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Morguard REIT (MRT.UN)

Morguard Real Estate Investment Trust is a closed-end trust listed on the Toronto Stock Exchange (TSX) under the symbol MRT.UN. The Trust had total real estate assets of $2.3 billion as at Septmber 30, 2023. 

The mandate of the Trust is to accumulate a Canadian portfolio of high-quality real estate assets – then actively manage the portfolio to generate steady, dependable returns for Unitholders, through a stable and increasing cash flow. This offers the potential for long-term capital appreciation. 

The Trust owns a diversified real estate portfolio of 46 commercial properties consisting of approximately 8.2 million square feet of gross leasable area located in six provinces. The real estate portfolio primarily includes well-located, high-quality office properties in major urban centers, large enclosed full-scale regional shopping malls that are dominant in their respective markets, neighbourhood, and community shopping centers and a small group of industrial properties.


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Dear Fellow Unitholders,

In 2022, Morguard REIT was active, introducing dynamic new ways to generate steady returns over the long run. The Trust continued to pursue opportunities for intensification on some of our existing assets, including Burquitlam Plaza in Coquitlam, B.C., a large-scale project that will create value for many years to come. It also continued to move forward on significant development projects at Pine Centre Mall and Heritage Towne Centre.

Our network of real estate professionals worked hard to enhance and re-envision our properties, attract new tenants to fill space, and bring people back to our offices, industrial buildings, and shopping centres. The Trust’s Office Leasing Team introduced initiatives that offered prospective tenants turnkey office spaces that would allow for quick occupancy. Our Retail Leasing Team launched The Pop-Up Project, a national program designed to increase mall traffic and convert potential tenants into long-term occupants.

The Trust was active in operations and technology, upgrading building systems, improving connectivity in our buildings, and utilizing digital technology to help prospective tenants learn more about our properties. What’s more, we invested in ESG initiatives that minimize our environmental impact. These efforts reinforce our unwavering commitment to sustainability and supporting local communities.

Our financial performance for the year continued with its positive trending with same-store net operating income rising over the previous year. Our diversified portfolio of office, industrial and retail assets is now valued at $2.4 billion, and we are poised for the future and capable of adjusting to changing needs.

Thank you to our unitholders, employees and partners. I appreciate your confidence in the Trust and look forward to having you with us as we continue to actively achieve long-term value.

K. Rai Sahi 
Chairman, President and Chief Executive Officer

Morguard Real Estate Investment Trust is a closed-end trust listed on the Toronto Stock Exchange (TSX) under the symbol MRT.UN. The Trust owns a diversified real estate portfolio of 46 commercial properties located in six provinces across Canada. The real estate portfolio primarily includes well-located, high-quality office properties in major urban centres, dominant regional enclosed shopping centres, neighbourhood, and community shopping centres and a small group of industrial properties.

Real Estate Properties
Office and Industrial Properties
Retail Properties
Total Properties
Gross Leasable Area (SF)
Portfolio Occupancy

  * Excludes components of properties not available for occupancy due to redevelopment and remerchandising


Andrew Tamlin
Chief Financial Officer
Morguard REIT
55 City Centre Drive, Suite 1000
Mississauga, ON L5B 1M3
T 905-281-4800
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
President and Chief Executive Officer
Morguard Real Estate Investment Trust

K. Rai Sahi is President 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 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.).

Andrew Tamlin

Chief Financial Officer
Morguard Real Estate Investment Trust

Mr. Tamlin joins the Trust having worked in progressively senior financial positions at ClubLink Corporation, and subsequently TWC Enterprises Limited (TSX: TWC) for nearly 20 years. He was appointed CFO in 2015, including overseeing the finance and reporting functions of the company. A graduate of Wilfrid Laurier University in Business Administration and Management, Mr. Tamlin also holds a Chartered Professional Accountant (CPA, CA) designation. Mr. Tamlin will continue in his current role of CFO at TWC Enterprises Limited.

Beverley G. Flynn
Senior Vice President and General Counsel
Morguard Real Estate Investment Trust

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.

Paul Miatello
Senior Vice President
Morguard Real Estate Investment Trust

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).

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. 

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