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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 $3.9 billion at June 30, 2022.

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 11,963 suites at 42 multi-suite residential properties in North America. The real estate portfolio consists of 26 U.S. residential apartment communities located in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas and Virginia and 16 Canadian residential apartment communities located in Alberta and Ontario.

Performance


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Dear Fellow Unitholders,

In 2021, we continued to weather the economic storm created by COVID-19. But as the year progressed, it became more and more apparent that a recovery was well underway in the North American multi-suite residential market. Rental market demand in the U.S. surged, supported by an economic recovery. In Canada, investment demand outstripped supply, with buyers looking for acquisition opportunities in the nation’s metropolitan areas.

I am pleased to report that Morguard North American Residential REIT has performed well, confirming what we have long believed. Namely, that multisuite residential properties are an excellent asset class and that there are advantages to maintaining a portfolio that has regional diversity – across both the U.S. and Canada.

In 2021, the value of the REIT’s real estate properties increased to $3.3 billion by year end, led by a $288.7 million fair value gain on its real estate properties in both Canada and the U.S.

During the second year of the pandemic, the REIT continued to focus on measures that would ensure the health and safety of the many people that occupy space in our buildings. Its management kept up intensified cleaning efforts and maintained virtual leasing protocols in order to keep staff, existing and prospective tenants safe. I, for one, am proud of the REIT’s success.

The REIT’s collection of rental income in Canada and the U.S. remained strong, exceeding 99% on average. Average monthly rent (AMR) in the U.S. was up by 6.4% versus the previous year. AMR in Canada rose by 2.3%. Similarly, occupancy in the U.S. reached record levels and, in Canada, occupancy rates are expected to move upwards as the government loosens restrictions on immigration and reopens the economy.

There are even more reasons to be optimistic. U.S. Same Property NOI (in local currency) increased by 2.8%. And while NOI decreased by 6.1% in Canada, I expect leasing traffic to increase and return to normal. The REIT also anticipates an improvement in FFO after decreasing in 2021 to $64.8 million.

The REIT continues to be in an excellent position for future growth, with $196.5 million of liquidity and $52 million in unencumbered assets. And the REIT’s indebtedness to gross book value ratio of 40.2% is down from 42.8% compared to last year.

The REIT’s focus continues to be on creating value for the future, through acquisitions, redevelopment and active management. One example is the recently renovated property, 1643 Josephine Street located in New Orleans. The redevelopment achieved stabilized occupancy during October 2021 and has an AMR of US$1,842, further improving the overall quality of our portfolio. And the REIT continues to be committed to energy management, stakeholder engagement and ESG initiatives. All in line with the needs and desires of our tenants, employees and stakeholders.

I anticipate the REIT maintaining its solid performance, providing growing and stable returns for its Unitholders, because of the strong executive and management services teams that we have in place. These forward-thinking teams have the skills and experience to create value in the REIT’s existing portfolio with the liquidity needed to strengthen the portfolio by seeking out high-quality acquisition opportunities in new and existing markets across Canada and the U.S.

Many thanks to our valued Unitholders, employees and partners. We appreciate your support and look forward to our collective journey to sustaining 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 Trust owns a diversified real estate portfolio of 42 multi-suite residential properties in North America. The real estate portfolio consists of 16 Canadian residential apartment communities located in Alberta and Ontario and 26 U.S. low-rise and mid-rise apartment communities located in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas and Virginia consisting of 11,963 residential suites.

 

$3.6B
Real Estate Properties
26
U.S. Properties
16
Canadian Properties
11,963
Suites
97%
U.S. Occupancy
95%
Canadian Occupancy

​​ 

 

2022     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

 

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, 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
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. Prior to being appointed CFO in 2018, he held the position of Director of Finance at Morguard Corporation (TSX: MRC) since 2015. 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 new role as CFO. 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, General Counsel and Secretary
Morguard North American Residential REIT
bflynn@morguard.com

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
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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