CAPREIT Announces Retirement of CEO Mark Kenney; Board Appoints Brad Cutsey as Successor

About this update from Canadian Apartment Properties Real Estate Investment Trust

[{"type":"text","content":"CAPREIT Announces Retirement of CEO Mark Kenney; Board Appoints Brad Cutsey as Successor\nThis news release constitutes a “designated news release” for the purposes of CAPREIT’s prospectus supplement dated May 15, 2025, to its short form base shelf prospectus dated May 15, 2025. Not for distribution to U.S. newswire services or for dissemination in the United States. TORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT” or the “REIT”) (TSX:CAR.UN) announced today the retirement of Mark Kenney as President and CEO and the appointment of Brad Cutsey as his successor, effective July 2. Mr. Kenney also intends to resign as a member of the REIT’s board of trustees (the “Board”) and will be replaced by Mr. Cutsey on the same date. Mr. Kenney commented: “I have greatly enjoyed the nearly thirty years I have spent with CAPREIT. 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.” “On behalf of the Board, I want to express our deep gratitude to Mark for his many years of dedicated service, leadership, and commitment to the organization,” said Dr. Gina Parvaneh Cody, Chair of the Board. “Mark has led the REIT through significant growth and change, and his impact will be lasting. We will miss his leadership, judgment, and steady hand very much, and we are sincerely thankful for everything he has given to CAPREIT.” As part of its ongoing succession planning process, which was accelerated after Mr. Kenney indicated that he may be considering retirement, the Board retained a global leadership advisory firm to assist in its search and in assessing candidates. The search considered a broad range of candidates, with a strong focus on leadership capability, public company experience, and strategic alignment. After a lengthy, careful and thorough process, in which Mr. Kenney was involved, the Board unanimously agreed to appoint Mr. Cutsey as the new President and CEO. Mr. Cutsey brings...

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