TORONTO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that its Board of Trustees had approved a 3.8% increase in monthly cash distributions to $0.1150 per Unit, or $1.38 per Unit on an annualized basis. The increase is effective with the March 2019 distribution payable on April 15, 2019 to Unitholders of record as at March 29, 2019.
"We are very pleased to continue our track record of increases in monthly cash distributions, a testament to our confidence in CAPREIT’s future and our commitment to increasing Unitholder value over the long term," commented Mark Kenney, President and COO.
ABOUT CAPREIT
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 52,039 residential units, comprising 45,446 residential suites and 32 manufactured home communities comprising 6,593 land lease sites located in and near major urban centres across Canada. 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 | CAPREIT Mr. Mark Kenney President & COO (416) 861-9404 | CAPREIT Mr. Scott Cryer Chief Financial Officer (416) 861-5771 |