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TORONTO, ONTARIO -- (Marketwire) -- 02/26/13 -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today strong operating and financial results for the year ended December 31, 2012.

                                  Three Months Ended        Year Ended                                      December 31           December 31                                      2012       2011       2012       2011----------------------------------------------------------------------------Operating Revenues (000s)        $ 112,109  $  94,564  $ 412,421  $ 361,955Net Operating Income ("NOI") (000s) (1)                      $  62,651  $  52,563  $ 237,916  $ 206,157NOI Margin (1)                        55.9%      55.6%      57.7%      57.0%Normalized Funds From Operations ("NFFO") (000s) (1)             $  33,556  $  25,223  $ 132,553  $ 103,875NFFO Per Unit - Basic (1)        $   0.356  $   0.312  $   1.486  $   1.357Weighted Average Number of Units - Basic (000s)                     94,210     80,715     89,215     76,538NFFO Payout Ratio (1)                 81.3%      91.7%      76.4%      82.8%--------------------------------------------------------------------------------------------------------------------------------------------------------(1) NOI, NFFO and NFFO per Unit are measures used by Management in    evaluating operating performance. Please refer to the cautionary    statements under the heading "Non-IFRS Financial Measures" and the    reconciliations provided in this press release.--  Record portfolio growth in 2012 with purchase of 6,984 residential    suites and sites for total acquisition costs of $791.3 million--  To finance growth, CAPREIT issued 15.5 million Trust Units in two    successful bought-deal equity offerings, including over-allotment    options, raising aggregate gross proceeds of $361.2 million in 2012.--  Q4 2012 and year ended 2012 NFFO up 33.0% and 27.6%, respectively,    primarily due to acquisitions, increased average monthly rents, high    stable occupancies and strong organic growth.--  Strong accretive growth as Q4 2012 and year ended 2012 NFFO per Unit    increased 14.1% and 9.5%, respectively, despite 17% increase in the    weighted average number of Units outstanding.--  Stabilized NOI up 3.0% in Q4 2012, capping more than six years of stable    and increasing year-over-year quarterly same property NOI growth. For    the year ended December 31, 2012, stabilized NOI up 4.0%.--  Closed mortgage refinancings for $360.3 million, including $243.9    million for renewals of existing mortgages and $116.4 million for    additional top up financing with a weighted average term to maturity of    8.8 years, and at a weighted average rate of 2.95%.--  Late in 2012, CAPREIT entered into third party external management    agreements to perform certain asset management duties and property    services with a third party real estate investment trust in the United    States, which owns and operates 16 manufactured home communities in    Colorado, Texas, Arizona, and Michigan.

"2012 was our most active year to date as we generated record growth and record operating and financial performance," commented Thomas Schwartz, President and CEO. "With the significant expansion and enhanced diversification of our property portfolio, the proven success of our asset and property management strategies, and the continuing strong fundamentals in the Canadian residential rental real estate sector, we expect this strong performance will continue."