EarningsQ3 2024 Earnings Report

Canadian Apartment (CDPYF) Q3 2024 Earnings Report

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Previous Report: Q2 2024

Next Report: Q4 2024

CDPYF Q3 2024 EPS Results

Actual EPS$0.20

Consensus EPS―

Beat/Miss―

One Year Ago EPS-$1.48

CDPYF Q3 2024 Revenue Results

Actual Revenue$198.22M

Expected Revenue$197.99M

Beat/MissBeat by +$237.92K

YoY Revenue Growth+5.24%

Earnings Announcement Details

QuarterQ3 2024

Date11/07/2024

TimeAfter Close

Conference CallThursday, November 7, 2024

CDPYF Upcoming Earnings

Canadian Apartment's next earnings date is estimated for November 10, 2026, based on past reporting schedules.

Q3 2024 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q3 2024 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2024 Earnings Call Summary

Q3 2024

Earnings Call Date:Nov 07, 2024|

% Change Since:

Earnings Call Sentiment|Positive

The earnings call reflects strong operational and financial performance, characterized by high occupancy rates, rent growth, and effective capital recycling strategies. Despite increased interest expenses and maintenance costs, the company demonstrated robust financial strength and a strategic focus on optimizing their portfolio. Overall, the sentiment is positive with a clear emphasis on growth and stability.

Company Guidance

During the Canadian Apartment Properties REIT (CAPREIT) Q3 2024 earnings call, a robust set of metrics highlighted significant operational and strategic achievements. CAPREIT reported a high occupancy rate of 98% with an average rent of $1,617 per month. Rent growth led to a 5.2% increase in total portfolio operating revenues, with a 6.1% rise in NOI, expanding the margin by 60 basis points to 67.1%. Despite higher repairs and maintenance costs, diluted FFO per unit increased by 3.3% to $0.659 for the quarter. Over the first nine months, rent growth was 6.4%, and diluted FFO per unit rose by 6.5%, maintaining a conservative payout ratio of 57.3%. CAPREIT's strategic repositioning involved $1 billion in Canadian rental property transactions and $219 million in European property sales, with further dispositions planned, including a $740 million MHC portfolio sale set for closing in Q4 2024. The company's total debt to gross book value ratio improved to 40.9%, and a strategic CapEx program reduced capital spend by 7% year-over-year, enhancing cash flow generation.

High Occupancy and Rent Growth

Occupancy remained high at 98%, with average rent at $1,617 per month. Rent growth drove a 5.2% increase in total portfolio operating revenues.

Strong Financial Performance

NOI increased by 6.1%, with a 60 basis point margin expansion to 67.1%. Diluted FFO per unit increased by 3.3% to $0.659 for the quarter.

Successful Capital Recycling Strategy

Nearly $1 billion in Canadian rental properties transacted in 2024, $219 million in European property sales completed, and over $1 billion in additional property dispositions in the Netherlands announced.

Debt Reduction and Financial Strength

Total debt to gross book value ratio decreased to 40.9% from 41.6%. Mortgages carry a low weighted average effective interest rate of just over 3%.

CDPYF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Nov 10, 2026	2026 (Q3)	- / -	0.117	―
Aug 06, 2026	2026 (Q2)	- / -0.29	0.326	-188.60% (-0.62)
May 07, 2026	2026 (Q1)	- / -0.82	0.034	-2497.96% (-0.86)
Feb 12, 2026	2025 (Q4)	- / 0.40	-0.205	293.15% (+0.60)
Nov 06, 2025	2025 (Q3)	- / 0.12	0.197	-40.71% (-0.08)
Aug 07, 2025	2025 (Q2)	- / 0.33	0.466	-29.97% (-0.14)
May 08, 2025	2025 (Q1)	- / 0.03	0.755	-95.45% (-0.72)
Feb 13, 2025	2024 (Q4)	- / -0.20	0.038	-640.74% (-0.24)
Nov 07, 2024	2024 (Q3)	- / 0.20	-1.483	113.25% (+1.68)
Aug 07, 2024	2024 (Q2)	- / 0.47	0.166	181.36% (+0.30)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed