TORONTO, ONTARIO--(Marketwire - Dec. 13, 2012) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has successfully closed the issuance of an additional 1,005,000 units for $24.00 per unit for aggregate gross proceeds of $24,120,000 (the "Over-allotment Offering"), pursuant to the exercise of the over-allotment option granted to the syndicate of underwriters led by RBC Capital Markets in connection with the recent unit offering that closed on December 4, 2012 (the "Base Offering" and collectively with the Over-allotment Offering, the "Offering") on the same terms as the Base Offering. Gross proceeds from the Offering total $184,920,000.

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 37,225 residential units, comprised of 33,855 residential suites and 14 manufactured home communities comprising 3,370 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 56%. 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 ].

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