Canadian Apartment Properties Real Estate Investment Trust
TSX : CAR.UN

Canadian Apartment Properties Real Estate Investment Trust

January 08, 2008 09:09 ET

Canadian Apartment Properties Real Estate Investment Trust Announces Conversion to an Open-End Trust

TORONTO, ONTARIO--(Marketwire - Jan. 8, 2008) - Canadian Apartment Properties Real Estate Investment Trust ("CAP REIT" or the "REIT") (TSX:CAR.UN) of Toronto, Ontario announced today that CAP REIT has completed its previously announced conversion from a "closed-end" investment trust to an "open-end" trust.

Unitholders granted the trustees the authority to convert from a closed-end trust to an "open end" trust, if and when they considered it desirable, at the annual and special meeting of the REIT's Unitholders on May 26, 2005. The trustees have determined that the implementation of the conversion is in the best interests of Unitholders. The conversion will remove certain investment restrictions on CAP REIT and will provide it with greater flexibility in structuring certain indirect investments. The conversion has resulted in certain amendments to the REIT's Declaration of Trust which, among other things, now provide Unitholders with a right of redemption.

The conversion will not affect the investment focus of the REIT. It will continue to own multi-unit residential properties in Canada and meet its operating and performance objectives within the parameters set forth in the Declaration of Trust's Operating Policies.

For more detailed information regarding the conversion to an "open end" status, including the right of redemption to be attached to CAP REIT's Units and the proposed changes in structure, Unitholders are directed to the management information circular of CAP REIT dated April 26, 2005, in connection with the annual and special meeting of Unitholders held on May 26, 2005.

As one of Canada's largest residential landlords, CAP REIT is a growth oriented investment trust owning interests in 27,853 residential suites and two land lease communities comprising 1,233 land lease sites located in or near major urban centres from coast to coast. Since its Initial Public Offering in May 1997, CAP REIT has grown monthly distributions per Unit by 51%. For more information about CAP REIT, its business and its investment highlights, please refer to our web site at www.capreit.net.

All statements in this press release that do not relate to historical facts constitute forward looking statements. These statements represent CAP REIT'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.

Contact Information

  • CAP REIT
    Mr. Michael Stein
    Chairman
    (416) 861-5788
    or
    CAP REIT
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404
    or
    CAP REIT
    Mr. Yazdi Bharucha
    CFO & Secretary
    (416) 861-5771
    Website: www.capreit.net