CAPREIT Announces Appointment of Mark Kenney as President

TORONTO, Nov. 14, 2018

Mr. Kenney joined CAPREIT in 1998 and, since that time, has been actively involved in creating and implementing the REIT's policy, directing the property management team, and overseeing the marketing, procurement, development and acquisitions departments. As COO, Mr. Kenney oversees all of CAPREIT's operations in Canada and Europe.

"Today's announcement supports the Board of Trustees' succession planning process and facilitates CAPREIT's strategy to increase unitholder value," said Michael Stein, Chairman of the Board. "Mark has nearly three decades of experience in the multi-family sector, as well as extensive financial and operating experience at the executive level. He is a proven leader with a deep understanding of our business operations and the evolving industry landscape. Together with CAPREIT's skilled leadership team, we believe Mark is well suited to help CAPREIT further evaluate options for enhancing unitholder value and achieve its next phase of growth."

"Throughout his 20 year tenure with CAPREIT, Mark has been central to creating and implementing the initiatives that have contributed to its success," said David Ehrlich, Chief Executive Officer. "I am confident that Mark will thrive in his new role as CAPREIT continues to execute on its strategic and financial objectives."

"I am honored to assume the role of President of CAPREIT and thank the Board for its confidence in my leadership," added Mr. Kenney. "CAPREIT's industry-leading portfolio, strong financials and talented team have positioned us for continued success. I am excited to continue working with the exceptional CAPREIT team as we grow and strengthen the REIT."

About Mark Kenney
Mark Kenney joined CAPREIT in 1998 and currently serves as the CAPREIT's Chief Operating Officer. Mr. Kenney has more than 28 years of experience in the multi-family real estate sector. Prior to joining CAPREIT, Mr. Kenney held a senior position at Realstar Management Partnership, overseeing portfolios in Western Canada and Northern Ontario. He has also held various leadership roles at Greenwin Property Management and Tridel, where he managed portfolios in the Greater Toronto Area. Mr. Kenney is a board member of the Federation of Rental-Housing Providers of Ontario and St. Hilda's Towers; and is a founding board member of the GTAA. He holds a Bachelor of Economics degree from Carleton University.

About CAPREIT
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 50,458 residential units, comprised of 43,866 residential suites and 32 manufactured home communities comprising 6,592 land lease sites, located in and near major urban centres across Canada and The Netherlands. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 86%.  For more information about CAPREIT, its business and its investment highlights, please refer to 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.