Mr. Mark Kenney reports

CAPREIT ANNOUNCES RESULTS OF 2023 ANNUAL GENERAL MEETING

At Canadian Apartment Properties REIT's annual general meeting of unitholders held today, each of the items of business referred to in the company's management information circular dated April 12, 2023, was passed by a vote held by ballot.

A total of 114,028,175 units and special voting units of Canadian Apartment, in the aggregate, representing 68.06 per cent of the REIT's issued and outstanding units, were voted in connection with the meeting. The voting results for each item of business are provided in the attached table.

Election of trustees

All nominees proposed in the circular were elected as trustees.

Advisory vote on executive compensation

A non-binding advisory vote to accept Canadian Apartment's approach to executive compensation was approved.

About Canadian Apartment Properties REIT

Canadian Apartment is Canada's largest publicly traded provider of quality rental housing. As at March 31, 2023, the REIT owns approximately 66,000 residential apartment suites, townhomes and manufactured home community sites well located across Canada and the Netherlands, with approximately $17-billion of investment properties in Canada and Europe.