Mr. Mark Kenney reports

CAPREIT ANNOUNCES APRIL 2021 DISTRIBUTION

Canadian Apartment Properties Real Estate Investment Trust will pay an April, 2021, monthly distribution in the amount of 11.5 cents per unit (or $1.38 on an annualized basis). The April distribution will be payable on May 17, 2021, to unitholders of record on April 30, 2021.

To encourage participation and reward the REIT's loyal unitholders, investors registered in its distribution reinvestment plan will continue to receive an additional amount equal to 5 per cent of their distributions paid in the form of additional units.

About Canadian Apartment Properties REIT

Canadian Apartment is Canada's largest publicly traded provider of quality rental housing. It currently owns or has interests in, and manages, approximately 67,600 residential apartment suites, townhouses and manufactured housing community sites, well located across Canada, in the Netherlands and Ireland. Since its initial public offering in May, 1997, Canadian Apartment has grown monthly cash distributions per unit by 93 per cent.