Canadian Apartment Properties Real Estate Investment Trust

Canadian Apartment Properties Real Estate Investment Trust

June 22, 2010 17:00 ET

CAPREIT Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - June 22, 2010) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid for its units ("Units") as appropriate opportunities arise from time to time. CAPREIT's normal course issuer bid will be made in accordance with the policies of the TSX. CAPREIT may purchase its Units during the period from June 25, 2010 to June 24, 2011.

Pursuant to the notice and subject to the market price of its Units and other considerations, CAPREIT intends to acquire over the next 12 months up to 6,425,179 Units, representing 10% of the public float. The average daily trading volume ("ADTV") for the six calendar months prior to the date hereof was 169,814 Units and CAPREIT will be permitted to re- purchase up to 25% of the ADTV on any trading day (25% being 42,453 Units). There are 68,612,343 Units outstanding as of June 11, 2010. Purchases will be made at market prices through the facilities of the TSX. CAPREIT has not made any purchases in the 12 months preceding the date of this notice pursuant to a normal course issuer bid that will expire on June 24, 2010. Any tendered Units taken up and paid for by CAPREIT will be cancelled. CAPREIT believes that the ongoing purchase of its outstanding Units is an appropriate use of its resources at this time.

As one of Canada's largest residential landlords, CAPREIT (TSX:CAR.UN) is a growth-oriented investment trust owning interests in 27,637 residential suites and two manufactured home communities comprising 1,316 land lease sites located in or near major urban centres from coast to coast. Since its initial public offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 51%. For more information about CAPREIT, its business and its investment highlights, please refer to our website at and our public disclosure which can be found under our profile at

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 Subject to applicable laws, CAPREIT does not undertake any obligation to publicly update or revise any forward-looking information.

Contact Information

    Mr. Michael Stein
    (416) 861-5788
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404
    Mr. Richard J. Smith
    Chief Financial Officer
    (416) 861-5771