TORONTO, Dec. 7, 2018 /CNW/ - Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") today announced that David Ehrlich will be retiring as CEO of CAPREIT effective December 31, 2018. Mr. Ehrlich will continue to serve on the CAPREIT Board.
Since its inception in 1996, Mr. Ehrlich has been a trusted advisor and counsel to CAPREIT. In 2014, he helped lead the formation of CAPREIT's Irish venture, Irish Residential Properties REIT Plc ("IRES") and became its first Chief Executive Officer. As IRES CEO, he oversaw its development into Ireland's largest multi-residential apartment owner before being appointed as CEO of CAPREIT in 2017 following the passing of Thomas Schwartz.
Michael Stein, Chairman of the Board of Directors of CAPREIT, commented "I remember asking David to assist us in creating Canada's first apartment REIT. Then a practicing lawyer, David was one of the few experts in Canada's nascent REIT industry. Since our initial public offering, he has never failed to put CAPREIT first. On behalf of the Board, management and all CAPREIT employees, I want to thank David for his countless contributions to the Company over these many years."
Mr. Ehrlich said, "I retire as CEO with the greatest confidence in the leadership team, and in the entire CAPREIT organization. It has been an honour to have been involved with CAPREIT in various roles since its inception more than 20 years ago, particularly ending by serving as CEO, and to have watched the Company's tremendous growth and success. I am proud of all CAPREIT has accomplished and look forward to its continuing success."
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 51,743 residential units, comprised of 45,151 residential suites and 32 manufactured home communities comprising 6,592 land lease sites, located in and near major urban centres across Canada and The Netherlands. 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.
SOURCE Canadian Apartment Properties Real Estate Investment Trust (CAPREIT)
For further information: please contact: CAPREIT, Michael Stein, Chair, (416) 861-5788; Mark Kenney, President and COO, (416) 861-2468