CAPREIT ANNOUNCES SENIOR MANAGEMENT CHANGE

TORONTO, Feb. 28, 2022 /CNW/ - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today that Mr. Scott Cryer has decided to leave CAPREIT, effective April 15, 2022, to pursue other opportunities after a distinguished twelve-year career at CAPREIT, and over a decade serving as its Chief Financial Officer. 

A formal search process is underway to appoint Mr. Cryer's successor and both internal and external candidates will be evaluated. Mr. Stephen Co will be assuming the position as CAPREIT's Interim CFO after a six-week transition period. Mr. Co has been with CAPREIT since 2011, and currently holds the position of Vice President, Accounting. In addition, Mr. Co is the Chief Financial Officer of European Residential REIT ("ERES REIT") (TSX:ERE.UN), a role he assumed in January 2021, replacing Mr. Cryer who had been ERES REIT's first CFO. Previously, Mr. Co worked at PricewaterhouseCoopers LLP in the assurance practice servicing clients in the real estate sector. He holds a Bachelor of Business Administration degree from the University of Toronto, a Chartered Professional Accountant (CPA, CA) designation and is also a Chartered Financial Analyst (CFA) Charterholder.

"On behalf of the Board of Trustees and everyone at CAPREIT, I want to thank Scott for his years of service and contribution to CAPREIT. During his tenure, Scott helped CAPREIT through a transformative period which saw CAPREIT grow from a market capitalization of $1 billion to $9.4 billion, and during which time we expanded into Europe and built an industry leading balance sheet that is well positioned for continued growth. He has been a valuable member of our senior management team, as well as serving as the first CFO for both IRES REIT and ERES REIT, and we wish him every success in his future endeavors," commented Mark Kenney, President and CEO.

ABOUT CAPREIT
CAPREIT is Canada's largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 66,000 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada, in the Netherlands and Ireland 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.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. 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.

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

CAPREIT, Mr. Mark Kenney, President & CEO, [phone]