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Morguard Corporation (MRC)

Morguard Corporation is a real estate operating company listed on the Toronto Stock Exchange (TSX) under the symbol MRC. At December 31, 2022, the Company’s owned and managed portfolio of assets is valued at $18.6 billion.  Morguard operates three diversified lines of business: Investments in Real Property; Ownership in Real Estate Investment Trusts Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN); and Real Estate Advisory Services and Portfolio Management specializing in publicly traded equities and fixed-income securities, to institutional clients and private investors.


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Dear Fellow Shareholders,

For the second consecutive year, the commercial real estate sector faced challenges associated with the global pandemic. While the economics of the health crisis are still somewhat visible, our 2021 annual report provides us with strong grounds for optimism as we move forward.

The road to recovery has been somewhat bumpy in our industry due to the prolongation of the pandemic with some real estate asset classes performing better than others. The multi-suite residential market was broadly positive, and the office and retail asset classes showed signs of gradual stabilization with increased investor confidence.

Morguard Corporation took firm and decisive action in 2021 to ensure that our portfolio stayed strong well into the future. Our net asset value accelerated with an increase of 6.7% versus a year ago led by a $267 million fair value gain on our real estate portfolio, demonstrating economic improvement in both Canada and the U.S. Our lease renewals are rising, with many of our tenants confidently looking to lock in for the long term, as we revitalize and re-envision our properties.

During year two of the pandemic, we were passionately committed to ensuring the health and safety of our tenants, employees and visitors. And we remained dedicated to supporting the financial health of our tenants by helping them navigate the various forms of financial aid that were made available by the various levels of government.

Our success during times like these is a true testament to the resilience of our diversified portfolio of real estate assets. Our geographical diversity allowed us to take advantage of the U.S. market’s faster recovery that occurred due to fewer lockdowns and restrictions – a trend we expect to see soon in Canada. Our diversification across a multitude of asset classes – from multi-suite residential, office and industrial properties to community centres (strips anchored by grocery, pharmacy and other critical services) – enabled us to maintain stability during what was an uncertain period. These segments are continuing to perform well, particularly the U.S. market (that comprises 29% of Morguard’s NOI) which has almost snapped back to pre-pandemic norms. A similar rebound has been experienced at our enclosed shopping centres in Western Canada as restrictions have loosened.

In 2021, Morguard moved forward. We sold six non-core assets: five hotels and an unenclosed retail property in London, Ontario. Morguard Corporation also acquired the remaining 40.9% interest in Lumina Hollywood, located in Los Angeles, for $101.6 million. It is another fine example of our pledge to increase the quality of our residential properties.

Our 2021 financial performance provides further evidence that a recovery is well underway. Our total assets owned and under management in North America is now valued at $19.6 billion up from $19.0 billion in 2020. Our net operating income (NOI) decreased by 0.7%, with a decline in occupancy within the multi-suite residential portfolio as well as the impact of the change in foreign exchange rates nearly offset by higher NOI from our hotel portfolio. Our Normalized FFO was $194.1 million, up by 7.1% over 2020, aided by lower interest expense. And we are in a healthy liquidity position thanks to effective balance sheet management.

We are thinking forward towards our future, with plans to create even more value in our portfolio over the long term through intensification projects at Burquitlam Plaza in B.C., Bramalea City Centre, Centerpoint Mall and Cawthra-Atwater in Ontario and Lake Worth in Florida; property repositionings at Rice Howard Place in Edmonton, as well as Toronto’s The Bay Club; and acquisitions such as the one we completed with Lumina Hollywood in California. Furthermore, we are performing remerchandising efforts at many of our enclosed centres such as St. Laurent Centre, Cambridge Centre, and East York Town Centre in Ontario, and The Centre in Saskatoon and spearheading redevelopment initiatives like we have done at 60 Bloor in Toronto and 1643 Josephine in New Orleans. We are also actively engaged around sustainability, to meet the demands of our various constituents, including the public at large. And we are true champions in ESG, with sustainability initiatives implemented at all levels of our organization.

