Canadian Apartment Properties Real Estate Investment Trust Announces Filing of Final Base Shelf Prospectus

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, May 13, 2021 /CNW/ - (TSX: CAR.UN) – Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") announced today that it has filed a (final) base shelf prospectus with the securities regulatory authorities in each of the provinces and territories of Canada. The base shelf prospectus is valid for a 25-month period, during which CAPREIT may offer debt securities, subscription receipts and units, or any combination thereof, having an aggregate offering price of up to $2 billion. Any issue of securities under the base shelf prospectus will require the filing of a prospectus supplement that will include specific terms of the securities being offered.

This news 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 would be unlawful. This news release does not constitute an offer of securities for sale in the United States and the securities referred to in this news release may not be offered or sold in the United States absent a registration or an exemption from registration.

ABOUT CAPREIT

CAPREIT is Canada's largest publicly traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 68,100 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, the Netherlands and Ireland. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.caprent.com or www.capreit.net 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 within the meaning of applicable securities legislation. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond CAPREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the factors discussed in CAPREIT's current Annual Information Form as well as under the "Risks and Uncertainties" section of the MD&A released on February 24, 2021, both of which are available on SEDAR at www.sedar.com. Subject to applicable law, CAPREIT does not undertake any obligation to publicly update or revise any forward-looking information.

SOURCE Canadian Apartment Properties Real Estate Investment Trust (CAPREIT)

Mr. Michael Stein, Chairman, [phone]; Mr. Mark Kenney, President & Chief Executive Officer, [phone]; or Mr. Scott Cryer, Chief Financial Officer, [phone]