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Press release from Marketwire

CAPREIT Announces August 2012 Distribution

First Payment of 3.7% Monthly Distribution Increase

Friday, August 17, 2012

CAPREIT Announces August 2012 Distribution17:00 EDT Friday, August 17, 2012TORONTO, ONTARIO--(Marketwire - Aug. 17, 2012) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today its August 2012 monthly distribution in the amount of $0.093 per Unit. The August distribution will be payable on September 17, 2012 to Unitholders of record on August 31, 2012.On August 8, 2012 CAPREIT announced that monthly cash distributions would increase 3.7% to $1.12 per Unit on an annualized basis effective with this August distribution."We were very pleased to have increased our monthly cash distributions for the ninth time in our fifteen-year history, the result of our continuing record financial and operating performance as well as our confidence in CAPREIT's future," commented Thomas Schwartz, President and CEO.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 36,278 residential units, comprised of 32,908 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.FOR FURTHER INFORMATION PLEASE CONTACT: Mr. Michael SteinCAPREITChairman(416) 861-5788ORMr. Thomas SchwartzCAPREITPresident & CEO(416) 861-9404ORMr. Scott CryerCAPREITChief Financial Officer(416) 861-5771www.capreit.net