TORONTO, April 25, 2017 /PRNewswire/ -- 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.
About CAPREIT
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:
CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788
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visit:http://www.prnewswire.com/news-releases/capreit-president-and-chief-executive-officer-thomas-schwartz-informs-employees-and-unitholders-of-health-condition-300445697.html
SOURCE Canadian Apartment Properties Real Estate Investment
Trust