CAR.UN Canadian Apartment Properties Real Estate Investment Trust

Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) (“CAPREIT”) announced today that, at its Annual General Meeting of Unitholders held today (the “Meeting”), each of the items of business referred to in its management information circular dated April 12, 2023 (the “Circular”) were passed by a vote held by ballot.

A total of 114,028,175 units and special voting units of CAPREIT (collectively, “Units”), in the aggregate, representing 68.06% of CAPREIT’s issued and outstanding Units were voted in connection with the Meeting. The voting results for each item of business are as follows:

Election of Trustees:

All nominees proposed in the Circular were elected as trustees.

Nominee	VotesFor	% VotesFor	VotesWithheld	% VotesWithheld
Lori-Ann Beausoleil	111,687,719	98.41%	1,802,741	1.59%
Harold Burke	107,931,460	95.10%	5,559,000	4.90%
Gina Parvaneh Cody	108,070,889	95.22%	5,419,571	4.78%
Mark Kenney	112,515,828	99.14%	974,632	0.86%
Gervais Levasseur	113,238,335	99.78%	252,125	0.22%
Ken Silver	113,299,194	99.83%	191,266	0.17%
Jennifer Stoddart	112,943,850	99.52%	546,610	0.48%
Elaine Todres	109,523,554	96.50%	3,966,906	3.50%
René Tremblay	110,250,183	97.14%	3,240,277	2.86%

Appointment of Auditors

	VotesFor	% VotesFor	VotesWithheld	% VotesWithheld
Ernst & Young LLP, Chartered Professional Accountants	110,547,375	96.95%	3,480,800	3.05%

Advisory Vote on Executive Compensation

A non-binding advisory vote to accept CAPREIT’s approach to executive compensation was approved.

Votes For	% Votes For	Votes Against	% Votes Against
103,866,046	91.52%	9,624,414	8.48%

About CAPREIT

CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at March 31, 2023, CAPREIT owns approximately 66,000 residential apartment suites, townhomes and manufactured home community sites well-located across Canada and the Netherlands, with approximately $17 billion of investment properties in Canada and Europe. 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.

For more information, please contact:

CAPREIT Mr. Mark Kenney President & Chief Executive Officer (416) 861-9404

CAPREIT Mr. Stephen Co Chief Financial Officer (416) 306-3009

CAPREIT Mr. Julian Schonfeldt Chief Investment Officer (647) 535-2544