CAPREIT Announces Results of 2022 Annual and Special Meeting and Appointment of Gina Parvaneh Cody as Chair of the Board of Trustees

TORONTO, June 01, 2022 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that, at its Annual and Special Meeting of Unitholders held today (the "Meeting"), each of the items of business referred to in its management information circular dated April 13, 2022 (the "Circular") were passed by a vote held by ballot.

CAPREIT also announced that, following her re-election to the board of trustees of CAPREIT (the "Board"), Gina Parvaneh Cody has been appointed Chair of the Board. Former Chair Michael Stein retired from the Board upon the conclusion of the Meeting, as announced on April 28, 2022.

"On behalf of the Board and all CAPREIT unitholders, we thank Mike Stein for his leadership and guidance over the last twenty-five years," Dr. Cody commented. "Looking ahead, we remain very excited about the opportunities to further enhance unitholder value by capitalizing on our proven operating platform and experienced management team and executing the same successful strategies that have generated such strong growth and performance since CAPREIT's inception."

A total of 119,795,991 units representing 68.23% of CAPREIT's issued and outstanding units were voted in connection with the Meeting. The voting results for each item of business are as follows:

Election of Trustees:

All nominees proposed in the Circular were elected as trustees.

Appointment of Auditors

Advisory Vote on Executive Compensation

A non-binding advisory vote to accept CAPREIT's approach to executive compensation was approved.

Amendments to Increase the Maximum Number of Units Issuable Under Equity Incentive Plans

The ordinary resolution authorizing amendments to CAPREIT's deferred unit plan (the "DUP"), employee unit purchase plan (the "EUPP"), restricted unit rights plan (the "RUR Plan") to increase the maximum number of units of CAPREIT ("Units") issuable thereunder was approved.

Amendment and Restatement of the DUP

The ordinary resolution authorizing the amendment and restatement of the DUP was approved.

Amendment and Restatement of the EUPP

The ordinary resolution authorizing the amendment and restatement of the EUPP was approved.

Amendment and Restatement of the RUR Plan

The ordinary resolution authorizing the amendment and restatement of the RUR Plan was approved.

Reconfirmation of the Unitholders' Rights Plan Agreement

CAPREIT's unitholders' rights plan agreement was reconfirmed.

Amendments to the Declaration of Trust

The special resolution authorizing certain amendments to CAPREIT's Amended and Restated Declaration of Trust was approved.

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 $18 billion of assets under management globally. 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.

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