TORONTO, March 27, 2019 /CNW/ - Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announced today that Mark Kenney has been appointed Chief Executive Officer of CAPREIT and as a member of CAPREIT's board of trustees, effective March 27, 2019.
Mr. Kenney joined CAPREIT in 1998 and, since that time, has been actively involved in creating and implementing CAPREIT's policy, building and directing the property management team, and overseeing the marketing, procurement and development departments. As COO, Mr. Kenney oversaw all of CAPREIT's operations and acquisitions in Canada and Europe.
"We are fortunate to have within our organization a high level of talent to support our succession planning," said Michael Stein, Chair of the Board. "Mark has led CAPREIT's operations team since day one and has a deep understanding of our industry and our organization. We look forward to our continued growth under his capable leadership."
"I am eager to take on this new role as CEO and Trustee, and thank the Board as well as the senior management team for their trust and confidence in my leadership," added Mr. Kenney. "Continuing our vision and building on CAPREIT's industry-leading portfolio and strong financials will be my and our talented management team's primary focus as we enter into the next chapter of growth for CAPREIT."
About Mark Kenney
Mark Kenney joined CAPREIT in 1998 and currently serves as CAPREIT's President and Chief Operating Officer. Mr. Kenney has more than 28 years of experience in the multi-family real estate sector. Prior to joining CAPREIT, Mr. Kenney held a senior position at Realstar Management Partnership, overseeing portfolios in Western Canada and Northern Ontario. He has also held various leadership roles at Greenwin Property Management and Tridel, where he managed portfolios in the Greater Toronto Area. Mr. Kenney is a board member of the Federation of Rental-Housing Providers of Ontario and St. Hilda's Towers; and is a founding board member of the GTAA. He holds a Bachelor of Economics degree from Carleton University.
CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities primarily located in and near major urban centres across Canada. CAPREIT has owning interests in 53,143 residential units, comprised of 45,446 residential suites and 45 manufactured home communities comprising 7,697 land lease sites. Since its Initial Public Offering in May 1997, CAPREIT has grown monthly cash distributions per unit by 93%. 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: CAPREIT, Mr. Michael Stein, Chair, (416) 861-5788; CAPREIT, Mr. Mark Kenney, President and Chief Executive Officer, (416) 861-9404