Canadian Apartment Properties Real Estate Investment Trust Announces Closing of $173MM Equity Financing

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, March 15, 2018 /CNW/ - (TSX:CAR.UN) – Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has closed its previously announced issue and sale of 4,910,500 units for $35.15 per unit for aggregate gross proceeds of $172,604,075, which includes the exercise in full of the over-allotment option. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.

CAPREIT intends to use the net proceeds of the Offering:

1. first to partially repay the approximately $450 million drawn as of December 31, 2017 on CAPREIT's acquisition and operating facility in the amount of approximately $165 million, which was utilized by CAPREIT to, among other uses, partially fund previous acquisitions; and
2. the remainder, if any, for future acquisitions, capital expenditures and for general trust purposes.

ABOUT CAPREIT
CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities primarily located in and near major urban centres across Canada. As at December 31, 2017, CAPREIT had owning interests in 50,624 residential units, comprised of 44,168 residential suites and 31 manufactured home communities ("MHC") comprising 6,456 land lease sites. 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.

SOURCE CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST (CAP REIT)

PLEASE CONTACT: Mr. Michael Stein, Chairman, [phone] or Mr. David Ehrlich, President & CEO, [phone] or Mr. Scott Cryer, Chief Financial Officer, [phone]