TORONTO, Dec. 7, 2018 /CNW/ - Canadian Apartment
Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT")
today announced that David Ehrlich
will be retiring as CEO of CAPREIT effective December 31, 2018. Mr. Ehrlich will continue to
serve on the CAPREIT Board.
Since its inception in 1996, Mr. Ehrlich has been a trusted
advisor and counsel to CAPREIT. In 2014, he helped lead the
formation of CAPREIT's Irish venture, Irish Residential Properties
REIT Plc ("IRES") and became its first Chief Executive Officer. As
IRES CEO, he oversaw its development into Ireland's largest multi-residential apartment
owner before being appointed as CEO of CAPREIT in 2017 following
the passing of Thomas Schwartz.
Michael Stein, Chairman of the
Board of Directors of CAPREIT, commented "I remember asking David
to assist us in creating Canada's
first apartment REIT. Then a practicing lawyer, David was one of
the few experts in Canada's
nascent REIT industry. Since our initial public offering, he has
never failed to put CAPREIT first. On behalf of the Board,
management and all CAPREIT employees, I want to thank David for his
countless contributions to the Company over these many years."
Mr. Ehrlich said, "I retire as CEO with the greatest confidence
in the leadership team, and in the entire CAPREIT organization. It
has been an honour to have been involved with CAPREIT in various
roles since its inception more than 20 years ago, particularly
ending by serving as CEO, and to have watched the Company's
tremendous growth and success. I am proud of all CAPREIT has
accomplished and look forward to its continuing success."
About CAPREIT
As one of Canada's largest residential landlords,
CAPREIT is a growth-oriented investment trust owning interests in
51,743 residential units, comprised of 45,151 residential suites
and 32 manufactured home communities comprising 6,592 land lease
sites, located in and near major urban centres across Canada and The
Netherlands. Since its Initial Public Offering in
May 1997, CAPREIT has grown monthly
cash distributions per Unit by 86%. 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)