Ken Silver to retire from CT REIT May 31, 2022; Kevin Salsberg to be appointed President and CEO
TORONTO, Dec. 9, 2021 /CNW/ – CT Real Estate Investment Trust (“CT REIT” or the “REIT”) (TSX: CRT.UN) today announced that Chief Executive Officer Ken Silver has decided to retire, effective May 31, 2022. He will be succeeded by Kevin Salsberg, who is currently serving as President and Chief Operating Officer.
Ken Silver has led CT REIT since its Initial Public Offering in 2013 and was instrumental in its creation by Canadian Tire Corporation (“CTC”), the REIT’s largest tenant and majority unitholder. He joined CTC in 1995 and prior to his appointment as President and CEO, CT REIT, he served as CTC’s Senior Vice-President, Corporate Strategy and Real Estate. Between now and June 1, 2022, Ken will transition the CEO role to Kevin, following which he will act as strategic advisor to the REIT for a period of one year.
“Ken’s contributions to CTC and then to CT REIT have been immense. He has been a highly valued and respected member of our leadership team for over 26 years and is responsible for leading the development of our store and distribution centre networks across the country, the prime locations of which play a significant role in our competitive advantage,” said Greg Hicks, President and CEO, CTC. “We are grateful for his deep and strategic real estate knowledge and the sage counsel he has provided over the years.”
Kevin Salsberg joined CT REIT in 2016 and has nearly 20 years of commercial real estate experience. Prior to joining CT REIT, he was the Executive Vice-President and Chief Investment Officer at Plaza Retail REIT, and the Chief Operating Officer at KEYreit.
During his time with CT REIT, Kevin has overseen all aspects of its real estate portfolio and has led the teams that manage the firm’s investment, leasing, asset management, and development and construction activities. He has also played an active role in the creation and execution of the REIT’s long-term corporate strategy.
“Since its creation, CT REIT has delivered what it set out to do â providing unitholders with reliable and growing distributions. Its outstanding track record in creating value for unitholders and its position as Canada’s premier net lease REIT are due to Ken’s vision and leadership for the past eight years,” said David Laidley, Chair of the Board, CT REIT. “We have benefitted greatly from his wisdom and experience and are grateful for his continued support throughout this transition.”
“The Board has every confidence in Kevin’s leadership. He has made major contributions to CT REIT since he joined the management team, particularly in significantly growing the portfolio and developing new organizational capabilities. We look forward to continuing to work with him in this new position as President and CEO of the REIT as he builds on its record of success,” added Laidley.
“I am incredibly proud of the strategic role CTC’s high quality real estate portfolio has played in the success of such an iconic Canadian brand. The quality of that portfolio has been reflected in the success of CT REIT since its inception and is a tremendous foundation upon which to build. I have been extremely fortunate to work with great teams, especially the team at CT REIT, and look forward to transitioning the leadership of the REIT to Kevin’s exceptionally capable hands,” said Ken Silver, CEO, CT REIT.
About CT Real Estate Investment Trust
CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties primarily located in Canada. Its portfolio is comprised of over 350 properties totalling approximately 29 million square feet of GLA, consisting primarily of net lease single-tenant retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT’s most significant tenant. For more information, visit ctreit.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects CT REIT’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond CT REIT’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to the factors discussed under “Risk Factors” in CT REIT’s 2020 Annual Information Form and its MD&A for the period ended December 31, 2020, which are both available on CT REIT’s website at www.ctreit.com and on SEDAR at www.sedar.com. CT REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE CT Real Estate Investment Trust (CT REIT)
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