CAPREIT Advances Toronto Operating Lease Buyout Strategy - Seite 2

The impact of the cost of the Operating Lease Buyouts on CAPREIT’s NFFO per unit is expected to be marginally dilutive, due to the low cost of our Acquisition and Operating Facility and ultimately long-term mortgage financing, as well as the number of Class B LP Units that are expected to be issued. Over the course of the next few years, CAPREIT will evaluate prepaying the buyouts on its remaining four operating leases, which have contractual buyout periods commencing between 2024 and 2028. 

“The acquisition of fee simple interests in these premium Toronto apartment properties adds material incremental financial capacity, provides meaningful NAV accretion, unlocks potential for accretive development opportunities, and simplifies CAPREIT’s balance sheet,” commented Mark Kenney, President and CEO.

ABOUT CAPREIT
CAPREIT is one of Canada’s largest real estate investment trusts. CAPREIT owns approximately 56,800 suites and sites, including townhomes and manufactured housing sites, in Canada and, indirectly through its investment in ERES, approximately 5,600 suites in the Netherlands. CAPREIT manages approximately 60,900 of its own suites and sites in Canada and the Netherlands, and additionally, approximately 3,700 suites in Ireland. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 93%. 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 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.

For more information, please contact:

CAPREIT Mr. Michael Stein Chairman [phone]

CAPREIT Mr. Mark Kenney President & CEO [phone]

CAPREIT Mr. Scott Cryer Chief Financial Officer [phone]