TORONTO, Nov. 14, 2018 /CNW/ - Canadian Apartment
Properties Real Estate Investment Trust (TSX:CAR.UN) ("CAPREIT")
today announced that Mark Kenney has
been appointed President of CAPREIT, in addition to his current
role of Chief Operating Officer, effective today.
Mr. Kenney joined CAPREIT in 1998 and, since that time, has been
actively involved in creating and implementing the REIT's policy,
directing the property management team, and overseeing the
marketing, procurement, development and acquisitions departments.
As COO, Mr. Kenney oversees all of CAPREIT's operations in
Canada and Europe.
"Today's announcement supports the Board of Trustees' succession
planning process and facilitates CAPREIT's strategy to increase
unitholder value," said Michael
Stein, Chairman of the Board. "Mark has nearly three decades
of experience in the multi-family sector, as well as extensive
financial and operating experience at the executive level. He is a
proven leader with a deep understanding of our business operations
and the evolving industry landscape. Together with CAPREIT's
skilled leadership team, we believe Mark is well suited to help
CAPREIT further evaluate options for enhancing unitholder value and
achieve its next phase of growth."
"Throughout his 20 year tenure with CAPREIT, Mark has been
central to creating and implementing the initiatives that have
contributed to its success," said David
Ehrlich, Chief Executive Officer. "I am confident that Mark
will thrive in his new role as CAPREIT continues to execute on its
strategic and financial objectives."
"I am honored to assume the role of President of CAPREIT and
thank the Board for its confidence in my leadership," added Mr.
Kenney. "CAPREIT's industry-leading portfolio, strong financials
and talented team have positioned us for continued success. I am
excited to continue working with the exceptional CAPREIT team as we
grow and strengthen the REIT."
About Mark
Kenney
Mark Kenney
joined CAPREIT in 1998 and currently serves as the CAPREIT's Chief
Operating Officer. Mr. Kenney has more than 28 years of experience
in the multi-family real estate sector. Prior to joining CAPREIT,
Mr. Kenney held a senior position at Realstar Management
Partnership, overseeing portfolios in Western Canada and Northern Ontario. He has also held various
leadership roles at Greenwin Property Management and Tridel, where
he managed portfolios in the Greater
Toronto Area. Mr. Kenney is a board member of the Federation
of Rental-Housing Providers of Ontario and St. Hilda's Towers; and is a
founding board member of the GTAA. He holds a Bachelor of Economics
degree from Carleton University.
About CAPREIT
As one of Canada's largest residential landlords,
CAPREIT is a growth-oriented investment trust owning interests in
50,458 residential units, comprised of 43,866 residential suites
and 32 manufactured home communities comprising 6,592 land lease
sites, located in and near major urban centres across Canada and The
Netherlands. Since its Initial Public Offering in
May 1997, CAPREIT has grown monthly
cash distributions per Unit by 86%. 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.
SOURCE Canadian Apartment Properties Real Estate Investment
Trust (CAPREIT)