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Morguard North American Residential REIT (MRG.UN)

Morguard North American Residential REIT (the “REIT”) is an open-end real estate investment trust listed on the Toronto Stock Exchange (TSX) under the symbol MRG.UN. The REIT had total assets of $4.1 billion at December 31, 2023.

The REIT was formed to own a diversified portfolio of multi-suite residential rental properties across Canada and the U.S. Its primary objectives are: to generate stable and growing cash distributions to Unitholders on a tax-efficient basis; to enhance the value of its portfolio and the long-term value of its units through active asset and property management; and to expand the REIT’s asset base, primarily through acquisitions and property improvements.

Following its Initial Public Offering (“IPO”) in April 2012, the REIT has more than doubled its portfolio size to 12,315 suites, comprised of 42 multi-suite residential properties and one retail property in North America. The real estate portfolio consists of 16 Canadian residential apartment communities located in Alberta and Ontario as well as 26 U.S. residential apartment communities and one retail property located in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas, and Virginia consisting of 12,315 residential suites and 229,500 square feet of commercial gross leasable area.

Performance


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Dear Fellow Unitholders,

In 2022, Morguard North American Residential REIT maximized its returns through active asset and property management. The REIT’s funds from operations increased considerably due to organic growth. Revenue and net operating income rose versus the previous year and the REIT’s average monthly rent and occupancy were at solid levels. The REIT’s diverse portfolio of assets is now valued at $3.6 billion.

This past year, we actively searched for high demand and profitable North American multi-suite residential properties to further raise the quality of our portfolio. Working together with our integrated network of real estate professionals, we disposed of three non-core assets and redeployed the capital towards three premier acquisitions increasing our footprint in both the Chicago and Greater Washington D.C. markets. In the Windy City, we purchased Echelon Chicago, a luxury, best-in-class, 350-suite property centrally located at the West Loop and River North. In the Greater Washington D.C. area, we acquired the retail component of Rockville Town Square and completed in early 2023 the purchase of the remaining 50% of The Fenestra at Rockville Town Square. This asset is a suburban mixed-use property with a strong pedigree and over 180,000 square feet of commercial area.

The REIT remained committed to undertake significant property improvements making our properties even more appealing, creating operational efficiencies that made our tenants’ lives better. We continued to use technology to keep our tenants informed, and sustainability remained an integral part of our daily culture.

We are well positioned for future growth. Our experienced team of professionals has the skill and experience necessary to create value in the REIT’s portfolio, and the REIT has the liquidity required to add high-quality multi-suite residential assets in strategic North American markets.

Many thanks to our valued Unitholders, employees and partners. We appreciate your ongoing support and look forward to actively working with you to elevate our portfolio and sustain long-term growth.

Sincerely, 
K. Rai Sahi 
Chairman and Chief Executive Officer
 

Morguard North American Residential REIT is an unincorporated, open-end real estate investment trust listed on the Toronto Stock Exchange (TSX) under the symbol MRG.UN. The REIT owns a diversified portfolio of 43 real estate properties in North America. The real estate portfolio consists of 16 Canadian residential apartment communities located in Alberta and Ontario as well as 26 U.S. residential apartment communities and one retail property located in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas, and Virginia consisting of 12,315 residential suites and 229,500 square feet of commercial gross leasable area.

 

$4.0B
Real Estate Properties
27
U.S. Properties
16
Canadian Properties
12,315
Suites
94%
U.S. Occupancy
99%
Canadian Occupancy

​​ 

 

Christopher Newman
Chief Financial Officer
Morguard North American Residential REIT
55 City Centre Drive, Suite 1000
Mississauga, ON L5B 1M3
T 905-281-5359
E cnewman@morguard.com
Beverley G. Flynn
Senior Vice President, General Counsel & Secretary
Morguard Corporation
55 City Centre Drive, Suite 1000
Mississauga, Ontario L5B 1M3
T 905-281-5923
E bflynn@morguard.com
Transfer Agent
Computershare Trust Company of Canada
100 University Avenue, 8th Floor
Toronto, Ontario, M5J 2Y1
T 416-263-9200
F 416-981-9800

Shareholders Services
T 1-800-564-6253

 

 

 

K. Rai Sahi
Chairman and Chief Executive Officer
Morguard North American Residential REIT
E rsahi@morguard.com

K. Rai Sahi is Chairman and Chief Executive Officer of the Trust and Chairman and Chief Executive Officer of Morguard Corporation. Mr. Sahi, FCPA, FCGA, has over 30 years of business experience in public and private corporations, including extensive experience in investing, financial reporting, standards, and policy covering a broad range of industries including insurance, commercial banking, manufacturing, transportation and automotive as well as real estate. Mr. Sahi is President and Chief Executive Officer of Morguard Real Estate Investment Trust and Chairman and Chief Executive Officer of Morguard Investments Limited and TWC Enterprises Limited.  Mr. Sahi has received many distinctions, including the Certified General Accountants Association of Canada Fellowship Award (2009), Voice Achievement Award (Fellowship in the Indo-Canadian Community over critical enterprises, 2009) and Turnaround Entrepreneur of the Year (1994). In addition, Mr. Sahi is a ranked member of numerous prestigious business listings, including ‘‘The Top 25 Most Influential Figures in Canadian Golf’’ (The National Post) and one of ‘‘The Most Influential People in Golf’’ (Golf Inc.).

