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

Canadian Apartment Properties Real Estate Investment Trust

June 20, 2008 15:47 ET

CAP REIT Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - June 20, 2008) - Canadian Apartment Properties Real Estate Investment Trust ("CAP REIT")(TSX:CAR.UN) announced today that the Toronto Stock Exchange (the "Exchange") 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. CAP REIT's normal course issuer bid will be made in accordance with the policies of the Exchange. CAP REIT may purchase its Units during the period from June 25, 2008 to June 24, 2009.

Pursuant to the notice, CAP REIT intends to acquire over the next 12 months up to 6,309,967 Units, representing 10% of the public float. The average daily trading volume for the six calendar months prior to the date of hereof was 123,381 Units (25% being 30,845 Units). There are 67,012,251 Units outstanding as of June 15, 2008. Purchases will be made at market prices through the facilities of the Exchange. CAP REIT has purchased 617,300 of its Units at an average price of $15.50 in the 12 months preceding the date of this notice pursuant to a normal course issuer bid that will expire on June 24, 2008. Any tendered Units taken up and paid for by CAP REIT will be cancelled. CAP REIT believes that the ongoing purchase of its outstanding Units is an appropriate use of its resources at this time and will afford liquidity to anyone who desires to sell their Units.

As one of Canada's largest residential landlords, CAP REIT (TSX:CAR.UN) is a growth-oriented investment trust owning interests in 26,540 residential suites and two land lease communities comprising 1,267 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 cash 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