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Morguard North American Residential REIT Declares November 2017 Distribution of $0.0550 per UnitGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT2017-11-15T05:00:00Z<p>Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) today announced that it has declared a distribution of $0.0550 per unit for the month of November 2017.  The distribution will be payable on December 15, 2017 to unitholders of record as at November 30, 2017.</p><p><strong>About Morguard North American Residential REIT</strong></p><p>The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in a portfolio of 16 Canadian residential apartment communities, located in Alberta and Ontario, and 30 U.S. low-rise and mid-rise, garden-style apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland consisting of approximately 13,000 residential suites.</p><p>For further information: Morguard North American Residential REIT, K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Robert D. Wright Chief Financial Officer T 905-281-3800<br></p><p><br></p>https://www.morguard.com/news-knowledge/posts/morguard-narreit-nov2017-distribution
Morguard Real Estate Investment Trust Declares November 2017 Distribution of 8 Cents per UnitGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#ca7174ac-6e4b-4ce1-b570-12f3c9be8efe;L0|#0ca7174ac-6e4b-4ce1-b570-12f3c9be8efe|Morguard REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#bd7469b1-257f-4f35-b0a8-a9435a6a7cf6;L0|#0bd7469b1-257f-4f35-b0a8-a9435a6a7cf6|Real Estate Investment Trust2017-11-15T05:00:00Z<p>MISSISSAUGA, ON, Nov. 15, 2017 /CNW/ - Morguard Real Estate Investment Trust (the "Trust") (TSX: MRT.UN) today announced that it has declared a distribution of 8 cents per unit for the month of November 2017.  The distribution will be payable on December 15, 2017 to unitholders of record as at November 30, 2017.</p><p><strong>About Morguard Real Estate Investment Trust</strong></p><p>The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.7 million square feet of leaseable space.</p><p>For further information: Morguard Real Estate Investment Trust, K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Pamela McLean, Vice President and Chief Financial Officer, T 905-281-4800<br></p><p><br></p>https://www.morguard.com/news-knowledge/posts/morguard-reit-nov2017-distribution
Morguard’s Arjun Chowdhury to Take Part in Fifth Covenant House Sleep Out in Support of Homeless YouthGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-11-13T05:00:00Z<p>On November 16<sup>th</sup>, Arjun Chowdhury, Director, Asset Management at Morguard REIT, will take part in the Covenant House Sleep Out Toronto – Executive Edition to help fight youth homelessness. Equipped with nothing more than a sleeping bag and piece of cardboard, Arjun will join a group of business and community leaders who will sleep out on the streets of Toronto to raise awareness and money for local homeless youth.<span style="font-size:1em;background-color:transparent;color:inherit;"> </span></p><p>This will be Arjun's fifth consecutive year participating at the unique event. In previous years, he has raised a total of over $40,000 for Covenant House.<span style="font-size:1em;background-color:transparent;color:inherit;"> </span></p><p>"I'm proud to represent Morguard at this important event for a fifth consecutive year and show my support for the important work done by Covenant House," said Arjun. "For one night I can give up the comforts of home knowing it can bring warmth and brightness to the homeless youth who need it most."<span style="font-size:1em;background-color:transparent;color:inherit;"> </span></p><p>Sleep Out: Executive Edition is an international movement that happens on the same night at 14 Covenant House sites across North America. Last year, over $5 million was raised in support of local Covenant House sites.<span style="font-size:1em;background-color:transparent;color:inherit;"> </span></p><p>The 2017 goal for Sleep Out Toronto: Executive Edition is to raise $1 million for Covenant House Toronto, Canada's largest agency serving at-risk, homeless and trafficked youth. Covenant House Toronto provides 24/7 crisis shelter and transitional housing on-site and in the community, along with comprehensive services including education, counselling, health care, employment assistance, job training and aftercare.<span style="font-size:1em;background-color:transparent;color:inherit;"> </span></p><p>To learn more, or help with a donation, please visit:<span style="font-size:1em;background-color:transparent;color:inherit;"> </span></p><p><a href="https://covenanthousetoronto.akaraisin.com/Common/Event/Home.aspx?seid=14945&mid=8">Covenant House Sleep Out Toronto</a><span style="font-size:1em;background-color:transparent;color:inherit;"> </span></p><p><a href="https://covenanthousetoronto.akaraisin.com/pledge/Participant/Home.aspx?seid=14945&mid=9&pid=2364606">Arjun Chowdhury's page</a><br></p><p><br></p>https://www.morguard.com/news-knowledge/posts/arjun-chowdhury-2017-covenant-house-sleep-out
Morguard Corporation Announces 2017 Third Quarter Results and Regular Eligible DividendGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-11-09T05:00:00Z<p></p><p>Morguard Corporation ("Morguard" or the "Company") (TSX:MRC) today announced its financial results for the three and nine months ended September 30, 2017.</p><p><strong>Third Quarter Operational Highlights:</strong></p><p>On September 15, 2017, the Company issued $200.0 million (net proceeds including closing costs - $198.8 million) of 4.333% Series C senior unsecured debentures due September 15, 2022.</p><p>On July 6, 2017, the Company acquired a residential property comprising 104 suites and approximately 33,000 square feet of commercial area located in Falls Church, Virginia, for a purchase price of $56.1 million (US$43.3 million), including closing costs.</p><p>On July 10, 2017, the Company acquired a residential property comprising 515 suites and approximately 20,000 square feet of commercial area located in Chicago, Illinois, for a purchase price of $291.7 million (US$226.3 million), including closing costs. The acquisition was partially financed by a new mortgage in the amount of $157.9 million (US$122.5 million) at an interest rate of 3.49% for a term of eight years. On October 2, 2017, the Company sold a 49% interest in the property to an institutional partner for $63.5 million (US$50.8 million).</p><p>On July 12, 2017, the Company sold four U.S. residential properties located in Mobile, Alabama, comprising 1,329 suites, for net proceeds of $88.7 million (US$69.3 million).</p><p>On August 3, 2017, the Company acquired an office property consisting of approximately 203,500 square feet of commercial area located in Markham, Ontario, for a purchase price of $67.9 million, including closing costs.</p><p>On August 17, 2017, the Company acquired an office property consisting of approximately 74,500 square feet of commercial area located in Oakville, Ontario, for a purchase price of $19.0 million, including closing costs.</p><p>On August 17, 2017, the Company acquired a residential property comprising 492 suites located in Rockville, Maryland, for a purchase price of $166.3 million (US$131.5 million), including closing costs.   </p><p>On September 15, 2017, the Company sold the Holiday Inn Express, Sherwood Park, Alberta, for gross proceeds of $9.7 million.</p><p>On September 21, 2017, The Company acquired an office property consisting of approximately 106,500 square feet of commercial area located in Ottawa, Ontario, for a purchase price of $22.0 million, including closing costs.</p><p><strong>Third Quarter Reporting Highlights</strong></p><ul style="list-style-type:disc;"><li>Total revenue increased by $49.3 million to $279.6 million for the three months ended September 30, 2017, compared to $230.3 million for the same period in 2016.</li><li>Net operating income ("NOI") increased by $18.5 million, or 15.4%, to $138.4 million for the three months ended September 30, 2017, compared to $119.9 million for the same period in 2016, primarily due to the consolidation of Temple commencing on January 1, 2017.</li><li>Funds from operations ("FFO") increased by $1.9 million to $55.4 million, or $4.67 per share, for the three months ended September 30, 2017, compared to $53.5 million, or $4.49 per share, for the same period in 2016, representing a 3.6% increase. </li><li>Normalized FFO increased by $1.8 million to $55.4 million for the three months ended September 30, 2017, compared to $53.6 million for the same period in 2016, representing a 3.3% increase.</li><li>Shareholders' equity per common share (excluding non-controlling interest) increased to $250.10 compared to $239.98 as at December 31, 2016.</li></ul><p><strong>Financial Highlights</strong></p><table width="100%" class="ms-rteTable-0" cellspacing="0" style="height:778px;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">​</td><td class="ms-rteTableOddCol-0" colspan="2" style="width:82px;"><strong>Three months ended </strong><br><strong>September 30</strong> ​</td><td class="ms-rteTableEvenCol-0" colspan="2" style="width:82px;"><strong>Nine months ended </strong><br><strong>September 30</strong> ​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;"><strong>(in thousands of dollars, except per common share)</strong></td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>2017</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">2016</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>2017</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">2016</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Revenue from real estate</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$195,167</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$192,730</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$586,107</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$580,391</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Revenue from hotel properties</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>65,431</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">19,548</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>179,828</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">50,772</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Management and advisory fees</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>15,728</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">15,262</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>50,060</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">49,846</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Interest and other income</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>1,870</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">1,626</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>6,400</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">4,895</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Sales of product and land</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>1,416</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">1,171</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>3,856</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">4,230</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;"><strong>Total revenues</strong></td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$279,612</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$230,337</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$826,251</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$690,134</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">​</td><td class="ms-rteTableOddCol-0" style="width:82px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td><td class="ms-rteTableOddCol-0" style="width:82px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Revenue from real estate properties</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$195,167</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$192,730</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$586,107</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$580,391</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Revenue from hotel properties</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>65,431</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">19,548</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>179,828</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">50,772</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Property operating expenses</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>(78,408)</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">(78,656)</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>(262,386)</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">(262,066)</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Hotel operating expenses</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>(43,816)</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">(13,760)</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>(129,345)</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">(38,757)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;"><strong>Net operating income</strong></td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$138,374</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$119,862</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$374,204</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$330,340</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">​</td><td class="ms-rteTableOddCol-0" style="width:82px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td><td class="ms-rteTableOddCol-0" style="width:82px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Net income attributable to common shareholders</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$27,552</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$63,403</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$194,820</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$138,051</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Net income per common share – basic and diluted</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$2.33</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$5.31</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$16.37</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$11.56</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">​</td><td class="ms-rteTableOddCol-0" style="width:82px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td><td