TORONTO, ONTARIO--(Marketwired - May 27, 2014) - At its Annual and Special Meeting of Unitholders held today, the Board of Trustees of Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced a 2.6% increase in annualized monthly cash distributions from $0.09583 per Unit ($1.15 on an annualized basis) to approximately $0.09833 per Unit ($1.18 on an annualized basis) effective for the June 2014 distribution which is payable on July 15, 2014 to Unitholders on record as at June 30, 2014.
"We are very pleased to be implementing our eleventh increase in monthly cash distributions, a reflection of our positive future outlook and our commitment to enhancing Unitholder value over the long term," commented Thomas Schwartz, President and CEO.
As one of Canada's largest residential landlords, CAPREIT is a growth -oriented investment trust owning interests in 41,215 residential units, comprised of 35,034 residential suites and 29 manufactured home communities comprising 6,181 land lease sites located in and near major urban centres across Canada. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 65%. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure, which can be found under our profile at www.sedar.com.
Cautionary Statements Regarding Forward-looking Statements
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 www.sedar.com.