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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 March 31, 2024, the Company’s owned and managed portfolio of assets is valued at $17.8 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,

It is with great optimism that I reach out to share the outstanding progress and accomplishments of Morguard Corporation in this purpose-driven year.

Total revenue from Morguard’s real estate portfolio increased by 7.8%, to $1.2 billion during 2023, compared to 2022. Our success can be attributed to the steady performance of our team, whose focus and agility have been instrumental in cultivating a high-quality real estate portfolio.

2023 was an exciting year, highlighted by outstanding performance in the residential sector, resulting in 14.3% NOI year-over-year growth and occupancy averaging 96.1%. In the Canadian retail property sector, we’ve capitalized on an increase in consumer spending and increased foot traffic by successfully implementing remerchandising strategies. Our team’s adept knowledge in leveraging market trends, alongside maintaining rental rates in desirable office spaces, even amid a softer leasing market, demonstrates resilience.

Key acquisitions like Fifty on the Park in Toronto and Xavier in Chicago grow our high-quality real estate portfolio. Additional value is being created by our rezoning and development initiatives across multiple properties. Equally pivotal was our decision to divest the majority of our hotel portfolio, completed in January 2024.

We remain committed to strategic, steady growth and financial management, while keeping an eye on the horizon for new market opportunities.

Our achievements demonstrate the talent and hard work of our employees, whose dedication and skill are crucial in making these successes a reality.

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 162 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.).

Angela Sahi
President and Chief Operating Officer

Ms. Sahi is President and Chief Operating Officer at Morguard, having previously held the position of Executive Vice President, Residential, Office and Industrial. She has oversight of the management and operation of Morguard’s Canadian multi-suite residential, office and industrial, retail and U.S. operations as well as national programs, valuations, research and corporate marketing. Ms. Sahi also serves as a board member of Morguard Corporation and TWC Enterprises Limited.  Prior to working with Morguard, Ms. Sahi’s experience includes consulting with Ernst & Young LLP’s Real Estate Advisory Group and Business Risk Services Group in New York City and working for 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 holds a post-graduate degree in accounting from Wilfrid Laurier University and is a Certified Public Accountant.

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.

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.