CAR.UN Canadian Apartment Properties Real Estate Investment Trust

Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) (“CAPREIT”) is pleased to announce that Ms. Jennifer Stoddart has joined CAPREIT’s Board of Trustees (the “Board”) effective February 27, 2023.

CAPREIT has also announced that Jamie Schwartz has stepped down from the Board, effective as of February 22, 2023, to focus on his other endeavors. Mr. Schwartz served as a trustee of CAPREIT since his appointment to the Board in 2018.

Ms. Stoddart is a strategic advisor in the Privacy and Cybersecurity Group at Fasken LLP, where she advises on privacy matters.

Ms. Stoddart was the Privacy Commissioner of Canada from 2003 to 2013. Previously, she was the Chair of the Commission d'accès à l'information du Québec from 2000 to 2003. She has also held positions on the Human Rights Commissions of Canada and Québec.

Ms. Stoddart was named an Officer of the Order of Canada “for her international leadership in privacy rights and for her exemplary public service as the Privacy Commissioner of Canada”. The Québec Bar has recognized her with the distinction of Advocatus Emeritus and the Christine Tourigny Award of Merit, and the Université du Québec à Montréal awarded her the Prix Reconnaissance for her commitment to Canadians’ privacy rights. She has twice been named as one of the Top 25 most influential lawyers in the justice system and legal professions in Canada by Canadian Lawyer magazine. In addition, she has received honorary doctorates from the University of Ottawa and McGill University.

Ms. Stoddart has been a member of the Committee on the responsible conduct of research, reporting to the Chief Scientist of Québec, a member of the board of directors of Génome Québec and a Visiting Scholar at the Centre of Genomics and Policy of the McGill University Faculty of Medicine.

In 2018, she was named Honorary Colonel of the 34th Combat Engineer Regiment. She has been a mentor with the Women’s Executive Network (WXN), an organization that focuses on empowering women and creating positive social change. She has contributed to the McGill University law faculty mentorship program. She is also the co-author of the book Quebec Women: A History.

“We are delighted to have Jennifer join the Board. Jennifer’s extensive expertise in the privacy field will be invaluable as privacy legislation in Canada continues to evolve. On behalf of the Board, I would like to thank Jamie for his considerable contributions during his board tenure and wish him well in his future endeavors,” commented Dr. Gina Parvaneh Cody, Chair.

ABOUT CAPREIT CAPREIT is Canada’s largest publicly-traded provider of quality rental housing. As at December 31, 2022, CAPREIT 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 $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.

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

CAPREIT Dr. Gina Parvaneh Cody Chair (416) 861-9404