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CAPREIT Concludes U.S. Property Management Agreements

TORONTO, ONTARIO -- (Marketwired) -- 01/31/14 -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today that its third party external management agreements for the performance of certain asset and property management services will conclude effective January 31, 2014. The sixteen manufactured home communities in Colorado, Texas, Arizona, and Michigan which were managed by CAPREIT for a third party real estate owner have been sold. The agreements were entered into on December 5, 2012.

About CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 41,552 residential units, comprising 35,372 residential suites and 29 manufactured home communities comprising 6,180 land lease sites located in and near major urban centres across Canada and in Dublin, Ireland. 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. The closing of the acquisition described in this press release is subject to standard closing conditions, including obtaining third party deliverables, which are beyond CAPREIT's control. There are no assurances that the conditions to the agreement will be satisfied or the proposed acquisition will be completed on its current terms or at all.

Contacts:
Canadian Apartment Properties Real Estate Investment Trust
Mr. Michael Stein
Chairman
(416) 861-5788

Canadian Apartment Properties Real Estate Investment Trust
Mr. Thomas Schwartz
President & CEO
(416) 861-9404

Canadian Apartment Properties Real Estate Investment Trust
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771
www.capreit.net

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