Canadian Apartment Properties Real Estate Investment Trust

Canadian Apartment Properties Real Estate Investment Trust

March 18, 2005 14:03 ET

CAP REIT To Be Included In S&P/TSX Indices


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST

TSX SYMBOL: CAR.UN

MARCH 18, 2005 - 14:03 ET

CAP REIT To Be Included In S&P/TSX Indices

TORONTO, ONTARIO--(CCNMatthews - March 18, 2005) - Canadian Apartment
Properties Real Estate Investment Trust (TSX:CAR.UN)("CAP REIT")
announced today its Units would be included in the S&P/TSX Capped Income
Trust Index and the S&P/TSX Capped REIT Index effective with the close
of business on Friday, March 18.

Standard & Poor's is the world's foremost provider of independent credit
ratings, indices, risk evaluation, investment research, data and
valuations. It plays a leading role in providing investors with the
independent benchmarks they need to feel more confident about their
investment and financial decisions.

"We are very pleased to be included in these S&P/TSX indices," commented
Thomas Schwartz, CAP REIT's President and CEO. "With the acquisition of
ResREIT last June, we doubled the size of our high-quality portfolio and
became one of Canada's largest residential landlords. In addition, our
market capitalization increased to over $770 million, underpinned by a
property portfolio with a net book value of almost $2 billion."

Mr. Schwartz concluded: "The ResREIT acquisition was perfect from a
timing perspective. Our purchase price was well below replacement cost,
and with the recent escalation in real estate values, we can be sure the
portfolio is worth significantly more today than when we closed the deal
in June."

As one of Canada's largest residential landlords, CAP REIT (TSX:CAR.UN)
is a growth-oriented investment trust owning interests in 24,132
residential suites located in major urban centres from coast to coast
across the country. 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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    CAP REIT
    Mr. Michael Stein
    Executive 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