Canadian Apartment Properties Real Estate Investment Trust announces closing of over-allotment option

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

TORONTO, Oct. 22, 2013 /CNW/ - Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has successfully closed the issuance of an additional 949,050 units for $20.55 per unit for aggregate gross proceeds of $19,502,977.50 (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 October 10, 2013 (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 $149,522,827.50.

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 38,502 residential units, comprising 35,132 residential suites and 14 manufactured home communities comprising 3,370 land lease sites principally 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.

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.

SOURCE CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST (CAP REIT)