In 2014, Morguard Corporation delivered
outstanding financial performance, benefiting from the quality of our real
estate portfolio, the diversification of our business and the experience of our
Our core strength is real estate – and
our shareholders and clients continue to benefit from our proven management
platform, strong cash flow, and a conservatively leveraged balance sheet.
We are extremely proud of our
performance in 2014. Our 2014 Annual Report highlights many of our important strategic, operational and financial
accomplishments during the past year. Acknowledging that a strong company is
not built around the most recent year’s results we have also detailed some of
our important milestones and metrics from our 17-year history as a real estate
company. Morguard’s long-term performance is gratifying and we remain committed
to our track record of building a stronger company.
In 2014, the contribution of the two
real estate investment trusts, Morguard REIT and Morguard North American
Residential REIT, in which Morguard Corporation is the major shareholder,
delivered increases in FFO per unit and AFFO per unit. Both REITs continue to
maintain a level of distribution that is well covered from current levels of
Looking ahead, we will continue to
build shareholder value and seek attractive real estate investment
opportunities in promising Canadian and U.S. markets.
Finally, I express my appreciation to
our management team and employees for their dedication and commitment, to our
directors for their guidance and wisdom and to our shareholders for their