TORONTO, April 25, 2017 /CNW/ -- In a letter to employees and unitholders today, Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT") President and Chief Executive Officer, Thomas Schwartz, advised that he has been recently diagnosed with prostate cancer and will be taking some time to focus on his health and treatment over the next few months. The cancer was caught early and Mr. Schwartz's doctors have advised that they expect it will respond very well to treatment and are optimistic about his recovery and return to good health.
While Mr. Schwartz intends to remain very engaged with CAPREIT's business as President and Chief Executive Officer, during this period Michael Stein, Chair of CAPREIT, will help coordinate CAPREIT's management team until Mr. Schwartz can fully return to work. As Mr. Stein and Mr. Schwartz founded CAPREIT together and Mr. Stein was the original Chief Executive Officer of CAPREIT and has since been its Executive Chair or Chair, CAPREIT's board is confident that he is well-positioned to assume this role.
Mr. Schwartz said "I appreciate the support I have received and want to thank our employees for the amazing work they do day-in and day-out. We have proven our ability to capitalize on continuing strong fundamentals in the Canadian apartment business through all economic cycles. CAPREIT has a deep bench of outstanding and experienced leaders who, together with the support of Mr. Stein and the board of trustees, will continue CAPREIT's success during my treatment and recovery."
On behalf of CAPREIT's board of trustees, Mr. Stein, Chairman, said "We have complete confidence in Tom and his management team and their ability to move CAPREIT forward during his treatment. Our thoughts are with Tom and his family at this time."
Mr. Schwartz also fully expects to continue to perform his duties substantially as normal as a trustee of CAPREIT, Chair of European Commercial Real Estate Limited and as a board member of Irish Residential Properties REIT PLC.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 48,773 residential units, comprising of 42,322 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
SOURCE Canadian Apartment Properties Real Estate Investment Trust