CAPREIT ANNOUNCES NORMAL COURSE ISSUER BID

TORONTO, March 21, 2022 /CNW/ - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR) today announced that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to proceed with a normal course issuer bid.

CAPREIT's Board of Trustees believes that a normal course issuer bid represents an appropriate and desirable use of its available liquidity to increase unitholder value and is in the best interest of CAPREIT and its unitholders. As at December 31, 2021, CAPREIT had approximately $457.9 million of liquidity, representing cash and cash equivalents on hand and available liquidity on CAPREIT's Acquisition and Operating Facility. 

Pursuant to the notice, CAPREIT may purchase up to 17,067,144 of its units (the "Units"), representing approximately 10% of the public float of 170,671,440 Units, during the twelve month period commencing March 24, 2022 and ending March 23, 2023. As at March 15, 2022 there were 173,795,341 Units issued and outstanding. Under the normal course issuer bid, other than purchases made under block purchase exemptions, CAPREIT may purchase up to 91,823 Units on the TSX during any trading day, which represents approximately 25% of 367,292 Units, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the normal course issuer bid.  Any Units purchased under the normal course issuer bid will be cancelled. 

Although CAPREIT intends to purchase Units under its normal course issuer bid, there can be no assurances that any such purchases will be completed. Any purchases made under the normal course issuer bid will be made by CAPREIT subject to favourable market conditions at the prevailing market price at the time of acquisition and through the facilities of the TSX and/or alternative Canadian trading systems. CAPREIT intends to enter into an automatic purchase plan to be effective March 24, 2022 during the term of the normal course issuer bid. The automatic purchase plan will allow for purchases by CAPREIT of Units during certain pre-determined blackout periods.

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 www.capreit.ca and our public disclosure which can be found under our profile at www.sedar.com.

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 www.sedar.com.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this statement.

SOURCE CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST (CAP REIT)

CAPREIT: Mr. Michael Stein, Chairman, [phone]; Mr. Mark Kenney, President & CEO, [phone]