Christopher Newman
Chief Financial Officer
Morguard North American Residential REIT
E cnewman@morguard.com

Chris Newman is Chief Financial Officer of Morguard North American Residential REIT and Vice President, Finance at Morguard Corporation. Prior to being appointed CFO in 2018, he held the position of Director of Finance at Morguard Corporation. Chris previously worked in progressively senior financial positions at two publicly-traded residential real estate investment trusts since 2010 bringing corporate finance, treasury, financial planning and reporting experience to his roles. A graduate of McMaster University with an Honours Bachelor of Commerce, Mr. Newman also holds a Chartered Professional Accountant (CPA, CA) designation.

Paul Miatello
Senior Vice President
Morguard North American Residential REIT
E pmiatello@morguard.com

Paul Miatello is Senior Vice President at the Trust and Chief Financial Officer of Morguard Corporation. Prior to being appointed CFO in 2007, he held the offices of Vice President Finance and Vice President, Morguard Residential Inc. Paul joined Revenue Properties Company Limited (RPCL), a Morguard subsidiary, in 2000 and was appointed Vice President, Finance and CFO of RPCL in 2003.  Paul has over 15 years experience working with public and private real estate companies. Paul is a Chartered Professional Accountant (CPA, CA).

Beverley G. Flynn
Senior Vice President and General Counsel
Morguard North American Residential REIT
bflynn@morguard.com

Beverley G. Flynn is Senior Vice President and General Counsel of Morguard. She joined Morguard in July 2003 and has taken on roles of increasing responsibility and scope throughout her tenure. Her current responsibilities include Corporate Legal, Risk and Insurance. ESG, Environmental Affairs, Health and Safety and National Programs. Ms. Flynn has over 20 years of experience in business and legal matters relating to public markets, real estate, finance, operations, risk and insurance, sustainability/ESG and corporate and securities law. Prior to joining Morguard, Ms. Flynn was an associate with McMillan LLP. Ms. Flynn is a member of the Law Society of Ontario and a graduate of Osgoode Hall Law School and Memorial University of Newfoundland. Ms. Flynn is also a recipient of the Osgoode Hall Law School Alumni Gold Key Award, the Global Counsel Award (General Commercial) from the International Law Office and the Association of Corporate Counsel and was named to the GC Power List: Canada Teams by The Legal 500.

Angela Sahi
Executive Vice President, Residential, Office and Industrial
E asahi@morguard.com

Ms. Sahi is Executive Vice President, Residential, Office and Industrial at Morguard. She began working for Morguard in 1995, while still under the name Acktion Corporation. Ms. Sahi holds a variety of roles and responsibilities at Morguard, including board member of Morguard Corporation and TWC Enterprises Limited. Ms. Sahi has oversight of the management and operation of Morguard’s Canadian multi-suite residential portfolio as well as the office and industrial portfolios. She also manages the research and valuations groups. Prior to working with Morguard, Ms. Sahi’s experience includes consulting with both Ernst & Young LLP’s Real Estate Advisory Group and Business Risk Services Group in New York City. She also worked in Ernst & Young LLP’s Audit and Tax groups in Toronto. Ms. Sahi has a Bachelor of Arts (Honors) and Gold Medal from the University of Western Ontario. She also completed a post-graduate degree in accounting from Wilfrid Laurier University and holds a Certified Public Accountant designation.

John Talano
Senior Vice President, U.S. Operations
Morguard North American Residential REIT
E jtalano@morguard.com

John is Senior Vice President of Morguard Management Company Inc. responsible for Morguard's U.S. Operations. He oversees Morguard’s residential and commercial holdings, including responsibilities over property management, asset management, operations, acquisitions, development and construction. John began his career at Morguard in 2006 as Vice President Residential of Morguard's U.S. portfolio. He started his career in real estate in 1997, working on his own multi-family residential projects. He formally began his career in the profession in 2001, working with Trammell Crow Residential. John holds a bachelor's degree from Purdue University in industrial engineering/technology and an MBA from Tulane University's A.B. Freeman School of Business. John is a Member of AFIRE, National Multifamily Housing Council, The International Council of Shopping Centers, and The National Apartment Association.

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