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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 September 30, 2023, 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,

The year 2022 was a time of action. It was a year of resiliency and resurgence where we took significant steps to ensure our portfolio remains strong well into the future.

Our dedicated team of real estate professionals was active on acquisitions, totalling $317.9 million. These acquisitions increased our presence in thriving markets across North America, including Ottawa, Chicago and the Greater Washington, D.C. area. We also sold non-core assets for gross proceeds of $354.8 million which was reinvested back into our real estate portfolio.

We are actively exploring opportunities for intensification and development within our existing portfolio – including projects such as Lantana Plaza in Florida as well as Centerpoint Mall and Bramalea City Centre in Ontario. In addition, we continue to reinvest in our properties through ongoing capital improvements, enhanced property management and by providing better services to meet the evolving needs of our tenants and their customers. We were active in technology, introducing new approaches that improved the way we conduct our business. And, we continue to invest in ESG, implementing measures throughout our organization that reflect our commitment to sustainability and supporting local communities.

Our financial performance for the year was robust with total revenue and normalized funds from operations increasing substantially versus the previous year. What’s more, our assets under management are now valued at $18.6 billion – spanning a diversified portfolio of income-producing properties as well as equities and fixed income – and are built to provide stable cash flow and long-term growth. Our infrastructure, asset base, in-house talent, reach and scale are precisely what is required to thrive in today’s real estate market and enjoy continued success down the road.

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 as we continue to actively pursue greater shareholder value over time.

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 178 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

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, 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

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 and General Counsel

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

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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