CAPREIT Announces Appointment of New Board of Trustee Members and Resignation of Trustee

TORONTO, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) (“CAPREIT”) is pleased to announce that Mr. Gervais Levasseur and Mr. Ken Silver have joined CAPREIT’s Board of Trustees (the “Board”) effective November 14, 2022. CAPREIT also announced that Poonam Puri has stepped down from the Board, effective as of November 8, 2022, to focus on her other endeavors. Ms. Puri served as a trustee for CAPREIT since her election to the Board on June 13, 2019.

The Board has fixed its size at ten trustees. The remaining vacancy created by the increase in the Board size will be filled in due course.

Mr. Levasseur is a seasoned executive with extensive experience in corporate strategy. He has spent most of his career at Ivanhoé Cambridge, an international real estate investment, development and management firm and subsidiary of the Caisse de dépôt et placement du Québec. Since 2015, after departing Ivanhoé Cambridge, he has been an independent strategic planning and management consultant.

During his tenure at Ivanhoé Cambridge, Mr. Levasseur was Executive Vice-President and Chief Financial Officer from 1992 to 2014. His main responsibilities included financial strategy and planning, treasury and finance, valuation and financial analysis, and financial reporting, taxation and management information systems. Mr. Levasseur began his career at KPMG Canada, after which he went on to serve as Chief Accountant and Controller at CN Real Estate and then as Controller at SNC-Lavalin.

Mr. Levasseur has served on the Board of Directors of a major development capital fund since 2018. Among his responsibilities as a director, Mr. Levasseur serves as the Chair of the Audit Committee.

Mr. Levasseur earned an accounting degree from HEC Montréal and holds the designation of CPA, CA from the Ordre des comptables professionnels agréés (CPA) du Québec.

Mr. Silver has more than 30 years of experience in retail and commercial real estate, and in the retail industry. He was President and CEO of CT Real Estate Investment Trust (TSX:CRT.UN) (“CT REIT”) since CT REIT’s initial public offering in 2013 until his retirement on May 31, 2022. Previously, Mr. Silver was SVP, Corporate Strategy and Real Estate for Canadian Tire Corporation Limited and President, Canadian Tire Real Estate Limited. Mr. Silver is under contract until June 2023 to provide advisory services to CT REIT.

Mr. Silver was appointed to the Board of Governors of York University in 2018 and serves on the Investment and Land and Property Committees of the university. He has previously served on the boards of CT REIT, the Real Property Association of Canada, Build Toronto and Eva’s Initiatives for Youth.

Mr. Silver holds a Bachelor of Arts (Honours) degree from Queen’s University, a Master of Business Administration degree from McGill University and has completed the Directors Education Program at the Institute of Corporate Directors at the University of Toronto.

“We are delighted to have Gervais and Ken join the Board of Trustees. Gervais’ financial expertise and Ken’s real estate experience will provide tremendous value to CAPREIT. Poonam has made significant contributions to CAPREIT and we wish her much success in her other pursuits,” commented Dr. Gina Parvaneh Cody, Chair.

ABOUT CAPREIT

CAPREIT is Canada's largest publicly-traded provider of quality rental housing. CAPREIT currently 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 assets under management globally. 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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