CAPREIT Announces Appointment of New Board of Trustee Member

This news release constitutes a “designated news release” for the purposes of CAPREIT’s prospectus supplement dated February 22, 2024, to its short form base shelf prospectus dated May 9, 2023.

TORONTO, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) is pleased to announce that Mr. David Wesik has been appointed as a member of CAPREIT’s Board of Trustees effective August 9, 2024.

Mr. Wesik is President and Founder of Third Space Properties in Vancouver. In his role as President, Mr. Wesik is responsible for strategic vision, growth and overall performance at Third Space while ensuring the company’s broader impact is a positive one. Prior to Third Space he held the role of Executive Vice President at Wesgroup Properties, one of Western Canada's largest privately owned real estate companies. As part of the executive leadership team at Wesgroup he was active in creating and implementing company strategy with a focus on acquisitions, development, asset management and finance.

Mr. Wesik has over 15 years of extensive experience in the residential and commercial real estate industry in Metro Vancouver. He has negotiated and completed over $1 billion in transactions and worked on over 40 development projects during his career. Mr. Wesik holds a Bachelor of Arts (Honours) degree from the University of Western Ontario and is a Chartered Financial Analyst Charterholder from the CFA Institute.

“We are excited to have David join the Board of Trustees. David’s extensive residential and development experience and knowledge of the Vancouver real estate market will provide great value to CAPREIT,” commented Gina Parvaneh Cody, Chair of the Board of Trustees of CAPREIT.

ABOUT CAPREIT

CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at June 30, 2024, CAPREIT owns approximately 64,200 residential apartment suites, townhomes and manufactured home community sites well-located across Canada and the Netherlands, with approximately $16.6 billion of investment properties in Canada and Europe. For more information about CAPREIT, its business and its investment highlights, please visit our website at and our public disclosure which can be found under our profile at .

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 .

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