CAPREIT Provides Update Regarding Annual and Special Meeting

TORONTO, ONTARIO--(Marketwired - May 22, 2014) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT" or the "Trust") (TSX:CAR.UN) is today providing an update regarding its upcoming annual and special meeting of unitholders (the "Meeting") scheduled to be held on May 27, 2014 at 4:30 p.m. (Toronto time).

In order to address certain unitholder concerns, CAPREIT has determined to reduce the proposed increase in the aggregate number of units reserved for issuance under its employee unit purchase plan, deferred unit plan, restricted unit rights plan and unit option plan to 2,500,000 units from 4,103,933 units, as originally contemplated in its management information circular (the "Circular") mailed to unitholders in connection with the upcoming Meeting.

A further amendment to CAPREIT's unit option plan has also been approved by the trustees providing that the aggregate number of units issued to insiders of CAPREIT within any 12-month period, or issuable to insiders of CAPREIT at any time, under the unit option plan and any other security-based compensation arrangement of the Trust, may not exceed 10% of the total number of issued and outstanding units of the Trust at such time. Consequently, the units beneficially owned, directly or indirectly, by reporting insiders, as described in the Circular, will not be excluded from voting on the resolution relating to the amendments to CAPREIT's equity incentive plans.

CAPREIT has also determined to extend the proxy submission deadline to the time of the Meeting. The proxy submission deadline has been extended to permit unitholders who have not yet voted to date or who wish to change their vote as a consequence of the amendments referred to above to vote their units in connection with the Meeting. Unitholders are asked to submit their proxies and voting instructions using the instructions listed on the proxy materials that have been sent to registered holders and beneficial owners of units, so that their vote may be counted.

We encourage all unitholder to take the time to vote. For assistance in voting, please contact the proxy solicitation agent, Shorecrest Group toll free at 1-888-637-5789; local at 647-931-7454 or by email capreit@shorecrestgroup.com.

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,214 residential units, comprised of 35,034 residential suites and 29 manufactured home communities comprising 6,180 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 61%. 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.