We are so fortunate to have the right infrastructure, asset base, in-house talent, reach, scale, and financial strength for today’s real estate market. It is precisely what we need to think forward as we acquire, create and maintain a commercial real estate portfolio that is built for the future, responding to the evolving needs of the people that occupy space in our properties.

I offer my sincere thanks to our management, our dedicated employees, our Directors and you, our shareholders. I truly appreciate your ongoing loyalty and support and look forward to having you with us on our promising journey.

K. Rai Sahi 
Chairman and Chief Executive Officer


Morguard Corporation is a real estate investment company listed on the Toronto Stock Exchange (TSX) under the symbol MRC. The Company and its subsidiaries, Morguard REIT (TSX: MRT.UN), Morguard North American Residential REIT (TSX: MRG.UN), own a diversified portfolio of 180 real estate properties across multiple asset classes including office, industrial, retail, multi-suite residential and hotel. Together, the properties are located in prime locations across North America.

Real Estate Properties
Multi-Suite Residential Properties
Retail Properties
Total Properties
Office and Industrial Properties
Hotel Properties
2022 Q4 Q3 Q2 Q1 FS Only
2021 Q4  Q3  Q2  Q1 FS Only
2020  Q4 Q3  Q2 Q1 FS Only
2019 Q4 Q3 Q2 Q1 FS Only

Paul Miatello
Chief Financial Officer
Morguard Corporation
55 City Centre Drive, Suite 1000
Mississauga, ON L5B 1M3
T 905-281-5943
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
Transfer Agent
Computershare Trust Company of Canada
100 University Avenue, 9th 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

K. Rai Sahi is Chairman and Chief Executive Officer of Morguard. 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 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.).

Paul Miatello

Chief Financial Officer
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Paul Miatello is 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 (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, General Counsel and Secretary

Beverley G. Flynn is Senior Vice President, General Counsel and Secretary of Morguard. She joined Morguard in July 2003 and has taken on roles of increasing responsibility and scope throughout her tenure. Ms. Flynn has over 15 years of experience in business and legal matters relating to public markets, real estate, finance, operations, risk, sustainability and corporate and securities law. Prior to joining Morguard, Ms. Flynn was an associate with McMillan LLP. Ms. Flynn is member of the Law Society of Upper Canada 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

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.

Robert McFarlane
Vice President, Internal Audit

Robert McFarlane has been in his current role since 2005 and is responsible for evaluating the effectiveness of internal controls over financial reporting, to provide independent assurance for the public entity's CFO and the Chairman's certification of internal control effectiveness to the Ontario Securities Commission. Mr. McFarlane also serves as a project champion for Morguard's enterprise risk management programs.  He brings more than 25 years of industry experience to Morguard. Mr. McFarlane previously served as accounting manager at OMERS, where he was responsible for reporting the results of the real estate, private equity and infrastructure groups. Other appointments include TrizecHahn and Trizec Corporation. Mr. McFarlane completed Strategic Risk Management, an MBA-level exam course, at Edinburgh Business School. He also holds an MBA from Edinburgh Business School and three other accreditations: CPA (Colorado), CGA and ACCA (UK Chartered Certified Account).

Brian Athey
Vice President, Development, Morguard Corporation

Brian Athey is Vice President, Development at Morguard Corporation. Brian is responsible for development activity at Morguard and Morguard North American Residential REIT. Brian joined Morguard in 2008 as Director of Development and has been responsible for the design and construction of The Heathview high-rise residential project, and the planning and development of a mix of retail and office projects. Brian has 25 years of progressive development and construction experience; previously with Concert Properties, TEDCO, OMERS and Hammerson. He holds an MBA from the Schulich School of Business, and a BASc in Civil Engineering from the University of Waterloo. Brian is a LEED Accredited Professional and a Registered Professional Engineer.

Chris Newman
Vice President, Finance

Chris Newman is Vice President, Finance at Morguard Corporation and Chief Financial Officer of Morguard North American Residential REIT. 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.


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