class="ms-rteTableOddCol-0" style="width:82px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Funds from operations</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$55,448</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$53,545</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$156,476</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$160,215</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">FFO per common share – basic and diluted</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$4.67</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$4.49</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$13.15</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$13.41</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">​</td><td class="ms-rteTableOddCol-0" style="width:82px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td><td class="ms-rteTableOddCol-0" style="width:82px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Normalized funds from operations</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$55,448</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$53,659</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$154,464</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$145,582</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:307px;">Normalized FFO per common share – basic and diluted</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$4.67</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$4.50</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$12.98</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$12.19</td></tr></tbody></table><p> </p><p><strong>Net Income</strong></p><p>Net income for the three months ended September 30, 2017, was $23.3 million compared to net income of $70.5 million in 2016. The decrease in net income of $47.2 million for the three months ended September 30, 2017, was primarily due to the following:</p><ul style="list-style-type:disc;"><li>An increase in net operating income of $18.5 million, primarily due to the consolidation of Temple; </li><li>An increase in interest expense of $10.7 million, primarily due to the consolidation of Temple; </li><li>An increase in amortization of hotel properties of $5.2 million, primarily due to the consolidation of Temple; </li><li>A decrease in net fair value gain of $62.0 million primarily due to a fair value loss recorded at one office property located in Calgary, Alberta, during the three months ended September 30, 2017; </li><li>A decrease in equity income from investments of $8.8 million, primarily due to a fair value change during the current and prior period; </li><li>An increase in other income of $2.2 million, primarily due to a foreign exchange gain; and </li><li>A decrease in income taxes (current and deferred) of $18.0 million.</li></ul><p><strong>Net Operating Income </strong></p><p>NOI increased by $18.5 million, or 15.4%, during the three months ended September 30, 2017, to $138.4 million, compared to $119.9 million generated in 2016, and is further analyzed by asset type below.</p><table width="100%" class="ms-rteTable-0" cellspacing="0" style="height:358px;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;">​</td><td class="ms-rteTableOddCol-0" colspan="2" style="width:87px;"><strong>Three months ended </strong><br><strong>September 30</strong> ​</td><td class="ms-rteTableEvenCol-0" colspan="2" style="width:82px;"><strong>Nine months ended </strong><br><strong>September 30</strong> ​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;"><strong>(in thousands of dollars)</strong></td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>2017</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">2016</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>2017</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">2016</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;">Multi-suite residential</td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>$46,884</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$42,497</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$137,499</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$125,539</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;">Retail</td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>31,530</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">34,416</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>96,251</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">104,425</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;">Office</td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>29,865</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">29,471</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>91,503</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">89,990</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;">Industrial</td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>1,546</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">1,785</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>4,769</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">5,312</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;">Hotels</td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>21,615</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">5,788</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>50,483</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">12,015</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;"><strong>Adjusted NOI</strong></td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>131,440</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">113,957</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>380,505</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">337,281</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;">IFRIC 21 adjustment – multi-suite residential</td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>5,735</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">4,685</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>(4,911)</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">(5,585)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;">IFRIC 21 adjustment – retail</td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>1,199</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">1,220</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>(1,390)</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">(1,356)</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:217px;"><strong>NOI</strong></td><td class="ms-rteTableOddCol-0" style="width:87px;"><strong>$138,374</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$119,862</td><td class="ms-rteTableOddCol-0" style="width:82px;"><strong>$374,204</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$330,340</td></tr></tbody></table><p> </p><p>The increase in NOI of $18.5 million is due to an increase in IFRIC 21 adjustment of $1.0 million and the change in Adjusted NOI described below.