TORONTO, Aug. 15, 2017 /CNW/ - It is with great sadness that the board of trustees of Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") announces the passing of President and Chief Executive Officer, Thomas Schwartz following his battle with prostate cancer. Mr. Schwartz was 68 years old.
"We are greatly saddened by Tom's passing," said Michael Stein, Chair of CAPREIT. "I, along with the rest of the CAPREIT family, will greatly miss his friendship, thoughtful leadership and ability to connect with employees. While Tom was extraordinarily passionate about his work and CAPREIT, his greatest pride was his family. We extend our sympathies to his family, who meant the world to him."
Mr. Schwartz founded CAPREIT, along with Mr. Stein, in 1996 and served as its President and Chief Executive Officer since 1998. Mr. Schwartz, with his exceptional leadership talent, industry expertise and unparalleled reputation, has made an invaluable contribution in building and growing CAPREIT into Canada's largest multi-family residential REIT with nearly 50,000 units situated across Canada and the Netherlands.
CAPREIT's board of trustees will begin a process to appoint a new Chief Executive Officer. Mr. Stein will continue to coordinate CAPREIT's management team during its succession process. Mr. Stein was CAPREIT's first CEO and has served as Executive Chair or Chair since its formation. CAPREIT has an industry leading and experienced management team that is well positioned to continue CAPREIT's success.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 49,029 residential units, comprising of 42,578 residential suites and 31 manufactured home communities comprising 6,451 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.
For more information, please contact:
Mr. Michael Stein
Mr. Scott Cryer
Chief Financial Officer
SOURCE CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT TRUST (CAP REIT)