Real Estate — January 17, 2013

CAPREIT Announces January 2013 Distribution

TORONTO, ONTARIO--(Marketwire - Jan. 17, 2013) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today its January 2013 monthly distribution in the amount of $0.09333333 per Unit. The January distribution will be payable on February 15, 2013 to Unitholders of record on January 31, 2013.

To encourage participation and reward our loyal Unitholders, investors registered in our Distribution Reinvestment Plan will continue to receive an additional amount equal to 5% of their distributions paid in the form of additional Units.

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.

Contact Information

CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788

CAPREIT
Mr. Thomas Schwartz
President & CEO
(416) 861-9404

CAPREIT
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771

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