TORONTO, April 28, 2022 (GLOBE NEWSWIRE) — Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that Mr. Michael Stein will be retiring from CAPREIT’s Board of Trustees (the “Board”) effective at the end of his current term, following CAPRET’s 2022 Annual and Special Meeting of Unitholders on Wednesday, June 1, 2022 (the “AGM”).
Mr. Stein co-founded CAPREIT in 1995 with CAPREIT’s late co-founder, Mr. Tom Schwartz, and oversaw its listing on the Toronto Stock Exchange in 1997. Mr. Stein served as CAPREIT’s founding Chief Executive Officer, and became the Executive Chair of the Board in 1999, before becoming the Chair of the Board in 2005.
During Mr. Stein’s tenure, CAPREIT has grown from owning interests in 2,900 residential suites to owning interests in over 67,000 suites, townhomes and manufactured housing community sites with a total asset value exceeding $17 billion, and expanded in key growth markets across Canada and internationally in Ireland and the Netherlands. He guided CAPREIT through a number of transformative transactions, including the acquisition of Residential Equities REIT in 2004, the founding of Irish Residential Properties REIT plc (ISE:IRES) in 2014 and European Residential REIT (TSX:ERE) in 2019, and CAPREIT becoming a member of the prestigious TSX-60 Index in 2020 as Canada’s largest publicly-held owner and manager of rental residential real estate. Mr. Stein has led CAPREIT’s Board in implementing strong governance practices and policies, enhancing Board renewal and Board diversity. During Mr. Stein’s 25 years of leadership, CAPREIT’s Units, including cash distributions, have generated a compound annual growth rate and a total return for Unitholders significantly greater than the S&P TSX REIT Index and S&P TSX Composite Index.
“Mike Stein has made a significant and valuable contribution to CAPREIT’s growth and success over the last twenty-five years. On behalf of all Unitholders, we thank him for his vision, dedication and service, and wish him every success in the future,” commented Mark Kenney, CAPREIT’s President and Chief Executive Officer.
It is anticipated that Dr. Gina Parvaneh Cody, the Vice Chair of CAPREIT’s Board, will be named the Chair of the Board upon her re-election at the AGM.
CAPREIT is Canada’s largest publicly-traded provider of quality rental housing. CAPREIT currently owns or has interests in approximately 67,000 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada and the Netherlands with approximately $17 billion of assets under management globally. For more information about CAPREIT, its business and its investment highlights, please visit our website at www.capreit.ca 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:
Mr. Mark Kenney
President & CEO
Mr. Stephen Co
Interim Chief Financial Officer