CAPREIT Announces Senior Management Appointments

TORONTO, ONTARIO--(Marketwire - May 27, 2011) -Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that Mr. Scott Cryer CA has been appointed Chief Financial Officer of the REIT and Ms. Maria Amaral CMA as Chief Accounting Officer.

Mr. Cryer has been with CAPREIT since September 2009 and, prior to his appointment as CFO, held the position of Vice President, Financial Reporting. Prior to joining CAPREIT, Mr. Cryer had an eleven year career of increasing responsibility in the Real Estate Assurance and Advisory practice of Deloitte & Touche LLP. He received his Chartered Accountant designation in 2000 and holds a Bachelor of Economics degree from the University of Western Ontario.

Mr. Cryer is replacing Mr. Richard Smith, who is leaving CAPREIT effective June 24, 2011 to pursue a new opportunity following the fulfillment of his mandate to reorganize and strengthen CAPREIT's accounting department and systems. Mr. Cryer and Mr. Smith have worked closely together since Richard Smith joined CAPREIT.

CAPREIT also announced today that Ms. Maria Amaral has been appointed Chief Accounting Officer responsible for all aspects of property accounting and reporting. Ms. Amaral has been with CAPREIT since 1997 and, prior to her appointment, was Senior Vice President, Finance. Throughout her career she has been involved in all aspects of corporate and property management accounting and for financial due diligence of real estate acquisitions. Prior to joining CAPREIT and its predecessor companies, she was responsible for property management accounting with Guaranty Properties Limited, a subsidiary of Guaranty Trust Company of Canada. Ms. Amaral is a Certified Management Accountant.

"We are very pleased to be promoting Scott as the REIT's Chief Financial Officer and Maria as Chief Accounting Officer. It's a testament to the strength and depth of our senior management team and our commitment to fostering a culture that encourages advancement and career development for our people" commented Thomas Schwartz, President and Chief Executive Officer. "We also thank Richard for his significant contributions and wish him every success in his future endeavors."

About CAPREIT

As one of Canada's largest residential landlords, CAPREIT (TSX:CAR.UN) is a growth-oriented investment trust owning interests in 27,607 residential suites and two manufactured home communities comprising 1,325 land lease sites located in or near major urban centres from coast to coast. 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.