Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) (“CAPREIT”) is pleased to announce the appointment of Stephen Co as Chief Financial Officer, effective August 11, 2022. Mr. Co has been with CAPREIT since 2011 and was appointed Interim Chief Financial Officer, effective April 1, 2022. Prior to his appointment as Interim Chief Financial Officer, he held the position of Vice President, Finance. In addition, Mr. Co has been the Chief Financial Officer of European Residential Real Estate Investment Trust (TSX:ERE.UN) since January 2021. Previously, Mr. Co worked at PricewaterhouseCoopers LLP in the assurance practice servicing clients in the real estate sector. He holds a Bachelor of Business Administration degree from the University of Toronto and holds his Chartered Professional Accountant (CPA, CA), Chartered Financial Analyst (CFA) Charterholder and US Certified Public Accountant (CPA) designations.

“We are very excited to appoint Stephen as Chief Financial Officer. Stephen brings extensive financial and strategic experience, which will be a huge asset to CAPREIT. Stephen is very familiar with our business and shares CAPREIT’s values. We are thrilled to work with him in this new role as we drive CAPREIT forward,” commented Mark Kenney, President and Chief Executive Officer.

ABOUT CAPREIT

CAPREIT is Canada's largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 67,000 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada and the Netherlands with approximately $18 billion of assets under management globally. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.capreit.ca and our public disclosure which can be found under our profile at www.sedar.com.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com.

For more information, please contact:CAPREIT Mr. Mark Kenney President & CEO (416) 861-9404

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