Canadian Apartment Properties Real Estate Investment Trust (CAR-UN) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a welcome and caution regarding forward-looking statements and risks.

• Format included formal business, a management presentation, and a Q&A session for unit holders.

• Quorum confirmed, meeting called to order, and roles of secretary and scrutineers established.

Financial performance review

• Operating revenues increased by 5.8% in 2023, driven by rent growth and high occupancies.

• NOI rose by 6.5%, with margin expanding to 65%, despite higher repairs and maintenance costs.

• FFO increased by 0.2% to CAD 407.7 million; diluted FFO per unit up 2.9% to CAD 2.396.

• Annual distribution maintained at CAD 1.45 per unit; FFO payout ratio was 60.5% in 2023.

• Q1 2024 saw same property AMR up 6.5% and NOI margin at 64.1%, with diluted FFO per unit up 7.4%.

Board and executive committee updates

• Nine trustee nominees presented and elected individually, with no resignations required under majority voting policy.

• Ernst & Young LLP appointed as auditor, with trustees authorized to fix remuneration.