Canadian Apartment Properties Real Estate Investment Trust Announces Closing of Over-Allotment Option

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

TORONTO, Jan. 11, 2019 /CNW/ - Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that it has successfully closed the issuance of an additional 825,000 units for $45.50 per unit for aggregate gross proceeds of $37,537,500 (the "Over-Allotment Offering"), pursuant to the exercise of the over-allotment option granted to the syndicate of underwriters led by RBC Capital Markets in connection with the recent unit offering that closed on January 4, 2019 (the "Base Offering" and collectively with the Over-Allotment Offering, the "Offering") on the same terms as the Base Offering. Gross proceeds from the Offering total $287,787,500.

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 and The Netherlands. As at December 31, 2018, CAPREIT had owning interests in 51,528 residential units, comprised of 44,935 residential suites and 32 manufactured home communities ("MHC") comprising 6,593 land lease sites. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per unit by 86%. 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 (CAPREIT)

Mr. Michael Stein, Chairman, [phone] or Mr. Mark Kenney, President & Chief Operating Officer, [phone] or Mr. Scott Cryer, Chief Financial Officer, [phone]