CAPREIT Announces February 2023 Distribution

Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX – CAR.UN) announced today its February 2023 monthly distribution in the amount of $0.12083 per Unit (or $1.45 on an annualized basis). The February distribution will be payable on March 15, 2023 to Unitholders of record on February 28, 2023.

CAPREIT is Canada’s largest publicly-traded provider of quality rental housing. As at December 31, 2022, CAPREIT owns or has interests in approximately 67,000 residential apartment suites, townhomes and manufactured home community sites well-located across Canada and the Netherlands with approximately $17 billion of investment properties in Canada and Europe. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 103%. 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.

For further information please contact:

CAPREITMr. Mark KenneyPresident & Chief Executive Officer(416) 861-9404

CAPREITMr. Stephen CoChief Financial Officer(416) 306-3009

CAPREITMr. Julian SchonfeldtChief Investment Officer(647) 535-2544