RioCan Real Estate Investment Trust Announces Agreement of Edward Sonshine, O.Ont., Q.C. to Remain as Chief Executive Officer Until at Least March 31, 2021; Jonathan Gitlin Appointed President and Chief Operating Officer
TORONTO, March 25, 2019 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX:REI.UN) is pleased to announce that Edward Sonshine, O.Ont., Q.C., RioCan’s Chief Executive Officer, has agreed to remain Chief Executive Officer of the Trust until his retirement on March 31, 2021, subject to a potential one year extension. Upon his retirement in March 2021 (or March 2022 if extended), Mr. Sonshine has also agreed to become the Non-Executive Chairman of the Board of the Trust for two years to ensure an orderly transition with his successor. Mr. Paul V. Godfrey, C.M., Chair of the Board, has agreed to step down as Chair of the Board at that time to become Lead Trustee.
“The members of the Board of Trustees are all very pleased that Mr. Sonshine has agreed to remain as CEO of the Trust for the next two to three years and that he will continue to play an important role in the ongoing leadership of the Trust following his retirement. He continues to bring a tremendous amount of leadership to the management team as he guides RioCan in its strategic vision for continued growth,” said Paul V. Godfrey, C.M. Chairman of the Board of Trustees for RioCan.
“I am gratified that the Board and I have agreed to arrangements to provide for an orderly transition at RioCan. The major initiatives that we have underway, ranging from the creation of Canada’s best residential rental portfolio to the completion of some of our major development projects, including The Well and Yonge Sheppard Centre, require the additional time that we have now arranged. I am looking forward to an exciting and fruitful next couple of years”, said Edward Sonshine, CEO of RioCan.
RioCan is also pleased to announce that it has promoted Jonathan Gitlin to President and Chief Operating Officer of RioCan effective immediately. Since August 1, 2018, Mr. Gitlin has been Chief Operating Officer. He joined RioCan in 2005 and has been the head of the Trust’s investment team since 2007 where he has played a major role in the tremendous growth of RioCan and has lead RioCan’s ongoing $2 billion disposition program as part of its accelerated major market strategy and execution of the Trust’s residential program.
“I would like to offer my sincere congratulations to Jonathan Gitlin on his well deserved promotion to President & COO. Since his assumption of the role of COO in August of 2018, Jonathan has been a key contributor to our leadership team and to the ongoing success of the major initiatives that RioCan has underway. I am confident in his abilities to lead our operations as we move towards the next phase of our growth and development”, said Edward Sonshine, CEO of RioCan.
RioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $13.2 billion at December 31, 2018. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. Our portfolio is comprised of 233 properties, including 16 development properties, with an aggregate net leasable area of approximately 38.7 million square feet. To learn more about how we deliver real vision on solid ground, visit www.riocan.com.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but is not limited to, statements concerning RioCan’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements.
Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including that the events contemplated herein are completed as contemplated, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For further information contact: RioCan Real Estate Investment Trust Qi Tang SVP and Chief Financial Officer 416-866-3033