CAR.UN Canadian Apartment Properties Real Estate Investment Trust

Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX: CAR.UN) announced today its July 2023 monthly distribution in the amount of $0.12084 per Unit (or $1.45 on an annualized basis). The July distribution will be payable on August 15, 2023 to Unitholders of record on July 31, 2023.

CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at March 31, 2023, CAPREIT owns approximately 66,000 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