TORONTO, Nov. 1, 2017 /CNW/ - Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced that David Ehrlich has been appointed President and Chief Executive Officer, effective today. The appointment follows the loss of the Company's founder and CEO, Thomas Schwartz, who passed away on August 15, 2017. In conjunction with assuming this role, Mr. Ehrlich will step down as CEO of Irish Residential Properties REIT Plc (IRES) but will remain on the board of IRES as the nominee of its asset manager, a CAPREIT company.
Mr. Ehrlich has served as a member of CAPREIT's Board of Trustees since February 2013. He has more than 30 years of experience in the industry, most recently serving as CEO of IRES, a company founded by CAPREIT, which he led through its initial public offering in 2014. During his tenure, IRES grew its asset base from approximately $58 million to over $1 billion, becoming Ireland's largest non-governmental landlord. Prior to joining IRES, Mr. Ehrlich was a senior partner at Stikeman Elliott LLP and was a leader in the introduction of REITs in Canada. From the time of CAPREIT's IPO, Mr. Ehrlich worked closely with Mr. Schwartz and Michael Stein, Chair of CAPREIT, providing strategic input into growth and development in addition to his role as a legal advisor.
Mr. Stein said, "While we mourn Tom's passing, we are fortunate to have David step into this role and lead the company forward. David's industry expertise, including the strong performance of IRES under his leadership, as well as his extensive experience within the company, will provide continuity to the business. Importantly, the management team's strength, resolve and complete support of David will ensure that we maintain our strong momentum. CAPREIT has one of the most robust balance sheets in the industry and a proven ability to capitalize on strong fundamentals through all economic cycles. We look forward to continuing to deliver increased organic growth, driven by solid operating performance and tenant satisfaction across all of our demographic sectors and asset types."
Mr. Ehrlich stated, "Mr. Schwartz assembled a leadership team that matched his dynamism, and I am confident that together with our dedicated group of employees, we will successfully build on Mr. Schwartz's legacy. Part of that legacy includes an outstanding portfolio of properties that continue to provide opportunities which we can capitalize upon and further enhance unitholder value. I am extremely excited to work with the team to lead CAPREIT as it moves forward."
About David Ehrlich
David Ehrlich has been the Chief Executive Officer and an Executive Director of IRES, a publicly-traded real estate investment trust with investments in multi-unit residential properties in Ireland that is indirectly managed by CAPREIT, since April 2014. Prior to this, Mr. Ehrlich was a senior partner in the Toronto office of the law firm Stikeman Elliott LLP where he played an instrumental role in the merger of CAPREIT and ResREIT in 2004, to create one of the largest REITs in Canada. He was a member of both the corporate and real estate groups at Stikeman until December 2013. During his career of over 30 years, his practice was focused on real estate and structured finance, including public real estate securities. Mr. Ehrlich has been actively involved with real estate investment trusts since their inception in Canada, acting for both issuers and underwriters in numerous transactions.
He graduated from Dalhousie Law School in 1977 and was a member of the Nova Scotia Barristers Society from 1979 to 1987 and is a continuing member of the Law Society of Upper Canada since 1986.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 50,008 residential units, comprising of 43,553 residential suites and 31 manufactured home communities comprising 6,455 land lease sites located in and near major urban centres across Canada and The Netherlands. 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 (CAP REIT)
For further information: CAPREIT, Mr. Michael Stein, Chairman, (416) 861-5788; CAPREIT, Mr. David Ehrlich, Chief Executive Officer, (416) 861-2467