Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) (TSX:CAR.UN), has announced President and CEO Mark Kenney will retire on July 2.
Kenney served in the leadership roles since November 2018; he was previously chief operating officer. He will also step down from the board of trustees.
Brad Cutsey was named to succeed Kenney. He was most recently CEO of InterRent Real Estate Investment Trust (TSX: IIP.UN).
“I have greatly enjoyed the nearly 30 years I have spent with CAPREIT,” said Kenney. “I would like to thank our board and management for their collaboration and partnership throughout my time as CEO. I know that with Brad, the REIT is in good hands and well-positioned for the future. I continue to be invested in CAPREIT’s success and will remain engaged throughout the transition process, supporting Brad and our management team.”
“I’m excited to step into this role and lead a company recognized as Canada’s preeminent residential REIT,” said Cutsey. “As the market continues to evolve, our focus will be on maintaining strong liquidity, executing disciplined portfolio management, and delivering a high-quality product for our residents. We remain committed to driving stable, long-term cash flow growth through organic initiatives and the selective pursuit of strategic opportunities that create value for our investors.”
Photo: Mark Kenney
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