CAPREIT posts $173.9M Q3 loss as occupancy holds at 97.2%

CAPREIT reported its third quarter on Nov 4, and the headline is a valuation story sitting on top of a stable rental operation.

CAPREIT posted a Q3 net loss of $173.9M, against a $26.2M profit a year earlier. The nine month fair value loss was $665.0M, and the nine month net loss was $420.4M. Diluted FFO per unit was $0.652, down 1.7%.

The operating numbers were steadier. Occupied average monthly rent was $1,744, and occupancy was 97.2%, and 97.1% at Oct 31. Same property NOI was down 0.3% in Q3. Turnover rent growth turned back positive, at 0.3% in Q3 and 0.4% in October, renewals rose 1.9% in October, and new inducements fell 27% versus Q2.

The balance sheet gap is the other signal. NAV per unit was $52.94, against a Sept 30 close of $31.65. CAPREIT completed or committed $959.6M of 2026 mortgage financings at a 4.08% average rate for 7.6 years, toward about $1.2B planned, and dispositions funded NCIB buybacks of $29.4M in Q3.

For multifamily investors, price on the operating line, not the valuation line. Occupancy at 97.2% with turnover growth back positive supports rent underwriting, while a unit price well below stated NAV is the market discounting further fair value moves. Private buyers should use that gap when they negotiate against listed comparables.

Source: CAPREIT Q3 results, reported Nov 4, 2026.