Mr. Mark Kenney reports

CAPREIT COMPLETES SALE OF REMAINING EQUITY INTEREST IN IRES

Canadian Apartment Properties REIT has sold its remaining equity interest in Irish Residential Properties REIT PLC (IRES). All amounts disclosed herein exclude transaction costs.

During the first quarter of 2024, CAPREIT sold IRES shares for aggregate proceeds of approximately $58-million, which reduced its ownership from 18.7 per cent to 11.3 per cent as of March 31, 2024. During the second quarter of 2024, CAPREIT sold a further $81-million of equity in IRES, and completely disposed of its ownership. CAPREIT intends to use the net proceeds from the divestment to repay amounts drawn on its Canadian credit facility, to repurchase CAPREIT units at a discount to net asset value under its normal course issuer bid program, to acquire strategically aligned properties and for other general business purposes.

Goodbody Stockbrokers UC acted as CAPREIT's agent with respect to the sale of its interest in IRES.

"Our business has historically been rooted in the provision of high-quality rental apartments for Canadians, and that remains our primary purpose today," commented Mark Kenney, president and chief executive officer of CAPREIT. "In line with that, we're pleased to have now completed a full exit from our investment in Ireland."

"Completing this sale has simplified our balance sheet and provides CAPREIT's unitholders with the ability to make their own capital allocation decisions as it relates to investing in IRES," added Julian Schonfeldt, chief investment officer. "In doing so, we've also freed up capital that we intend to redeploy into our core apartment business in Canada, which is where we're able to drive maximum value for our unitholders."

About Canadian Apartment Properties REIT

CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at March 31, 2024, CAPREIT owns approximately 64,200 residential apartment suites, townhomes, and manufactured home community sites well located across Canada and the Netherlands, with approximately $16.7-billion of investment properties in Canada and Europe.

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