TORONTO, Feb. 28, 2022 /CNW/ - Canadian Apartment
Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN)
announced today that Mr. Scott Cryer
has decided to leave CAPREIT, effective April 15, 2022, to pursue other opportunities
after a distinguished twelve-year career at CAPREIT, and over a
decade serving as its Chief Financial Officer.
A formal search process is underway to appoint Mr. Cryer's
successor and both internal and external candidates will be
evaluated. Mr. Stephen Co will be assuming the position as
CAPREIT's Interim CFO after a six-week transition period. Mr. Co
has been with CAPREIT since 2011, and currently holds the position
of Vice President, Accounting. In addition, Mr. Co is the Chief
Financial Officer of European Residential REIT ("ERES REIT")
(TSX:ERE.UN), a role he assumed in January
2021, replacing Mr. Cryer who had been ERES REIT's first
CFO. Previously, Mr. Co worked at PricewaterhouseCoopers LLP in the
assurance practice servicing clients in the real estate sector. He
holds a Bachelor of Business Administration degree from the
University of Toronto, a Chartered
Professional Accountant (CPA, CA) designation and is also a
Chartered Financial Analyst (CFA) Charterholder.
"On behalf of the Board of Trustees and everyone at CAPREIT, I
want to thank Scott for his years of service and contribution to
CAPREIT. During his tenure, Scott helped CAPREIT through a
transformative period which saw CAPREIT grow from a market
capitalization of $1 billion to
$9.4 billion, and during which time
we expanded into Europe and built
an industry leading balance sheet that is well positioned for
continued growth. He has been a valuable member of our senior
management team, as well as serving as the first CFO for both IRES
REIT and ERES REIT, and we wish him every success in his future
endeavors," commented Mark Kenney,
President and CEO.
ABOUT CAPREIT
CAPREIT is Canada's largest publicly-traded provider of
quality rental housing. CAPREIT currently owns or has interests in
approximately 66,000 residential apartment suites, townhomes and
manufactured housing community sites well-located across
Canada, in the Netherlands and Ireland 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.caprent.com or
www.capreit.net 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.
SOURCE CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT
TRUST (CAP REIT)