Mr. Mark Kenney reports

CAPREIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Canadian Apartment Properties Real Estate Investment Trust's notice of intention to renew its normal course issuer bid (NCIB) for its trust units has been accepted by the Toronto Stock Exchange.

CAPREIT's board of trustees believes that an NCIB represents an appropriate and desirable use of its available liquidity to increase unitholder value and is in the best interest of CAPREIT and its unitholders.

Pursuant to the notice, CAPREIT may purchase up to 16,724,759 of its units, representing approximately 10 per cent of the public float of 167,247,599 units (as at the close of business on March 11, 2024), during the 12-month period commencing March 25, 2024, and ending March 24, 2025 (or such earlier date as CAPREIT completes its purchases pursuant to the renewed NCIB). As at the close of business on March 11, 2024, there were 167,560,401 units issued and outstanding. Under the NCIB, other than purchases made under block purchase exemptions, CAPREIT may purchase up to 89,460 units on the TSX during any trading day, which represents approximately 25 per cent of the average daily trading volume of the units on the TSX for the prior six calendar months (being 357,842 units), all as calculated in accordance with the rules of the TSX. Any units purchased under the NCIB will be cancelled.

Under its current NCIB, which expires on March 23, 2024, CAPREIT is authorized to acquire a total of 16,901,348 units of which, as at the close of business on March 11, 2024, 881,985 units have been purchased by CAPREIT at a weighted average price of $47.53 per unit.

Although CAPREIT intends to purchase units under its NCIB, there can be no assurance that any such purchases will be made. Any purchases made under the normal course issuer bid will be made by CAPREIT subject to favourable market conditions at the prevailing market price at the time of acquisition and on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by applicable securities laws. CAPREIT will enter into an automatic purchase plan during the term of the NCIB. The automatic purchase plan will allow for purchases by CAPREIT's broker of units during certain predetermined blackout periods.

About Canadian Apartment Properties REIT

CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at Dec. 31, 2023, CAPREIT owned approximately 64,300 residential apartment suites, townhomes and manufactured home community sites that are well located across Canada and the Netherlands, with approximately $16.5-billion of investment properties in Canada and Europe.

We seek Safe Harbor.