CAPREIT’s Ehrlich to re­tire as CEO at end of month

Stockwatch Daily - - FINANCE - Mr. Michael Stein re­ports

CA N A DIAN APARTM E NT Prop­er­ties Real Es­tate In­vest­ment Trust’s David Ehrlich will be re­tir­ing as chief ex­ec­u­tive of­fi­cer of CAPREIT ef­fec­tive Dec. 31, 2018. Mr. Ehrlich will con­tinue to serve on the CAPREIT board.

Since its in­cep­tion in 1996, Mr. Ehrlich has been a trusted ad viser and cou n sel to CAPREIT. In 2014, he helped lead the for­ma­tion of CAPREIT’s Ir­ish ven­ture, Ir­ish Res­i­den­tial Prop­er­ties REIT PLC, and be­came its first chief ex­ec­u­tive of­fi­cer. As IRES CEO, he over­saw its de­vel­op­ment into Ire­land’s largest mul­tires­i­den­tial 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 prac­tis­ing 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 Cana­dian Apart­ment Prop­er­ties REIT

As one of Canada’s largest res­i­den­tial land­lords, CAPREIT is a growth-ori­ented in­vest­ment trust own­ing in­ter­ests in 51,743 res­i­den­tial units, com­pris­ing 45,151 res­i­den­tial suites and 32 man­u­fac­tured home com­mu­ni­ties on 6,592 land lease sites, lo­cated in and near ma­jor ur­ban cen­tres in Canada and the Nether­lands.

Harold Burke, Gina Cody, David Stu­art Ehrlich, Paul Harris, Jamie Schwartz, Michael L Stein, Stan­ley B Swartz­man, Elaine To­dres

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