CAPREIT President and CEO Sends Message to Employees and Unitholders

TORONTO, April 25, 2017 /PRNewswire/ -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) President and CEO Thomas Schwartz sent the following letter to CAPREIT employees and unitholders:

April 25, 2017

Dear Colleagues and Unitholders,

I wanted to write and let you know personally that I have been diagnosed with prostate cancer. The good news is that it was caught early; my doctors have advised me that this type of cancer responds very well to treatment and are optimistic about my recovery and return to good health. My doctors and I have decided on a three-month treatment of radiation and chemotherapy to begin immediately.

While I intend to remain engaged with CAPREIT's business as President and Chief Executive Officer, during this period Michael Stein, Chair of CAPREIT, will help coordinate CAPREIT's management team. As you may know, Mr. Stein and I were the co-founders of CAPREIT; he was our first CEO and has been our board's Chair or Executive Chair since we first started. I am confident that this significant connection to CAPREIT well-positions Mike to assume this role. CAPREIT's board of trustees has been fully briefed and is completely supportive.

CAPREIT has a deep bench of outstanding and experienced leaders that are more than qualified to continue moving CAPREIT forward. I am confident that together with the support of Mr. Stein and CAPREIT's exceptional employees, we will continue to successfully operate our business.

I appreciate your support and I look forward to returning at full strength soon.

Tom

About CAPREIT

As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,773 residential units, comprising of 42,322 residential suites and 31 manufactured home communities comprising 6,451 land lease sites located in and near major urban centres across Canada and The Netherlands. For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.caprent.com or 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.

For more information, please contact:

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

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SOURCE Canadian Apartment Properties Real Estate Investment Trust