Louis Forbes will retire from CT REIT at year end; Lesley Gibson to be named CFO
TORONTO, Aug. 14, 2018 /CNW/ - CT Real Estate Investment Trust (CT REIT) (TSX: CRT.UN) has announced its succession plan for its Chief Financial Officer. Louis Forbes, who has served in the position since CT REIT's Initial Public Offering in 2013, will retire on December 31, 2018. During Louis' tenure, CT REIT has increased its distribution four times in four years and has delivered a total return to unitholders of over 70%.
"It is difficult to overstate the contribution Louis has made to CT REIT's creation and growing track record of success. We have benefitted greatly from his knowledge and skills in driving our strategy forward and meeting and exceeding the high expectations we set for ourselves five years ago," said Ken Silver, President and Chief Executive Officer, CT REIT. "We can't begin to thank him enough for his valuable contributions to CT REIT and wish him well in his retirement."
"We are delighted to announce that Lesley Gibson will replace Louis. Her background and experience make her an ideal successor for the CFO role and we look forward to her contributions in driving CT REIT's strategic priorities and delivering attractive results for our unitholders," added Silver.
Lesley is joining CT REIT from Choice Properties REIT, where she has been Chief Accounting Officer. Previously, she was Executive Vice President, Finance, at Primaris Retail REIT. She will be joining CT REIT effective October 9, 2018.
About CT Real Estate Investment Trust
CT Real Estate Investment Trust (TSX:CRT.UN) is an unincorporated, closed end real estate investment trust formed to own income producing commercial properties primarily located in Canada. Its portfolio is comprised of over 325 properties totalling approximately 26 million square feet of GLA, consisting primarily of retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT's most significant tenant. For more information, visit www.ctreit.com.
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects CT REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond CT REIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to the factors discussed under "Risk Factors" in CT REIT's 2017 Annual Information Form and its MD&A for the period ended December 31, 2017, which are both available on CT REIT's website at www.ctreit.com and on SEDAR at www.sedar.com. CT REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE CT Real Estate Investment Trust (CT REIT)