Mr. Michael Stein reports

CAPREIT TO PROVIDE PROPERTY ACQUISITION FACILITIES TO SUPPORT I-RES REIT'S PORTFOLIO GROWTH

Canadian Apartment Properties REIT has entered into an agreement with Irish Residential Properties REIT PLC (I-RES) to make available up to 150 million euros for a period of up to one year to acquire high-quality properties in Ireland and to subsequently permit I-RES to acquire such properties from CAPREIT once I-RES has sourced additional financing.

In consideration for making the facility available under the pipeline agreement, and subject to I-RES shareholder approval, the initial term of the investment management agreement dated April 11, 2014, between I-RES and I-RES Fund Management Ltd., a wholly owned subsidiary of CAPREIT, will be extended from five years to 7.5 years. The pipeline agreement will terminate upon the termination of the investment management agreement; however, after deployment of the 150-million-euro commitment, no further funds will be made available to, and no amounts may be redrawn by, I-RES under the pipeline facility unless reauthorized by CAPREIT.

Both the pipeline agreement and the extension of the investment management agreement remain subject to the approval of I-RES shareholders.

"We are very pleased to be supporting I-RES with their growth plans and to have received recognition of our strong management platform with the I-RES board approval of the extension of the investment management agreement," stated Thomas Schwartz, president and chief executive officer. "The funds available under this innovative agreement will be used to acquire high-quality properties in Ireland that meet both CAPREIT's and I-RES's investment criteria. Importantly, all properties acquired under this agreement will be accretive to CAPREIT from both a property cash flow while CAPREIT owns the assets, and an ongoing fee basis once I-RES acquires the properties from CAPREIT and I-RES Fund Management Ltd. manages the properties for I-RES."

Under the pipeline agreement, CAPREIT will bid for and, if successful, acquire properties approved by CAPREIT's board of trustees and I-RES's independent directors, through special purpose vehicles (SPVs). Upon having sufficient financing, I-RES will acquire the SPVs at a price equal to the price paid for the relevant property investments held by an SPV (together with all third party costs incurred by CAPREIT) (net of indebtedness) provided that I-RES acquires the SPV within six months of the acquisition of the property, and thereafter at the greater of the acquisition cost and the fair market value of the assets of the SPV. If I-RES does not acquire the SPV within one year of the acquisition of the relevant property, CAPREIT would be permitted, but not obliged, to sell the property for its own benefit.

CAPREIT also announced today that it has been selected as the preferred bidder to acquire a portfolio of 270 residential suites and approximately 48,000 square feet of mixed-use commercial space located in Dublin, Ireland, for approximately 88.9 million euros (including value-added tax but excluding other acquisition costs). The portfolio includes an approximately 2.8-acre development site with planning permission for 467 apartments, 64,325 square feet of commercial space and associated basement car parking. The purchase will be financed through CAPREIT's acquisition and operating credit facility. This is the first property CAPREIT is acquiring under the pipeline agreement.

About I-RES

Irish Residential Properties is an Irish real estate investment trust listed on the Irish Stock Exchange. The company is the first REIT established in Ireland primarily focused on the multiunit residential rental sector. The REIT will continue to seek to acquire, hold and manage investments primarily in multiunit rental residential real estate, and/or ancillary and strategically situated commercial property in Ireland. I-RES raised 200 million euros in an initial public offering in April, 2014, and currently owns 1,204 residential suites, approximately 7,728 square metres (83,225 square feet) of commercial space and ancillary development land at 10 locations in the Greater Dublin Area.

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