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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 $2.5 billion as at September 30, 2021. 

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 8.3 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.

Performance


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Dear Fellow Unitholders,

In 2020, the pandemic had a significant impact on the global economy and changed the way we work and shop. Public areas such as commercial spaces were forced to close due to government mandates that were designed to protect both tenants and customers from contracting the coronavirus. There is no denying that this was a challenging time for the Trust.

But the Trust has never been about short-term gains or losses or fleeting conditions. Instead, it has been about prudently building a portfolio of assets that has the potential to yield stable returns over the long term. And experience has shown us that our strategy is the right one.

When the coronavirus outbreak hit, we mobilized quickly. Our first priority was to take the necessary steps to ensure that our tenants, our employees and our visitors were safe. To help reduce the spread of COVID-19, we eliminated amenities that were deemed to be risky and intensified cleaning in high-touch areas of our properties. We deferred maintenance orders for non-emergency repairs and added additional hand sanitizers on premises for our tenants and their patrons.

Our executive and operations teams used the latest technology to keep lines of communications open internally, as well as with our tenants and partners. They were active on social media providing up-to-the-minute reports. They diligently strived to ensure our occupancy levels remained strong, working with tenants to review their situations and consider rent payment solutions when necessary.

Thanks to the efforts of our dedicated teams, overall occupancy declined by only 1.4% to 92.1%. Occupancy in our community strip centres and industrial properties stayed strong at 98.3% and 93.3%, respectively. Our enclosed shopping centres saw a decline to 93.1% due to government closures and our office towers to 88.7% due to hard-hit oil and gas producing Alberta. These two segments will need a bit more time to recover.

However, I remain optimistic because I believe that our diversification across – and within – asset classes will help us withstand the challenging conditions caused by the pandemic. So will the fact that we have properties located in six provinces across Canada. This diversification has always given us the resiliency we need to withstand economic downturns.

Through all this, there was some good news. The Trust has a liquidity of $141.9 million and an unencumbered asset pool of $321.9 million, putting it in an excellent position to weather the financial storm that erupted in 2020.

The Trust’s financial results for 2020 demonstrate the impact the pandemic had on our bottom line. Our revenues decreased to $253.8 million and our unitholder distributions were reduced to $0.02 per unit in February 2021. Our net operating income (NOI) dipped to $123.8 million from $150 million a year ago and our funds from operations (FFO) were also down, closing the year at $66.9 million.

This is truly our chance to seize the day, because it puts the Trust in the situation to capitalize on available opportunities. Over the years, we have managed to build a portfolio of assets that we can use to create value and growth through rezoning – and by adding density.

The Trust’s management, supported by Morguard’s management services team, will continue to focus on creating value within its portfolio and delivering stable returns to its unitholders. We will do this by uncovering further opportunities and responding to the ever-changing economic conditions that exist in today’s world.

I would like to extend thanks to our valued unitholders, employees and partners. We appreciate the confidence you have placed in us to achieve the long-term growth potential of Morguard REIT.

Sincerely, 
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.

$2.5B
Real Estate Properties
27
Office and Industrial Properties
19 
Retail Properties
46
Total Properties
8.3M
Gross Leasable Area (SF)
91%*
Portfolio Occupancy

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

 

2021 Q3 Q2 Q1 FS Only
2020 Q4  Q3  Q2  Q1 FS Only
2019  Q4 Q3  Q2 Q1 FS Only
2018 Q4 Q3 Q2 Q1 FS Only

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

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
E atamlin@morguard.com

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, General Counsel and Secretary
Morguard Real Estate Investment Trust
E 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.

  
Paul Miatello
Senior Vice President
Morguard Real Estate Investment Trust
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).


Angela Sahi
Senior Vice President
E asahi@morguard.com

Ms. Sahi is a Senior Vice President, Corporate Development for Morguard. Since 2005, Ms. Sahi has had various responsibilities including oversight of the management and operation of Morguard’s Canadian multi-residential portfolio. Prior to joining Morguard, Ms. Sahi was a Consultant with both Ernst & Young LLP’s Real Estate Advisory Group and Business Risk Services Group. She also worked in Ernst & Young LLP’s Audit and Tax groups. Ms. Sahi has a Bachelor of Arts (Honors) and Gold Medal from the University of Western Ontario and holds a Certified Public Accountant designation. 

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