TORONTO, Nov. 1, 2017 /CNW/ - Canadian Apartment
Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT")
announced that David Ehrlich has
been appointed President and Chief Executive Officer, effective
today. The appointment follows the loss of the Company's founder
and CEO, Thomas Schwartz, who passed
away on August 15, 2017. In
conjunction with assuming this role, Mr. Ehrlich will step down as
CEO of Irish Residential Properties REIT Plc (IRES) but will remain
on the board of IRES as the nominee of its asset manager, a CAPREIT
company.
Mr. Ehrlich has served as a member of CAPREIT's Board of
Trustees since February 2013. He has
more than 30 years of experience in the industry, most recently
serving as CEO of IRES, a company founded by CAPREIT, which he led
through its initial public offering in 2014. During his tenure,
IRES grew its asset base from approximately $58 million to over $1
billion, becoming Ireland's
largest non-governmental landlord. Prior to joining IRES, Mr.
Ehrlich was a senior partner at Stikeman Elliott LLP and was a
leader in the introduction of REITs in Canada. From the time of CAPREIT's IPO, Mr.
Ehrlich worked closely with Mr. Schwartz and Michael Stein, Chair of CAPREIT, providing
strategic input into growth and development in addition to his role
as a legal advisor.
Mr. Stein said, "While we mourn Tom's passing, we are fortunate
to have David step into this role and lead the company forward.
David's industry expertise, including the strong performance of
IRES under his leadership, as well as his extensive experience
within the company, will provide continuity to the business.
Importantly, the management team's strength, resolve and complete
support of David will ensure that we maintain our strong momentum.
CAPREIT has one of the most robust balance sheets in the industry
and a proven ability to capitalize on strong fundamentals through
all economic cycles. We look forward to continuing to deliver
increased organic growth, driven by solid operating performance and
tenant satisfaction across all of our demographic sectors and asset
types."
Mr. Ehrlich stated, "Mr. Schwartz assembled a leadership team
that matched his dynamism, and I am confident that together with
our dedicated group of employees, we will successfully build on Mr.
Schwartz's legacy. Part of that legacy includes an outstanding
portfolio of properties that continue to provide opportunities
which we can capitalize upon and further enhance unitholder value.
I am extremely excited to work with the team to lead CAPREIT as it
moves forward."
About David Ehrlich
David Ehrlich has been the Chief
Executive Officer and an Executive Director of IRES, a
publicly-traded real estate investment trust with investments in
multi-unit residential properties in Ireland that is indirectly managed by CAPREIT,
since April 2014. Prior to this, Mr.
Ehrlich was a senior partner in the Toronto office of the law firm Stikeman
Elliott LLP where he played an instrumental role in the merger of
CAPREIT and ResREIT in 2004, to create one of the largest REITs in
Canada. He was a member of both
the corporate and real estate groups at Stikeman until December 2013. During his career of over 30
years, his practice was focused on real estate and structured
finance, including public real estate securities. Mr. Ehrlich has
been actively involved with real estate investment trusts since
their inception in Canada, acting
for both issuers and underwriters in numerous transactions.
He graduated from Dalhousie Law School in 1977 and was a member
of the Nova Scotia Barristers Society from 1979 to 1987 and is a
continuing member of the Law Society of Upper Canada since 1986.
About CAPREIT
As one of Canada's largest
residential landlords, CAPREIT is a growth-oriented investment
trust owning interests in 50,008 residential units, comprising of
43,553 residential suites and 31 manufactured home communities
comprising 6,455 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.
SOURCE CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT
TRUST (CAP REIT)