Dr. Gina Parvaneh Cody reports

CAPREIT ANNOUNCES RETIREMENT OF CEO MARK KENNEY; BOARD APPOINTS BRAD CUTSEY AS SUCCESSOR

Mark Kenney has retired as president and chief executive officer of Canadian Apartment Properties REIT, and the real estate investment trust has appointed Brad Cutsey as his successor, effective July 2. Mr. Kenney also intends to resign as a member of the REIT's board of trustees and will be replaced by Mr. Cutsey on the same date.

Mr. Kenney commented: "I have greatly enjoyed the nearly 30 years I have spent with CAPREIT. I would like to thank our board and management for their collaboration and partnership throughout my time as CEO. I know that with Brad, the REIT is in good hands and well positioned for the future. I continue to be invested in CAPREIT's success and will remain engaged throughout the transition process, supporting Brad and our management team."

"On behalf of the board, I want to express our deep gratitude to Mark for his many years of dedicated service, leadership and commitment to the organization," said Dr. Gina Parvaneh Cody, chair of the board. "Mark has led the REIT through significant growth and change, and his impact will be lasting. We will miss his leadership, judgment and steady hand very much, and we are sincerely thankful for everything he has given to CAPREIT."

As part of its continuing succession planning process, which was accelerated after Mr. Kenney indicated that he may be considering retirement, the board retained a global leadership advisory firm to assist in its search and in assessing candidates. The search considered a broad range of candidates, with a strong focus on leadership capability, public company experience and strategic alignment. After a lengthy, careful and thorough process, in which Mr. Kenney was involved, the board unanimously agreed to appoint Mr. Cutsey as the new president and CEO.

Mr. Cutsey brings substantial and highly relevant leadership capability and public company experience. Most recently, Mr. Cutsey was chief executive officer of InterRent Real Estate Investment Trust. Mr. Cutsey has approximately 30 years of experience in real estate and capital markets, including roles as president of InterRent, group head of real estate investment banking and a top-ranked equity research analyst with prominent financial institutions. Throughout his career, Mr. Cutsey has advised on billions of dollars worth of real estate transactions and equity and debt financings, and has played a key role in the formation of several publicly listed REITs. Mr. Cutsey is a chartered financial analyst and a graduate of the bachelor of business administration (finance concentration and economics major) program at Bishop's University. His record in leadership, execution and value creation stood out clearly to the board.

"I'm excited to step into this role and lead a company recognized as Canada's pre-eminent residential REIT," said Mr. Cutsey. "As the market continues to evolve, our focus will be on maintaining strong liquidity, executing disciplined portfolio management and delivering a high-quality product for our residents. We remain committed to driving stable, long-term cash flow growth through organic initiatives and the selective pursuit of strategic opportunities that create value for our investors."

Dr. Cody commented: "We are delighted to welcome Brad as our next president and CEO. The board very much looks forward to working with Brad to execute the REIT's strategic vision, and this transition is being made with the entire senior leadership team remaining intact. We believe this continuity, combined with Brad's experience and leadership style, positions the organization extremely well for the future."

About Canadian Apartment Properties REIT

CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at March 31, 2026, CAPREIT owns approximately 45,400 residential apartment suites and townhouses (excluding approximately 200 suites classified as assets held for sale), that are well located across Canada and, to a lesser extent, the Netherlands, with a total fair value of approximately $14.5-billion (excluding approximately $100-million of assets held for sale).

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