Chairman’s Message

 Fellow Shareholders:

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 management team.


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 cash flow.


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 support.


K. (Rai) Sahi
Chairman and Chief Executive Officer
Morguard Corporation

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