Page 1

CAPREIT Reports Continued Growth and Strong Operating Performance in Third Quarter of 2021 TORONTO , ONTARIO , ( Globe Newswire ) - November 9 , 2021 -- Canadian Apartment Properties Real Estate Investment Trust ( " CAPREIT " ) ( TSX : CAR.UN ) announced today continuing strong operating and financial results for the three and nine months ended September 30 , 2021 . HIGHLIGHTS : Portfolio Performance Overall portfolio occupancy ( 1 ) Overall portfolio net Average Monthly Rents ( 1 ) , ( 2 ) Operating revenues ( 000s ) Net rental income ( " NOI " ) ( 000s ) NOI margin Financial Performance Normalized Funds from Operations ( " NFFO " ) ( 000s ) ( 3 ) NFFO per Unit - basic ( 3 ) Cash distributions per Unit FFO payout ratio ( 3 ) NFFO payout ratio ( 3 ) Liquidity and Leverage Three Months Ended September 30 , 2021 2020 Nine Months Ended September 30 , 2021 2020 ( 5 ) 97.9 % 97.7 % $ 1,143 $ 1,113 $ $ 236,097 $ 158,126 $ 67.0 % 221,420 $ 148,234 $ 66.9 % 692,459 $ 657,405 456,564 $ 429,525 65.9 % 65.3 % $ 105,819 $ $ 0.357 $ 0.610 $ $ 101,114 $ 0.589 $ 0.345 $ 301,841 $ 288,973 1.745 $ 1.047 1.692 $ 1.035 60.4 % 59.3 % 58.8 % 58.8 % 61.6 % 60.2 % 61.9 % 61.4 % Total debt to gross book value ( 1 ) 37.20 % 35.70 % Total debt to gross historical cost ( 1 ) 52.50 % 49.31 % Weighted average mortgage interest rate ( 1 ) 2.55 % 2.74 % Weighted average mortgage term ( years ) ( 1 ) 5.74 4.92 Debt service coverage ( times ) ( 4 ) 1.98 2.03 Interest coverage ( times ) ( 4 ) 3.96 4.04 Available liquidity - Acquisition and Operating Facility ( 000s ) ( 1 ) $ 243,282 $ 137,756 Cash and cash equivalents ( 000s ) ( 1 ) $ 138,438 $ 234,444 ( 1 ) As at September 30 . ( 2 ) Net Average Monthly Rent ( " Net AMR " ) is defined as actual residential rents , excluding vacant units , divided by the total number of suites and sites in the property and does not include revenues from parking , laundry or other sources . ( 3 ) These measures are not defined by IFRS , do not have standard meanings and may not be comparable with other industries or companies . Please refer to the cautionary statements under the heading " Non - IFRS Financial Measures " and the reconciliations provided in this press release . ( 4 ) Based on the trailing four quarters . ( 5 ) Certain 2020 comparative figures have been adjusted to conform with current period presentation . Other Measures Weighted average number of Units - basic ( 000s ) Number of residential suites and sites acquired Number of suites disposed Closing price of Trust Units on the TSX ( 1 ) Market capitalization ( millions ) ( 1 ) ( 1 ) As at September 30 . Three Months Ended September 30 , 2021 2020 Nine Months Ended September 30 , 2021 2020 173,495 171,628 1,463 509 87 188 172,975 3,122 87 170,810 2,233 194 $ 59.11 $ 46.45 $ 10,366 $ 8,008