</p><p>Adjusted NOI for the three months ended September 30, 2017, increased by $17.5 million to $131.5 million compared to $114.0 million in 2016 primarily due to the following:</p><ul style="list-style-type:disc;"><li>An increase in the Canadian residential portfolio of $2.0 million primarily from rental rate growth, improved occupancy and lower operating expenses; </li><li>Additional NOI of $0.6 million generated from The Heathview, a 587 suite luxury residential property located in Toronto, Ontario. During 2016, The Heathview was under initial lease up; </li><li>An increase in NOI of US$3.2 million due to the acquisition of three residential properties in the U.S. during the third quarter, partially offset by a decrease of US$1.2 million due to sale of four residential properties located in Mobile, Alabama on July 12, 2017; </li><li>An increase in the U.S. residential portfolio of US$0.3 million primarily from rental rate growth, partially offset by an increase in vacancy and operating expenses; </li><li>A decrease of $2.0 million in Canadian and US$0.5 million in U.S. retail properties due to lower base rent and recoveries, increased vacancy at two U.S. properties and temporary vacancy at a property located in Toronto, Ontario; </li><li>An increase in the office portfolio of $0.4 million is primarily due to acquisition of two properties during the third quarter, improved occupancy at a property located in Calgary, Alberta, partially offset by a decrease due to increased vacancy and lower recoveries; </li><li>A decrease in the industrial portfolio by $0.2 million is due to increased vacancy at two industrial properties; </li><li>An increase in the hotel portfolio by $15.8 million is mainly due to the consolidation of Temple and stronger average room rates, improved occupancy and reduced costs within the remainder of the portfolio; and </li><li>A decrease of $0.8 million due to the change in the U.S. dollar foreign exchange rate.</li></ul><p><strong>Funds From Operations</strong></p><p>For the three months ended September 30, 2017, the Company recorded FFO of $55.4 million ($4.67 per common share), compared to $53.5 million ($4.49 per common share) in 2016. The increase in FFO of $1.9 million is mainly due to the following:  </p><ul style="list-style-type:disc;"><li>Higher Adjusted NOI of $17.5 million, primarily due to the consolidation of Temple and from the acquisition of properties; </li><li>Higher management and advisory fees of $0.5 million; </li><li>A decrease in equity-accounted FFO of $0.9 million; </li><li>An increase in interest expense of $10.7 million, primarily due to the consolidation of Temple and from mortgage financing on acquisitions as well as higher interest on Unsecured Debentures; </li><li>Higher property management and corporate expense of $0.3 million; </li><li>A decrease in internal leasing costs of $1.0 million; </li><li>An increase in current taxes of $1.6 million; and </li><li>Higher non-controlling interest's share of FFO of $2.1 million;</li></ul><p>The change in foreign exchange rates had a negative impact on FFO of $0.6 million ($0.05 per common share).</p><p>Normalized FFO for the three months ended September 30, 2017, was $55.4 million, or $4.67 per common share, versus $53.6 million, or $4.50 per common share, for the same period in 2016, which represents an increase of $1.8 million or 3.3%. Normalized FFO is computed as FFO adjusted for the impact of non-recurring items net of tax. </p><p><strong>Financing Activity</strong></p><p>The following is the Company's financing activities during the three months ended September 30, 2017.</p><ul style="list-style-type:disc;"><li>On July 6, 2017, the Company completed the financing of a residential property located in Falls Church, Virginia, in the amount of $30.6 million (US$23.7 million) at an interest rate of 4.05% for a term of 12.25 years.</li><li>On July 10, 2017, the Company completed the financing of a residential property in Chicago, Illinois, in the amount of $157.9 million (US$122.5 million) at an interest rate of 3.49% for a term of eight years.</li><li>On August 14, 2017, the Company completed the refinancing of three hotel properties in the amount of $36.3 million at an interest rate of 5.20% for a term of five years.</li><li>On August 17, 2017, the Company completed the financing of a residential property in Rockville, Maryland, in the amount of $88.5 million (US$71.0 million) at an interest rate of 3.55% for a term of 10 years.</li><li>On August 30, 2017, the company completed the refinancing of an office property located in Victoria, British Columbia, for $38.0 million at an interest rate of 3.68% for a term of 10 years.</li><li>On September 29, 2017, the Company fully repaid, without penalty, three mortgages secured by three U.S. retail properties totaling $83.7 million (US$67.1 million).</li></ul><p><strong>Subsequent Events</strong></p><p>Subsequent to September 30, 2017, the Company repaid a net amount of US$51.0 million and $10.0 million of bank indebtedness under its credit facilities and lines of credit.</p><p>Subsequent to September 30, 2017, the Company acquired 73,500 units of Morguard REIT for cash consideration of $1.1 million.</p><p><strong>Fourth Quarter Dividend</strong></p><p>The Board of Directors of Morguard Corporation announced that the fourth quarterly, eligible dividend of 2017 in the amount of $0.15 per common share will be paid on December 29, 2017, to shareholders of record at the close of business on December 15, 2017.</p><p>The Company's unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2017, along with Management's Discussion and Analysis will be available on the Company's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a> and will be filed with SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>Non-IFRS Measures</strong></p><p>The Company's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). The following measures, NOI, Adjusted NOI, Comparative NOI, FFO and Normalized FFO (collectively, the "non-IFRS measures") as well as other measures discussed elsewhere in this press release, do not have a standardized meaning prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers in similar or different industries. The Company uses these measures to better assess the Company's underlying performance and financial position and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2017 and available on the Company's profile on SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>About Morguard Corporation</strong></p><p>Morguard Corporation is a real estate company, with total assets owned and under management valued at $22.0 billion. Morguard owns a diversified portfolio of 208 multi-suite residential, retail, office, industrial and hotel properties comprised of 18,129 residential suites, approximately 16.5 million square feet of commercial leasable space and 5,557 hotel rooms. Morguard also currently owns a 54.1% interest in Morguard Real Estate Investment Trust ("Morguard REIT" or "MRT"), a 46.9% effective interest in Morguard North American Residential Real Estate Investment Trust ("Morguard Residential REIT" or "MRG") and a 55.9% effective interest in Temple Hotels Inc. ("Temple"). Morguard also provides advisory and management services to institutional and other investors. For more information, visit the Company's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a>.</p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C7807&Transmission_Id=201711091700CANADANWCANADAPR_C7807&DateId=20171109" alt="" style="margin:5px;width:1px;" /><p>For further information: Morguard Corporation, K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Paul Miatello, Chief Financial Officer, T 905-281-3800</p><p><br></p>https://www.morguard.com/news-knowledge/posts/morguard-2017q3-results-dividend
