Mr. Mark Kenney reports

CAPREIT DEPLOYS $293-millION INTO STRATEGIC ACQUISITIONS

Canadian Apartment Properties Real Estate Investment Trust, since its last update on Nov. 6, 2025, has closed on the acquisition of six strategically aligned rental properties in Canada for combined gross consideration of $292.5-million. CAPREIT also announced that, as of today, it has deployed approximately $94.0-million into its normal course issuer bid NCIB program since the end of the third quarter of 2025. All amounts disclosed herein exclude transaction costs and other customary adjustments.

Yesterday, CAPREIT completed the acquisition of a newly built rental property located in Laval, a suburb in the Greater Montreal Area of Quebec. Constructed in 2020 and 2023, the two-building complex contains 436 modern residential suites with large layouts and a wide range of amenities for residents to enjoy. The premium-quality site is situated in close walking proximity to Marche 440 public market and nearby CF Carrefour Laval. It is also a five-minute drive to Highway 15 and Highway 440 and less than 10 minutes to Montmorency metro station, providing easy access to downtown Montreal. The recently constructed property was purchased for $178.0-million, with CAPREIT assuming the $29.5-million mortgage, which carries interest at an annual rate of 3.3 per cent for a remaining term to maturity of approximately 7.2 years.

CAPREIT also closed yesterday on the acquisition of a recently constructed portfolio comprising 187 residential suites in Regina, Sask. The properties were built between 2012 and 2015 in the Hawkstone and Skyview neighbourhoods, surrounded by parks, playgrounds, restaurants, stores, services and future schools. The three buildings were acquired for a purchase price of $41.0-million, and CAPREIT assumed the combined $17.6-million mortgage, which carries interest at a weighted average rate of 2.9 per cent per annum for a weighted average term to maturity of approximately 3.8 years.

Furthermore, last week, CAPREIT completed the purchase of a 51-suite property built in 2024 in Vancouver. The property is near grocery stores, parks and schools, as well as many easily accessible public transit options. This location is also within a 10-minute walk of two Skytrain stations, a five-minute train ride to Metropolis at Metrotown and a 25-minute drive to downtown Vancouver. The new build property was purchased for $35.0-million, and CAPREIT assumed the outstanding mortgage of $27.2-million, which carries interest at an annual rate of 3.2 per cent for a remaining term to maturity of approximately 5.0 years.

In addition to these recently built acquisitions, CAPREIT has capitalized on compelling opportunities to purchase three well-maintained, high-growth, low-rise vintage properties, two of which are strategically located directly adjacent to its existing properties owned in some of British Columbia's most sought-after communities. This includes the early December acquisition of a 35-suite building in Mount Pleasant, one of the most dynamic neighbourhoods of East Vancouver, and the November purchases of two properties comprising a total of 98 suites in the attractive James Bay area of Victoria. The three individual acquisitions were completed for combined gross consideration of $38.5-million, with CAPREIT assuming $12.6-million in aggregate mortgage debt, which carries interest at a weighted average rate of 2.1 per cent per annum for a weighted average term to maturity of approximately 4.1 years.

"These transactions bring our 2025 acquisition volume to a total of $659-million in highly strategic, primely located assets, which come with low capital requirements and strong return profiles," commented Mark Kenney, president and chief executive officer of CAPREIT. "We're also continuing to purchase our recently constructed buildings at appealing pricing per square foot compared to replacement cost. This ongoing transformation is further strengthening the quality and cash flow performance of our irreplaceable rental apartment portfolio in Canada."

"These latest acquisitions were purchased at a high-4-per-cent weighted average cap rate, with relatively attractive capex characteristics," added Julian Schonfeldt, chief investment officer. "In addition, we've deployed capital into our NCIB program at a mid-5-per-cent cap rate, with $94-million invested since the end of Q3 2025."

About Canadian Apartment Properties REIT

CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at Sept. 30, 2025, CAPREIT owns approximately 45,000 residential apartment suites and townhomes that are well located across Canada and, to a lesser extent, the Netherlands, with a total fair value of approximately $14.5-billion.

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