Mr. Mark Kenney reports

CAPREIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Canadian Apartment Properties Real Estate Investment Trust has been notified that the Toronto Stock Exchange has accepted CAPREIT's notice of intention to renew its normal course issuer bid (NCIB) for its trust units.

Subject to market conditions and other strategic opportunities for capital deployment, CAPREIT's board of trustees believes that an NCIB represents an appropriate option for use of its liquidity to increase unitholder value and is in the best interest of CAPREIT and its unitholders to have available.

Pursuant to the notice, CAPREIT may purchase up to 15,317,849 of its units, representing approximately 10 per cent of the public float of 153,178,498 units (as at the close of business on March 11, 2026), during the 12-month period commencing March 25, 2026, and ending March 24, 2027 (or such earlier date as CAPREIT completes its purchases pursuant to the renewed NCIB).

As at the close of business on March 11, 2026, there were 153,555,345 units issued and outstanding. Under the NCIB, other than purchases made under block purchase exemptions, CAPREIT may purchase up to 136,284 units on the TSX during any trading day, which represents approximately 25 per cent of the average daily trading volume of the units on the TSX for the prior six calendar months (being 545,139 units), all as calculated in accordance with the rules of the TSX. Any units purchased under the NCIB will be cancelled.

Under its current NCIB, which expires on March 24, 2026, CAPREIT is authorized to acquire a total of 16,047,885 units of which, as at the close of business on March 11, 2026, 7,473,767 units have been purchased by CAPREIT through the facilities of the TSX and/or alternative Canadian trading systems at a weighted average price of $40.86 per unit.

Although CAPREIT intends to purchase units under its NCIB, there can be no assurance that any such purchases will be made. Any purchases made under the NCIB will be made by CAPREIT subject to favourable market conditions at the prevailing market price at the time of purchase and on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by applicable securities laws. CAPREIT will enter into an automatic purchase plan during the term of the NCIB. The automatic purchase plan will allow for purchases by CAPREIT's broker of units during certain predetermined blackout periods.

About Canadian Apartment Properties Real Estate Investment Trust

CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at Dec. 31, 2025, CAPREIT owned approximately 45,500 residential apartment suites and townhomes (excluding approximately 400 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 $14.7-billion (excluding approximately $100-million of assets held for sale).

We seek Safe Harbor.