Morguard Celebrates Instagram’s Global #KindComments Campaign with Ottawa Mural UnveilingGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#3e31cf64-7302-4306-b3fd-abaa24a28863;L0|#03e31cf64-7302-4306-b3fd-abaa24a28863|Property Management2017-11-08T05:00:00Z<font color="#000000" face="Times New Roman" size="3"> </font><p><span lang="EN-US">Instagram, an online photo and video sharing platform with over 800 million users around the world, unveiled their latest #Kind Comments mural in Ottawa on November 7. The #KindComments campaign is a global initiative that turns walls around the world into colourful beacons of kindness by creating beautiful street art that encourages positivity both online and off.</span></p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p><span lang="EN-US">The mural can be found on Bank Street between Slater Street and Laurier Avenue West, a mixed-use Morguard property in the heart of Ottawa’s downtown business district.</span></p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p><span lang="EN-US">“We’re delighted to work with Instagram to help spread the message of the power of kindness,” said Bernie Myers, Vice President, Eastern Canada, Office/Industrial Asset Management at Morguard. “The global #KindComments campaign is a unique opportunity to promote positivity through the combination of social media and public art.”</span></p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p><span lang="EN-US">The Ottawa mural features a mix of uplifting messages and bright, colourful artwork designed and painted by </span><span lang="EN-US"><a href="http://www.rollhersleevespainting.com/">Roll Her Sleeves Painting</a></span><span lang="EN-US">, a local professional and creative painting collective. The mural was designed to inspire and uplift the community and encourage passers-by to spread positivity by leaving their own kind comments for others, either online or in real life. </span></p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p><span lang="EN-US">Over 100 young men and women from Big Brothers Big Sisters of Canada and Boys and Girls Club of Canada attended the unveiling alongside their Member of Parliament as part of the YOUth in Office mentoring program.</span></p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p><span lang="EN-US">The Morguard property is the sole Canadian stop on the #KindComments mural tour. Murals by local artists are also appearing in New York, Jakarta, Dallas, Tokyo, Chicago, Washington D.C., Mumbai, Mexico City and Rome.</span></p><p><span lang="EN-US"></span><br></p><p><span lang="EN-US"><img src="/PublishingImages/News_Knowledge/Posts/WebsitePost_Images_1089x670_1_Ottawa-Mural.jpg" alt="" style="margin:5px;" /></span></p><p><span lang="EN-US"></span><br></p><font color="#000000" face="Times New Roman" size="3"> </font>https://www.morguard.com/news-knowledge/posts/instagramkindcommentsmural
Morguard Real Estate Investment Trust Announces 2017 Third Quarter ResultsGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#ca7174ac-6e4b-4ce1-b570-12f3c9be8efe;L0|#0ca7174ac-6e4b-4ce1-b570-12f3c9be8efe|Morguard REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-11-01T04:00:00Z<p>Morguard Real Estate Investment Trust ("the Trust") (TSX: MRT.UN) today is pleased to announce its financial results for the three and nine months ended September 30, 2017.  These results have been prepared in accordance with International Financial Reporting Standards ("IFRS"). </p><p>During the quarter ended September 30, 2017, the Trust completed five development projects, bringing an additional 127,500 square feet of leasable area onstream.</p><p>These projects include retail intensification at three of the Trust's community strip centres which increase leasable area by 25,500 square feet and the remerchandising of 102,000 square feet at two of the Trust's regional shopping centres.</p><p>All five of these projects are now generating revenue in addition to the three projects brought onstream during the second quarter.</p><p>The Trust's fully diluted FFO for the three months ended September 30, 2017, was $25.3 million ($0.36 per unit) versus $26.0 million ($0.39 per unit) for the same three months ended September 30, 2016. This represents a decrease of $0.8 million ($0.03 per unit).</p><p>The new convertible debenture issue in December 2016, impacted the number of diluted units outstanding quarter-over-quarter.  The impact of the higher number of diluted units outstanding was to decrease diluted FFO per unit by $0.01. The issue of these convertible debentures also has a negative impact on interest expense, as the Trust received an additional $25.0 million in proceeds. Interest expense related to convertible debentures for the three months ended September 30, 2017, was $2.4 million versus $2.1 million for the same period ended September 30, 2016.</p><p>While the convertible debenture issue negatively impacted interest expense, as a whole, interest expense was largely unchanged during the three months ended September 30, 2017, versus the same period ended September 30, 2016. This was largely the result of lower scheduled mortgage amortizations ($0.3 million).</p><p>Net operating income for the three months ended September 30, 2017, was $37.4 million, versus $38.2 million for the three months ended September 30, 2016. This is a decrease of $0.9 million. While the completion of the Trust's five development projects increased net operating income $0.8 million, net operating income was negatively impacted by the performance of the retail portfolio ($1.4 million). Overall occupancy in the retail portfolio has decreased 2.0% since September 30, 2016. This increased vacancy, combined with rental abatements and lower base rent at a number of the Trust's enclosed regional centres, resulted in unfavourable net operating income.</p><p>On October 16, 2017, Sears Canada Inc. ("Sears") announced it has received approval from the Ontario Superior Court of Justice to proceed with a liquidation.  Sears and certain of its subsidiaries were granted an Initial Order and protection under the <em>Companies' Creditors Arrangement Act </em>on June 22, 2017.  Sears accounts for less than 1.0% of the Trust's annual revenue.</p><p> <strong>Net Operating Income, Funds from Operations</strong></p><p>This press release and accompanying financial information make reference to net operating income and funds from operations on a total and per unit basis.  Net operating income is defined as income from property operations after operating expenses have been deducted, but prior to deducting interest expense, general and administrative expenses and fair value gains/(losses).  The Trust presents FFO in accordance with the Real Property Association of Canada white paper on funds from operations and adjusted funds from operations for IFRS issued February 2017.  FFO is a non-GAAP measure that is widely accepted as a supplemental measure of financial performance for real estate entities.  