Canadian Apartment Properties Real Estate Investment Trust President and CEO Thomas Schwartz died from prostate cancer, the company said in a release.

Schwartz founded the company in 1996 and has served as its president and CEO since 1998. Schwartz was 68 years old.

The trust's board will start the process to appoint Schwartz's successor. Company Chairman Michael Stein will coordinate the management team during the process.

Schwartz was also the founder and a director of Irish Residential Properties REIT Plc and the co-founder and chairman of European Commercial REIT.