Canadian Apartment Properties Real Estate Investment Trust
TSX : CAR.UN

Canadian Apartment Properties Real Estate Investment Trust

September 29, 2009 17:19 ET

CAPREIT Appoints New Chief Financial Officer

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2009) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that Mr. Richard Smith has been appointed Chief Financial Officer effective October 13, 2009 on the retirement of Mr. Yazdi Bharucha.

"Yazdi has made an immeasurable contribution to our growth and performance since we entered the public capital markets in May 1997," commented Mr. Thomas Schwartz, President and CEO. "As a key member of our senior management team, he was instrumental in helping take CAPREIT from a value of $100 million at the time of our IPO to almost $1 billion today. During his tenure he secured more than $1 billion in financings to fund our growth, and was a key player in the successful and accretive acquisition of ResREIT. He has also put in place a strong financial management team and network of advisors that will stand us well as we move forward. His commitment and professionalism will be missed by everyone at CAPREIT, and we wish him every success in the future."

"I am very proud of everything we have accomplished at CAPREIT, and thank my financial management team for their support and dedication over the last twelve years,'" Mr. Bharucha stated.

Mr. Smith was formerly Executive Vice-President and Chief Financial Officer of MI Developments Inc., a publicly-traded real estate company focused on the ownership, leasing and management of a real estate portfolio consisting of 105 income producing properties. Prior to joining MI Developments, he was Vice-President of Corporate Development at Magna International Inc., an Associate Director in the Mergers and Acquisitions group at Scotia Capital Inc., and a Senior Associate at Coopers and Lybrand (now PriceWaterhouseCoopers). He received his Juris Doctor and Master of Business Administration from the University of Toronto in 2001, and an Honours Bachelor of Commerce from the University of Ottawa in 1995. He is a Chartered Accountant, a U.S. Certified Public Accountant, and a member of the New York Bar Association.

"We are very pleased and excited to have Richard join CAPREIT," Mr. Schwartz added. "He brings significant depth and experience to our senior management team, and we look forward to the contribution he will make as CAPREIT enters the next phase of its growth."

ABOUT CAPREIT

As one of Canada's largest residential landlords, CAPREIT (TSX:CAR.UN) is a growth- oriented investment trust owning interests in 27,614 residential suites and two land lease communities comprising 1,288 sites located in or near major urban centres from coast to coast. For more information about CAPREIT, its business and its investment highlights, please refer to our web site at 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 statements are based on certain factors and assumptions regarding expected growth, results of operations, performance and business prospects and opportunities. Although the forward-looking statements contained herein are based upon assumptions that management believes are reasonable, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond CAPREIT's control, that may cause CAPREIT or the industry's actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties are more fully described in regulatory filings, including CAPREIT's Annual Information Form, which can be obtained on SEDAR at www.sedar.com. Investors should not place undue reliance on any such forward-looking statements. Subject to applicable law, CAPREIT does not undertake any obligation to publicly update or revise any forward-looking information.

Contact Information

  • Canadian Apartment Properties Real Estate Investment Trust
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404