In accordance with such white paper, the Trust defines FFO as net income adjusted for fair value changes on real estate properties and gains/(losses) on the sale of real estate properties.</p><p> <strong>Financial Statements and Management's Discussion and Analysis</strong></p><p>The Trust's Q3 2017 Condensed Consolidated Financial Statements and Management's Discussion and Analysis along with its 2016 Annual Report are available on the Trust's website at <a href="/"> <span style="text-decoration:underline;">www.morguard.com</span></a> and have been filed with SEDAR at <a href="http://www.sedar.com/"> <span style="text-decoration:underline;">www.sedar.com</span></a> </p><p>In connection with a continuous disclosure review by the Ontario Securities Commission, the Trust has determined to revise the disclosure presented in its MD&A in respect of the operating and financial results of the Trust's joint venture arrangements to present this information in accordance with its reported GAAP financial results, thereby providing greater prominence to the GAAP presentation while providing the information required adjust to proportionate consolidation in later sections of the MD&A.  As a result, the Trust has included revised and restated disclosure in its current MD&A for the interim periods ended June 30, 2017, March 31, 2017 and the year ended December 31, 2016 as discussed in further detail under "Basis of Presentation" in its MD&A.  </p><p> <strong>Conference Call Details:</strong></p><table class="ms-rteTable-0" cellspacing="0" style="width:78%;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Date:                     </td><td class="ms-rteTableOddCol-0" style="width:50%;">Thursday, November 2, 2017 at 4:00 p.m. (ET)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Conference Call#:     </td><td class="ms-rteTableOddCol-0">647-427-7450 or 1-888-231-8191 </td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Conference ID#:       </td><td class="ms-rteTableOddCol-0">93217173</td></tr></tbody></table><p> <br><strong>About Morguard Real Estate Investment Trust</strong></p><p>The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 48 retail, office and industrial income producing properties in Canada with a book value of $2.9 billion and approximately 8.6 million square feet of leasable space.</p> <img src="https://rt.newswire.ca/rt.gif?NewsItemId=C5295&Transmission_Id=201711011836CANADANWCANADAPR_C5295&DateId=20171101" alt="" style="margin:5px;width:1px;" /> <p>For further information: Morguard Real Estate Investment Trust: K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Pamela McLean, Chief Financial Officer, T 905-281-4800</p><p> </p>https://www.morguard.com/news-knowledge/posts/morguard-reit-2017q3-results
Morguard North American Residential REIT Announces 2017 Third Quarter Results and an Increase to Monthly Cash DistributionsGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-10-31T04:00:00Z<p>Morguard North American Residential REIT (the "REIT") (TSX: MRG.UN) today announced its financial results for the three and nine months ended September 30, 2017.</p><p><strong>Third Quarter Highlights</strong></p><p>The Board of Trustees has approved an increase to the REIT's annual cash distribution by $0.02 per Unit (3.1%). The increase is expected to be effective for the November 2017 distribution, payable on December 15, 2017 to unitholders of record as at November 30, 2017. This will bring the distributions to $0.66 per Unit on an annualized basis from the current level of $0.64 per Unit.</p><p>On July 6, 2017, the REIT acquired a property comprising 104 suites and approximately 33,000 square feet of commercial area located in Falls Church, Virginia, for a purchase price of $56.5 million (US$43.7 million), including closing costs.</p><p>On July 10, 2017, the REIT acquired a property comprising 515 suites and approximately 20,000 square feet of commercial area located in Chicago, Illinois, for a purchase price of $292.7 million (US$227.1 million), including closing costs. The acquisition was partially financed by a new mortgage in the amount of $157.9 million (US$122.5 million) at an interest rate of 3.49% for a term of eight years. On October 2, 2017, the REIT sold a 49% interest in the property to an institutional partner for $63.5 million (US$50.8 million).</p><p>On July 12, 2017, the REIT sold four U.S. properties located in Mobile, Alabama, comprising 1,329 suites, for net proceeds of $88.7 million (US$69.3 million).</p><p>On August 17, 2017, the REIT acquired a 50% interest in a property comprising 492 suites located in Rockville, Maryland, in which the REIT had a net investment of $40.1 million (US$31.7 million).   </p><p>The REIT is reporting third quarter performance of:</p><ul style="list-style-type:disc;"><li>Net operating income ("NOI") of $35.2 million for the three months ended September 30, 2017, an increase of $2.2 million, or 6.6% compared to 2016.</li><li>Proportionate share net operating income ("Proportionate NOI") of $30.6 million for the three months ended September 30, 2017, an increase of $2.1 million, or 7.5% compared to 2016.</li><li>Net income of $7.9 million for the three months ended September 30, 2017, compared to a net income of $26.2 million for the three months ended September 30, 2016. The decrease was largely attributable to a decrease in fair value gain on income producing properties and deferred income taxes.</li><li>Basic funds from operations ("FFO") of $14.5 million for the three months ended September 30, 2017, a decrease of $0.4 million, or 2.6% over the same period in 2016.</li><li>Basic FFO of $0.29 per Unit for the three months ended September 30, 2017, a 9.4% decrease as compared to the $0.32 per Unit for the third quarter of 2016.</li><li>FFO payout ratio for the three months ended September 30, 2017 of 56.2%.</li></ul><p><strong>Financial and Operational Highlights</strong></p><table width="100%" class="ms-rteTable-0" cellspacing="0" style="height:509px;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;"><p><strong>As at <br>(In thousands of dollars, except as noted otherwise) </strong></p></td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>September 30, 2017</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">December 31, 2016</td><td class="ms-rteTableOddCol-0" style="width:17%;">September 30, 2016</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;"><strong>Operational Information</strong></td><td class="ms-rteTableOddCol-0" style="width:15%;">​</td><td class="ms-rteTableEvenCol-0" style="width:16%;">​</td><td class="ms-rteTableOddCol-0" style="width:17%;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Number of properties</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>46</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">46</td><td class="ms-rteTableOddCol-0" style="width:17%;">46</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Total suites</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>13,314</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">13,472</td><td class="ms-rteTableOddCol-0" style="width:17%;">13,472</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Occupancy percentage</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>94.1%</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">95.2%</td><td