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.
About CAPREIT
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:
CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788
CAPREIT
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771
SOURCE CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT
TRUST (CAP REIT)