TORONTO, June 01, 2022 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) (“CAPREIT”) announced today that, at its Annual and Special Meeting of Unitholders held today (the “Meeting”), each of the items of business referred to in its management information circular dated April 13, 2022 (the “Circular”) were passed by a vote held by ballot.
CAPREIT also announced that, following her re-election to the board of trustees of CAPREIT (the “Board”), Gina Parvaneh Cody has been appointed Chair of the Board. Former Chair Michael Stein retired from the Board upon the conclusion of the Meeting, as announced on April 28, 2022.
“On behalf of the Board and all CAPREIT unitholders, we thank Mike Stein for his leadership and guidance over the last twenty-five years,” Dr. Cody commented. “Looking ahead, we remain very excited about the opportunities to further enhance unitholder value by capitalizing on our proven operating platform and experienced management team and executing the same successful strategies that have generated such strong growth and performance since CAPREIT’s inception.”
A total of 119,795,991 units representing 68.23% of CAPREIT’s issued and outstanding units were voted in connection with the Meeting. The voting results for each item of business are as follows:
Election of Trustees:
All nominees proposed in the Circular were elected as trustees.
| Nominee | Votes For |
% Votes For |
Votes Withheld |
% Votes Withheld |
| Lori-Ann Beausoleil | 115,036,738 | 96.37% | 4,326,951 | 3.63% |
| Harold Burke | 118,078,631 | 98.92% | 1,285,058 | 1.08% |
| Gina Parvaneh Cody | 114,622,391 | 96.03% | 4,741,298 | 3.97% |
| Mark Kenney | 118,945,136 | 99.65% | 418,553 | 0.35% |
| Poonam Puri | 116,885,130 | 97.92% | 2,478,559 | 2.08% |
| Jamie Schwartz | 117,903,060 | 98.78% | 1,460,629 | 1.22% |
| Elaine Todres | 118,061,688 | 98.81% | 1,302,001 | 1.09% |
| René Tremblay | 119,034,724 | 99.72% | 328,965 | 0.28% |
Appointment of Auditors
| Votes For |
% Votes For |
Votes Withheld |
% Votes Withheld |
|
| PricewaterhouseCoopers, LLP, Chartered Accountants |
103,970,115 | 86.79% | 15,825,876 | 13.21% |
Advisory Vote on Executive Compensation
A non-binding advisory vote to accept CAPREIT’s approach to executive compensation was approved.
| Votes For |
% Votes For |
Votes Against |
% Votes Against |
| 113,166,745 | 94.81% | 6,196,944 | 5.19% |
Amendments to Increase the Maximum Number of Units Issuable Under Equity Incentive Plans
The ordinary resolution authorizing amendments to CAPREIT’s deferred unit plan (the “DUP”), employee unit purchase plan (the “EUPP”), restricted unit rights plan (the “RUR Plan”) to increase the maximum number of units of CAPREIT (“Units”) issuable thereunder was approved.
| Votes For |
% Votes For |
Votes Against |
% Votes Against |
| 118,631,084 | 99.39% | 732,605 | 0.61% |
Amendment and Restatement of the DUP
The ordinary resolution authorizing the amendment and restatement of the DUP was approved.
| Votes For |
% Votes For |
Votes Against |
% Votes Against |
| 116,802,872 | 97.85% | 2,560,817 | 2.15% |
Amendment and Restatement of the EUPP
The ordinary resolution authorizing the amendment and restatement of the EUPP was approved.
| Votes For |
% Votes For |
Votes Against |
% Votes Against |
| 118,774,193 | 99.51% | 589,496 | 0.49% |
Amendment and Restatement of the RUR Plan
The ordinary resolution authorizing the amendment and restatement of the RUR Plan was approved.
| Votes For |
% Votes For |
Votes Against |
% Votes Against |
| 118,230,531 | 99.05% | 1,133,158 | 0.95% |
Reconfirmation of the Unitholders’ Rights Plan Agreement
CAPREIT’s unitholders’ rights plan agreement was reconfirmed.
| Votes For |
% Votes For |
Votes Against |
% Votes Against |
| 116,336,400 | 97.46% | 3,027,289 | 2.54% |
Amendments to the Declaration of Trust
The special resolution authorizing certain amendments to CAPREIT’s Amended and Restated Declaration of Trust was approved.
| Votes For |
% Votes For |
Votes Against |
% Votes Against |
| 119,146,377 | 99.82% | 217,312 | 0.18% |
About CAPREIT
CAPREIT is Canada’s largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 67,000 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada and the Netherlands with approximately $18 billion of assets under management globally. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.capreit.ca and our public disclosure which can be found under our profile at www.sedar.com.
For more information, please contact:
| CAPREIT Mr. Mark Kenney President & CEO (416) 861-9404 |
CAPREIT Mr. Stephen Co Interim CFO (416) 306-3009 |
