.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $196.89 Million | +2.25% |
| Dividends Paid | $238.97 Million | -2.73% |
| Share Repurchases | $300.65 Million | -3.43% |
| Share Issuances | $2.28 Million | +0.03% |
| Other Comprehensive Income | $60.37 Million | +0.69% |
| Other Changes | $6.82 Million | +0.08% |
| Total Change | $- | -3.03% |
Book Value vs Market Value Analysis
This analysis compares Canadian Apartment Properties REIT's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.40x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 3.64x to 0.40x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1997-12-31 | $8.34 | $30.34 | x |
| 1998-12-31 | $11.40 | $30.34 | x |
| 1999-12-31 | $11.36 | $30.34 | x |
| 2000-12-31 | $10.39 | $30.34 | x |
| 2001-12-31 | $10.41 | $30.34 | x |
| 2002-12-31 | $9.43 | $30.34 | x |
| 2003-12-31 | $9.40 | $30.34 | x |
| 2004-12-31 | $13.74 | $30.34 | x |
| 2005-12-31 | $11.04 | $30.34 | x |
| 2006-12-31 | $10.46 | $30.34 | x |
| 2007-12-31 | $9.67 | $30.34 | x |
| 2008-12-31 | $7.41 | $30.34 | x |
| 2009-12-31 | $6.91 | $30.34 | x |
| 2010-12-31 | $8.82 | $30.34 | x |
| 2011-12-31 | $22.47 | $30.34 | x |
| 2012-12-31 | $26.81 | $30.34 | x |
| 2013-12-31 | $26.65 | $30.34 | x |
| 2014-12-31 | $26.64 | $30.34 | x |
| 2015-12-31 | $30.52 | $30.34 | x |
| 2016-12-31 | $31.39 | $30.34 | x |
| 2017-12-31 | $35.72 | $30.34 | x |
| 2018-12-31 | $43.81 | $30.34 | x |
| 2019-12-31 | $52.82 | $30.34 | x |
| 2020-12-31 | $54.01 | $30.34 | x |
| 2021-12-31 | $59.17 | $30.34 | x |
| 2022-12-31 | $57.37 | $30.34 | x |
| 2023-12-31 | $54.54 | $30.34 | x |
| 2024-12-31 | $53.25 | $30.34 | x |
| 2025-12-31 | $75.49 | $30.34 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Canadian Apartment Properties REIT utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 2.25%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 19.64%
- • Asset Turnover: 0.07x
- • Equity Multiplier: 1.73x
- Recent ROE (2.25%) is below the historical average (7.35%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1997 | 5.22% | 17.06% | 0.10x | 3.18x | $-3.56 Million |
| 1998 | 8.18% | 20.29% | 0.14x | 2.89x | $-1.92 Million |
| 1999 | 1.35% | 3.61% | 0.14x | 2.61x | $-13.90 Million |
| 2000 | 8.76% | 22.92% | 0.15x | 2.59x | $-2.52 Million |
| 2001 | 9.11% | 23.27% | 0.16x | 2.45x | $-2.26 Million |
| 2002 | 10.46% | 23.76% | 0.15x | 2.97x | $1.20 Million |
| 2003 | 10.62% | 21.71% | 0.16x | 3.11x | $1.67 Million |
| 2004 | 1.78% | 4.92% | 0.11x | 3.24x | $-47.35 Million |
| 2005 | 2.18% | 4.95% | 0.13x | 3.30x | $-46.03 Million |
| 2006 | 0.12% | 0.25% | 0.14x | 3.40x | $-58.73 Million |
| 2007 | -8.59% | -17.07% | 0.13x | 3.87x | $-108.62 Million |
| 2008 | -0.72% | -1.09% | 0.14x | 4.62x | $-52.07 Million |
| 2009 | 3.44% | 4.75% | 0.15x | 4.99x | $-30.00 Million |
| 2010 | 10.63% | 18.99% | 0.14x | 3.95x | $3.74 Million |
| 2011 | 18.16% | 87.35% | 0.10x | 2.19x | $142.11 Million |
| 2012 | 16.97% | 99.96% | 0.08x | 2.03x | $169.34 Million |
| 2013 | 9.71% | 56.11% | 0.09x | 2.02x | $-8.07 Million |
| 2014 | 10.66% | 62.79% | 0.09x | 1.99x | $19.66 Million |
| 2015 | 9.44% | 64.75% | 0.08x | 1.94x | $-20.36 Million |
| 2016 | 10.57% | 73.62% | 0.08x | 1.90x | $23.60 Million |
| 2017 | 17.00% | 130.99% | 0.07x | 1.87x | $344.47 Million |
| 2018 | 19.28% | 176.84% | 0.06x | 1.72x | $586.00 Million |
| 2019 | 14.22% | 153.68% | 0.06x | 1.67x | $355.06 Million |
| 2020 | 9.98% | 104.90% | 0.06x | 1.67x | $-1.44 Million |
| 2021 | 13.39% | 149.26% | 0.05x | 1.70x | $352.81 Million |
| 2022 | 0.14% | 1.35% | 0.06x | 1.77x | $-986.73 Million |
| 2023 | -4.44% | -38.63% | 0.06x | 1.83x | $-1.34 Billion |
| 2024 | 3.24% | 26.31% | 0.07x | 1.73x | $-609.99 Million |
| 2025 | 2.25% | 19.64% | 0.07x | 1.73x | $-678.52 Million |
Industry Comparison
This section compares Canadian Apartment Properties REIT's net assets metrics with peer companies in the REIT - Residential industry.
Industry Context
- Industry: REIT - Residential
- Average net assets among peers: $1,027,112,222
- Average return on equity (ROE) among peers: 66.88%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Canadian Apartment Properties REIT (CDPYF) | $8.75 Billion | 5.22% | 0.73x | $4.34 Billion |
| Apartment Investment and Management Co (AIV) | $596.03 Million | -0.99% | 3.08x | $554.15 Million |
| American Homes 4 Rent (AMH) | $4.17 Billion | -1.15% | 0.49x | $9.09 Billion |
| Altarea SCA (ATRRF) | $415.50 Million | 9.51% | 4.42x | $599.60 Million |
| AvalonBay Communities Inc (AVB) | $2.93 Billion | 14.07% | 1.45x | $22.40 Billion |
| Bluerock Homes Trust Inc. (BHM) | $568.89 Million | 0.01% | 0.70x | $25.62 Million |
| Boardwalk Real Estate Investment Trust (BOWFF) | $8.49 Million | 537.91% | 276.75x | $1.81 Billion |
| BRT Realty Trust (BRT) | $129.84 Million | -6.17% | 0.43x | $165.03 Million |
| BSR Real Estate Investment Trust (BSRTF) | $288.51 Million | 49.89% | 2.36x | $404.42 Million |
| Clipper Realty Inc (CLPR) | $141.78 Million | -1.17% | 7.23x | $39.21 Million |