CAPREIT Announces Increase in Monthly Cash Distributions

TORONTO, CANADA--(Marketwired - May 21, 2013) - 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 2.7% increase in monthly cash distributions from $0.0933 per Unit ($1.12 on an annualized basis) to $0.0958 per Unit ($1.15 on an annualized basis) effective for the June 2013 distribution which is payable on July 15, 2013 to Unitholders on record as at June 28, 2013.

"We are very pleased to be implementing our tenth 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.

About CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 37,884 residential units, comprising 34,514 residential suites and 14 manufactured home communities comprising 3,370 land lease sites located in and near major urban centres across Canada. 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.