CAPREIT Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwired - July 23, 2015) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that the Toronto Stock Exchange (the "TSX") 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. CAPREIT's normal course issuer bid will be made in accordance with the policies of the TSX. CAPREIT may purchase its Units during the period from July 28, 2015 to July 27, 2016.

Pursuant to the notice and subject to the market price of its Units and other considerations, CAPREIT may acquire over the next 12 months up to 11,493,069 Units, representing 10% of the public float. The average daily trading volume ("ADTV") for the six calendar months prior to the date hereof was 212,824 Units and CAPREIT will be permitted to re-purchase up to 25% of the ADTV on any trading day (25% being 53,206 Units). There are 118,854,903 Units outstanding as of July 15, 2015. Any purchases will be made at market prices through the facilities of the TSX. CAPREIT has not made any purchases in the 12 months preceding the date of this notice pursuant to a normal course issuer bid that expired on July 7, 2015. Any tendered Units taken up and paid for by CAPREIT will be cancelled. CAPREIT believes that the ongoing purchase of its outstanding Units may be an appropriate use of its resources over the next 12 months, based upon the market price of its Units during such period.

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,979 residential units, comprising 35,694 residential suites and 30 manufactured home communities comprising 6,285 land lease sites 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.

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. Subject to applicable laws, CAPREIT does not undertake any obligation to publicly update or revise any forward-looking information.