Menu Close

Investor Relations

 Home  >  Investor Relations  >  Morguard REIT

 

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 $2.2 billion as at June 30, 2024. 

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 45 commercial properties consisting of approximately 8.1 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


Click here to see additional information on TMX Money

Dear Fellow Unitholders,

Morguard REIT continues to adapt and innovate in the ever-evolving, and sometimes challenging, landscape of commercial real estate investment. Our steadfast commitment is to enhance our portfolio through strategic renovation of our office properties and remerchandising of our enclosed shopping centres.

These efforts are about maintaining our assets, increasing their value, and attracting high-quality tenants. In 2023, the Trust remained committed to maximizing the potential of our portfolio for stakeholders. Enclosed regional shopping centres and community strip centres collectively demonstrated solid and positive performance. In the office sector, strategic capital improvements created value.

Moreover, we are pleased to report incremental increases in Revenue and Net Operating Income (NOI). These gains are a direct result of our proactive approach to leasing, tenant engagement and property investment. Additionally, this year we maintained a steady occupancy rate, demonstrating our effective asset management.

Our focus remains on prudent capital management, ensuring we sustain the strength of our current holdings while thoughtfully exploring future opportunities. Thank you for your continued support and trust in Morguard REIT. We are navigating the present and shaping the future of our diversified real estate portfolio.

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 45 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.

$2.2B
Real Estate Properties
27
Office and Industrial Properties
18 
Retail Properties
45
Total Properties
8.1M
Gross Leasable Area (SF)
91%*
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
E atamlin@morguard.com
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
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.).

Angela Sahi
Senior Vice President
Morguard Real Estate Investment Trust
E asahi@morguard.com

Ms. Sahi is Senior Vice President of the Trust and President and Chief Operating Officer at Morguard Corporation. At Morguard Corporation, 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.

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 and General Counsel
Morguard Real Estate Investment Trust
E bflynn@morguard.com

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
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).