CAPREIT Appoints New Member of Board of Trustees

TORONTO, ONTARIO--(Marketwired - Nov. 3, 2014) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that Mr. David Sloan has been appointed a member of the REIT's Board of Trustees effective November 1, 2014.

Mr. Sloan has had an extensive career with the Toronto Dominion Bank beginning as an Economist in 1980. In 1984 he moved to TD Securities where he held positions of increasing responsibility including Head of Money Market sales, Head of Bond sales, and Managing Director of the Hong Kong office from 1991 to 1994. In 1994 he joined TD's Risk Management Division, moving to the Commercial Banking Division in 1996 where was appointed Senior Vice President, Commercial Banking for the Toronto area in 1999. From 2002 to 2008 Mr. Sloan served as Chief Auditor, TD Bank Group, and from 2008 to 2011 he was Chief Financial Officer of TD Canada Trust. He then served as Senior Vice President and Ombudsman before retiring in October 2014. Mr. Sloan graduated from McGill University with a BA, Honours in Economics, in 1978, and from the University of St. Andrews in Scotland with a Masters of Philosophy in Economics in 1980. He is also a past Chair of the Board and Audit Committee of Centennial College, where he also served as an Executive Advisor to the School of Business.

"We are very pleased to welcome David Sloan to CAPREIT's Board of Trustees," commented Michael Stein, Chairman. "David brings a wealth of experience to the Board, and we look forward to working with him in the years ahead."

About CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,555 residential units, comprising 35,373 residential suites and 29 manufactured home communities comprising 6,182 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.