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 $1.9 billion at June 30, 2015.
The REIT was formed to own a diversified portfolio of multi-unit 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 doubled its portfolio size to 12,850 suites at 44 multi-unit residential properties in North America. The real estate portfolio consists of 30 U.S. low-rise and mid-rise apartment communities located in Alabama, Colorado, Florida, Georgia, Louisiana, North Carolina and Texas, and 14 Canadian residential apartment communities located in Alberta and Ontario.