CAPREIT Renews At-The-Market Equity Program

TORONTO, May 15, 2025 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has renewed its at-the-market equity program (the “ATM Program”) allowing CAPREIT to issue units of CAPREIT (“Trust Units”) up to an aggregate sale price of $300 million from treasury to the public from time to time, at its sole discretion. Any Trust Units sold in the ATM Program will be sold directly through the Toronto Stock Exchange (the “TSX”) or on any other permitted marketplace at the prevailing market price at the time of sale.

The ATM Program provides CAPREIT with additional financing flexibility, should it be required in the future. The volume and timing of distributions under the ATM Program, if any, will be determined at CAPREIT’s sole discretion. CAPREIT intends to use the net proceeds from the ATM Program, if any, for future investments, repayment of indebtedness, and for general business purposes. As Trust Units sold in the ATM Program will be distributed at the prevailing market price at the time of sale, prices may vary among purchasers during the period of distribution. There is no certainty that any Trust Units will be offered or sold under the ATM Program.

Distributions of the Trust Units through the ATM Program, if any, will be made pursuant to the terms of an equity distribution agreement dated May 15, 2025 (the “Equity Distribution Agreement”) with TD Securities Inc. (the “Agent”). The ATM Program will be effective until June 15, 2027, unless terminated prior to such date by CAPREIT or otherwise in accordance with the terms of the Equity Distribution Agreement.

The ATM Program is being established pursuant to a prospectus supplement dated May 15, 2025 (the “Prospectus Supplement”) to CAPREIT’s short form base shelf prospectus (the “Shelf Prospectus”) dated May 15, 2025, both of which have been filed with securities regulatory authorities in each of the provinces of Canada. CAPREIT’s previous at-the-market equity program, which commenced on February 22, 2024, ceased upon the establishment of the renewed ATM Program.

The Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement are available on SEDAR+ at under CAPREIT’s profile.

This press release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release is not an offer of securities for sale in the United States (“U.S.”). The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the U.S., its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

ABOUT CAPREIT

CAPREIT is Canada's largest publicly traded provider of quality rental housing. As at March 31, 2025, CAPREIT owns approximately 46,800 residential apartment suites and townhomes, that are well-located across Canada and the Netherlands, with a total fair value of approximately $14.9 billion, excluding approximately $12.5 million of assets held for sale. For more information about CAPREIT, its business and its investment highlights, please visit our website at and our public disclosures which can be found under our profile at .

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements within the meaning of applicable Canadian securities laws which reflect CAPREIT’s current expectations and projections about future results. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “consider”, “should”, “plans”, “predict”, “estimate”, “forward”, “potential”, “could”, “likely”, “approximately”, “scheduled”, “forecast”, “variation” or “continue”, or similar expressions suggesting future outcomes or events, and which include, without limitation, the aggregate value of Trust Units which may be issued pursuant to the ATM Program and CAPREIT’s expected use of the net proceeds of the ATM Program, if any. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Actual results and developments may differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Any number of factors could cause actual results to differ materially from these forward-looking statements. Although CAPREIT believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements.

Forward looking statements in this press release 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

Except as specifically required by applicable Canadian securities law, CAPREIT does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. These forward-looking statements should not be relied upon as representing CAPREIT’s views as of any date subsequent to the date of this press release.

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