CAPREIT announces normal course issuer bid for its units

TORONTO , June 23, 2011 (press release) – Canadian Apartment Properties Real Estate Investment Trust (TSX: CAR.UN) ("CAPREIT") announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid for its units ("Units") as appropriate opportunities arise from time to time. CAPREIT's normal course issuer bid will be made in accordance with the policies of the TSX. CAPREIT may purchase its Units during the period from June 27, 2011 to June 26, 2012.

Pursuant to the notice and subject to the market price of its Units and other considerations, CAPREIT may acquire over the next 12 months up to 7,267,915 Units, representing 10% of the public float. The average daily trading volume ("ADTV") for the six calendar months prior to the date hereof was 131,976 Units and CAPREIT will be permitted to re-purchase up to 25% of the ADTV on any trading day (25% being 32,994 Units). There are 77,023,259 Units outstanding as of June 13, 2011. Any purchases will be made at market prices through the facilities of the TSX. CAPREIT has not made any purchases in the 12 months preceding the date of this notice pursuant to a normal course issuer bid that will expire on June 24, 2011. Any tendered Units taken up and paid for by CAPREIT will be cancelled. CAPREIT believes that the ongoing purchase of its outstanding Units may be an appropriate use of its resources over the next 12 months, based upon the market price of its Units during such period.

As one of Canada's largest residential landlords, CAPREIT (TSX: CAR.UN) is a growth-oriented investment trust owning interests in 29,557 residential units, comprised of 28,232 apartment and townhome suites located in and near major urban centres from coast to coast and two manufactured home communities comprising 1,325 land lease sites located in Ontario.

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.

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