Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) announced that Mr. Gervais Levasseur and Mr. Ken Silver have joined CAPREIT's Board of Trustees (the “Board”) effective November 14, 2022. CAPREIT also announced that Poonam Puri has stepped down from the Board, effective as of November 8, 2022, to focus on her other endeavors. Ms. Puri served as a trustee for CAPREIT since her election to the Board on June 13, 2019.

Mr. Levasseur is a seasoned executive with extensive experience in corporate strategy. He has spent most of his career at Ivanhoé Cambridge, an international real estate investment, development and management firm and subsidiary of the Caisse de dépôt et placement du Québec. Since 2015, after departing Ivanhoé Cambridge, he has been an independent strategic planning and management consultant.

During his tenure at Ivanhoé Cambridge, Mr. Levasseur was Executive Vice-President and Chief Financial Officer from 1992 to 2014. His main responsibilities included financial strategy and planning, treasury and finance, valuation and financial analysis, and financial reporting, taxation and management information systems. Mr. Levasseur began his career at KPMG Canada, after which he went on to serve as Chief Accountant and Controller at CN Real Estate and then as Controller at SNC-Lavalin. Mr. Levasseur has served on the Board of Directors of a major development capital fund since 2018.

Among his responsibilities as a director, Mr. Levasseur serves as the Chair of the Audit Committee. Mr. Levasseur earned an accounting degree from HEC Montréal and holds the designation of CPA, CA from the Ordre des comptables professionnels agréés (CPA) du Québec. Mr. Silver has more than 30 years of experience in retail and commercial real estate, and in the retail industry.

He was President and CEO of CT Real Estate Investment Trust (“CT REIT”) since CT REIT's initial public offering in 2013 until his retirement on May 31, 2022. Previously, Mr. Silver was SVP, Corporate Strategy and Real Estate for Canadian Tire Corporation Limited and President, Canadian Tire Real Estate Limited. Mr. Silver is under contract until June 2023 to provide advisory services to CT REIT.

Mr. Silver was appointed to the Board of Governors of York University in 2018 and serves on the Investment and Land and Property Committees of the university. He has previously served on the boards of CT REIT, the Real Property Association of Canada, Build Toronto and Eva's Initiatives for Youth. Mr. Silver holds a Bachelor of Arts (Honours) degree from Queen's University, a Master of Business Administration degree from McGill University and has completed the Directors Education Program at the Institute of Corporate Directors at the University of Toronto.