CAP REIT Increases Distribution by 34 Percent in One Year.TORONTO--(BUSINESS WIRE)--June 24, 1998--Canadian Apartment P(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAR.UN.) Canadian Apartment Properties Real Estate Investment Trust ("CAP REIT CAP REIT Canadian Apartment Properties Real Estate Investment Trust " - TSE "CAR.UN") announced today that its July 1998 monthly distribution has increased to $0.08 per unit, representing an increase of 14 percent over the distribution in June and 34 percent over the monthly distribution for July 1997. The increased July distribution is a result of continuing internal growth from the portfolio, through improved operating efficiencies. The distribution will be paid on August 15, 1998 to unitholders of record on July 31, 1998. "The increase in the monthly distribution is a further example of management's commitment to building unitholder value," said Michael Stein, Chairman and Chief Executive Officer. "Going forward, we remain focused on continuing to grow distributions to unitholders". CAP REIT also announced the acquisition of three walk-up apartment complexes comprising 241 units in Saskatoon Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. andRegina. The total
acquisition cost was approximately $8.5 million."With these acquisitions, we are continuing our geographic diversification strategy to build a sizable portfolio in all major markets across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. ," said Tom Schwartz, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . In addition, CAP REIT has implemented a distribution reinvestment plan reinvestment plan See dividend reinvestment plan (DRIP). ("DRIP"), to which resident Canadian unitholders may elect to have all their distributions of income automatically reinvested in additional units. It is anticipated that the first distribution of income for which unitholders will be entitled to elect to have distributions reinvested under DRIP, will be July 31, 1998. CAP REIT is Canada's first real estate investment trust owning 100 percent freehold Freehold, borough, United States Freehold, borough (1990 pop. 10,742), seat of Monmouth co., E central N.J.; settled c.1650, called Monmouth Courthouse (1715–1801), inc. as a town 1869, as a borough 1919. interest in multi-unit residential properties, including apartment buildings and townhouses.
CONTACT: Canadian Apartment Properties Real Estate
Investment Trust
Michael Stein, 416/861-5788
or
Canadian Apartment Properties Real Estate
Investment Trust
Thomas Schwartz, 416/861-1311
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