This news release constitutes a “designated news release” for the purposes of CAPREIT’s prospectus supplement dated May 15, 2025, to its short form base shelf prospectus dated May 15, 2025.
Not for distribution to U.S. newswire services or for dissemination in the United States.
TORONTO, May 07, 2026 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT” or the “REIT”) (TSX:CAR.UN) announced today the retirement of Mark Kenney as President and CEO and the appointment of Brad Cutsey as his successor, effective July 2. Mr. Kenney also intends to resign as a member of the REIT’s board of trustees (the “Board”) and will be replaced by Mr. Cutsey on the same date.
Mr. Kenney commented: “I have greatly enjoyed the nearly thirty years I have spent with CAPREIT. I would like to thank our Board and management for their collaboration and partnership throughout my time as CEO. I know that with Brad, the REIT is in good hands and well-positioned for the future. I continue to be invested in CAPREIT’s success and will remain engaged throughout the transition process, supporting Brad and our management team.”
“On behalf of the Board, I want to express our deep gratitude to Mark for his many years of dedicated service, leadership, and commitment to the organization,” said Dr. Gina Parvaneh Cody, Chair of the Board. “Mark has led the REIT through significant growth and change, and his impact will be lasting. We will miss his leadership, judgment, and steady hand very much, and we are sincerely thankful for everything he has given to CAPREIT.”
As part of its ongoing succession planning process, which was accelerated after Mr. Kenney indicated that he may be considering retirement, the Board retained a global leadership advisory firm to assist in its search and in assessing candidates. The search considered a broad range of candidates, with a strong focus on leadership capability, public company experience, and strategic alignment. After a lengthy, careful and thorough process, in which Mr. Kenney was involved, the Board unanimously agreed to appoint Mr. Cutsey as the new President and CEO.
Mr. Cutsey brings substantial and highly relevant leadership capability and public company experience. Most recently, Mr. Cutsey was CEO of InterRent Real Estate Investment Trust (TSX: IIP.UN). Mr. Cutsey has approximately 30 years of experience in real estate and capital markets, including roles as President of InterRent, Group Head of Real Estate Investment Banking and as a top-ranked Equity Research Analyst with prominent financial institutions. Throughout his career, Mr. Cutsey has advised on billions of dollars’ worth of real estate transactions and equity and debt financings and has played a key role in the formation of several publicly listed REITs. Mr. Cutsey is a Chartered Financial Analyst (CFA) and a graduate of the Bachelor of Business Administration (Finance concentration and Economics Major) program at Bishop’s University. His track record in leadership, execution, and value creation stood out clearly to the Board.
“I’m excited to step into this role and lead a company recognized as Canada’s preeminent residential REIT,” said Mr. Cutsey. “As the market continues to evolve, our focus will be on maintaining strong liquidity, executing disciplined portfolio management, and delivering a high-quality product for our residents. We remain committed to driving stable, long-term cash flow growth through organic initiatives and the selective pursuit of strategic opportunities that create value for our investors.”
Dr. Cody commented: “We are delighted to welcome Brad as our next President and CEO. The Board very much looks forward to working with Brad to execute the REIT’s strategic vision, and this transition is being made with the entire senior leadership team remaining intact. We believe this continuity, combined with Brad’s experience and leadership style, positions the organization extremely well for the future.”
ABOUT CAPREIT
CAPREIT is Canada’s largest publicly traded provider of quality rental housing. As at March 31, 2026, CAPREIT owns approximately 45,400 residential apartment suites and townhomes (excluding approximately 200 suites classified as assets held for sale), that are well-located across Canada and, to a lesser extent, the Netherlands, with a total fair value of approximately $14.5 billion (excluding approximately $0.1 billion of assets held for sale). For more information about CAPREIT, its business and its investment highlights, please visit our website at www.capreit.ca and our public disclosures which can be found under our profile at www.sedarplus.ca.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian securities laws, which reflect CAPREIT’s current expectations and projections about future results. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “consider”, “should”, “plans”, “predict”, “estimate”, “forward”, “potential”, “could”, “likely”, “approximately”, “scheduled”, “forecast”, “variation” or “continue”, or similar expressions suggesting future outcomes or events. The forward-looking information in this press release relates only to events or information as of the date on which the statements are made in this press release. Actual results and developments may differ, and may differ materially, from those expressed or implied by the forward-looking information contained in this press release. Any number of factors could cause actual results to differ materially from this forward-looking information. Although CAPREIT believes that the expectations reflected in forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Such forward-looking information is based on a number of assumptions that may prove to be incorrect, including with regards to the expected future performance of the acquisitions. Accordingly, readers should not place undue reliance on forward-looking information.
Forward-looking information in this press release is subject to certain risks and uncertainties, many of which are beyond CAPREIT’s control, which could result in actual results differing materially from this forward-looking information. These risks and uncertainties include, but are not limited to, the risks and uncertainties described under the heading “Risks and Uncertainties” in CAPREIT’s 2025 Annual Report and under the heading “Risk Factors” in CAPREIT’s Annual Information Form for the year ended December 31, 2025, each of which is available under CAPREIT’s profile on SEDAR+ at www.sedarplus.ca.
Except as specifically required by applicable Canadian securities laws, CAPREIT does not undertake any obligation to update or revise publicly any forward-looking information, whether as a result of new information, future events or otherwise, after the date on which the information is provided or to reflect the occurrence of unanticipated events. This forward-looking information should not be relied upon as representing CAPREIT’s views as of any date subsequent to the date of this press release.
| For more information, please contact: | ||||
| CAPREIT | CAPREIT | CAPREIT | ||
| Dr. Gina Parvaneh Cody | Mr. Mark Kenney | Mr. Stephen Co | ||
| Chair of the Board of Trustees | President & Chief Executive Officer | Chief Financial Officer | ||
| (437) 219-1765 | (416) 861-9404 | (416) 306-3009 | ||