class="ms-rteTableOddCol-0" style="width:17%;">95.5%</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Average monthly rent - Canada (in actual dollars)</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>$1,320</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">$1,296</td><td class="ms-rteTableOddCol-0" style="width:17%;">$1,289</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Average monthly rent - U.S. (in actual U.S. dollars)</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>US$1,308</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">US$1,038</td><td class="ms-rteTableOddCol-0" style="width:17%;">US$1,031</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;"><strong>Summary of Financial Information</strong></td><td class="ms-rteTableOddCol-0" style="width:15%;">​</td><td class="ms-rteTableEvenCol-0" style="width:16%;">​</td><td class="ms-rteTableOddCol-0" style="width:17%;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Gross book value</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>$2,575,375</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">$2,285,727</td><td class="ms-rteTableOddCol-0" style="width:17%;">$2,222,272</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Indebtedness</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>$1,403,950</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">$1,237,613</td><td class="ms-rteTableOddCol-0" style="width:17%;">$1,226,543</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Indebtedness to gross book value ratio</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>55%</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">54%</td><td class="ms-rteTableOddCol-0" style="width:17%;">55%</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Weighted average mortgage interest rate</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>3.5%</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">3.6%</td><td class="ms-rteTableOddCol-0" style="width:17%;">3.6%</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Weighted average term to maturity on mortgages payable (years)</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>6.2</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">5.7</td><td class="ms-rteTableOddCol-0" style="width:17%;">5.9</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:35%;">Exchange rates - United States dollar to Canadian dollar</td><td class="ms-rteTableOddCol-0" style="width:15%;"><strong>$1.25</strong></td><td class="ms-rteTableEvenCol-0" style="width:16%;">$1.34</td><td class="ms-rteTableOddCol-0" style="width:17%;">$1.31</td></tr></tbody></table><p> </p><table width="100%" class="ms-rteTable-0" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">​</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>Three months ended</strong><br><strong> September 30</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">​</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>Nine months ended</strong><br><strong> September 30</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;"><strong>(In thousands of dollars, except per Unit amounts)</strong></td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>2017</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">2016</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>2017</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">2016</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;"><strong>Summary of Financial Information</strong></td><td class="ms-rteTableOddCol-0" style="width:107px;">​</td><td class="ms-rteTableEvenCol-0" style="width:67px;">​</td><td class="ms-rteTableOddCol-0" style="width:112px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Interest coverage ratio</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>2.12</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">2.05</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>2.25</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">2.01</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Indebtedness coverage ratio</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>1.52</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">1.39</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>1.56</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">1.37</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Revenue from income producing properties</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$56,787</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$55,095</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$169,609</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$163,035</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">NOI</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$35,202</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$33,009</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$87,284</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$81,269</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Proportionate NOI</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$30,641</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$28,508</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$89,699</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$83,802</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Same Property Proportionate NOI</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$27,220</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$26,880</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$79,891</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$76,838</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">NOI margin - IFRS</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>62.0%</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">59.9%</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>51.5%</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">49.8%</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">NOI margin - Proportionate</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>54.5%</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">53.0%</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>53.9%</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">52.6%</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Net income</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$7,907</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$26,173</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$71,932</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$7,758</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">FFO - basic</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$14,489</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$14,871</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$46,071</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$42,781</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">FFO - diluted</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$15,192</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$15,574</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$48,158</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$44,874</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">FFO per Unit - basic</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$0.29</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$0.32</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$0.91</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$0.92</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">FFO per Unit - diluted</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$0.28</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$0.31</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$0.88</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$0.89</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Distributions per Unit</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$0.16</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$0.15</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$0.48</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$0.45</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">FFO payout ratio</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>56.2%</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">46.9%</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>52.9%</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">48.9%</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Weighted average number of Units outstanding (in thousands):</td><td class="ms-rteTableOddCol-0" style="width:107px;">​</td><td class="ms-rteTableEvenCol-0" style="width:67px;">​</td><td class="ms-rteTableOddCol-0" style="width:112px;">​</td><td class="ms-rteTableEvenCol-0" style="width:82px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Basic</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>50,900</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">46,504</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>50,766</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">46,510</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Diluted</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>54,771</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">50,375</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>54,637</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">50,381</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:182px;">Average exchange rates - United States dollar to Canadian dollar</td><td class="ms-rteTableOddCol-0" style="width:107px;"><strong>$1.25</strong></td><td class="ms-rteTableEvenCol-0" style="width:67px;">$1.30</td><td class="ms-rteTableOddCol-0" style="width:112px;"><strong>$1.31</strong></td><td class="ms-rteTableEvenCol-0" style="width:82px;">$1.32</td></tr></tbody></table><p> </p><p><strong>Net Income</strong></p><p>Net income of $7.9 million for the three months ended September 30, 2017, decreased by $18.3 million, compared to net income of $26.2 million for the three months ended September 30, 2016. The decrease in net income was primarily due to the following:</p><ul style="list-style-type:disc;"><li>An increase in net operating income of $2.2 million; </li><li>An increase in interest expense of $1.7 million, primarily due to a decrease in non-cash items included in interest expense; </li><li>An increase in trust expenses of $0.1 million; </li><li>An equity loss from investment of $1.5 million, primarily due to fair value loss attributable to acquisition costs; </li><li>A decrease in net fair value gain on income producing properties of $20.5 million; </li><li>An increase in fair value loss on Class B LP Units of $2.2 million; and </li><li>A decrease in income taxes (current and deferred) of $7.6 million.</li></ul><p><strong>Net Operating Income</strong></p><p><strong>Three months ended September 30, 2017 and 2016</strong><br><strong> </strong>For the three months ended September 30, 2017, NOI from the REIT's properties increased by $2.2 million (or 6.6%) to $35.2 million, compared to $33.0 million in 2016. The increase in NOI is due to an increase from acquisitions net of the disposal of properties of $1.8 million and an increase in Same Property NOI of $0.4 million (or 1.4%). The Same Property increase of $0.4 million is due to an increase in Canada of $1.3 million (or 11.4%), a decrease in the U.S. of US$0.04 million (or 0.3%) and the change in foreign exchange rate which decreased NOI by $0.8 million.</p><p>For the three months ended September 30, 2017, Proportionate NOI from the REIT's properties increased by $2.1 million (or 7.5%) to $30.6 million, compared to $28.5 million in 2016. The increase in Proportionate NOI is due to an increase from acquisitions net of the disposal of properties of $1.8 million and an increase in Same Property Proportionate NOI of $0.3 million (or 1.3%). The Same Property increase of $0.3 million is due to an increase in Canada of $1.2 million (or 11.3%), a decrease in the U.S. of US$0.3 million (or 2.2%) and the change in foreign exchange rate which decreased Proportionate NOI by $0.6 million.</p><p><strong>Nine months ended September 30, 2017 and 2016</strong><br><strong> </strong>For the nine months ended September 30, 2017, NOI from the REIT's properties increased by $6.0 million (or 7.4%) to $87.3 million, compared to $81.3 million in 2016. The increase in NOI is due to an increase from acquisitions net of the disposal of properties of $2.8 million and an increase in Same Property NOI of $3.2 million (or 4.2%). The Same Property increase of $3.2 million is due to an increase in Canada of $2.4 million (or 7.7%) and an increase in the U.S. of US$0.8 million (or 2.4%).</p><p>For the nine months ended September 30, 2017, Proportionate NOI from the REIT's properties increased by $5.9 million (or 7.0%) to $89.7 million, compared to $83.8 million in 2016. The increase in Proportionate NOI is due to an increase from acquisitions net of the disposal of properties of $2.8 million and an increase in Same Property Proportionate NOI of $3.1 million (or 4.0%). The Same Property increase of $3.1 million is due to an increase in Canada of $2.3 million (or 7.6%), an increase in the U.S. of US$1.0 million (or 2.8%) and the change in foreign exchange rate which decreased Proportionate NOI by $0.2 million.</p><p><strong>Funds from Operations</strong></p><p>Basic FFO for the three months ended September 30, 2017, decreased by $0.4 million, or 2.6%, to $14.5 million ($0.29 per Unit), compared to $14.9 million ($0.32 per Unit) in 2016.  The decrease is mainly due to increase in interest expense of $1.4 million (excluding distributions on Class B LP Units and fair value adjustments), an increase in other expenses of $0.8 million and increase in trust expenses of $0.1 million, partially offset by higher Proportionate NOI of $2.1 million. </p><p>Basic FFO per Unit for the three months ended September 30, 2017, decreased by $0.03 to $0.29 per Unit, compared to $0.32 per Unit due to the following non-recurring factors:</p><table width="100%" class="ms-rteTable-0" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:1%;">i)</td><td class="ms-rteTableOddCol-0" style="width:50%;">the change in the foreign exchange rate had a $0.01 per Unit negative impact;</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:1%;">ii)</td><td class="ms-rteTableOddCol-0">a decrease in U.S. Same Property Proportionate NOI due to higher than normal vacancy;</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:1%;">iii)</td><td class="ms-rteTableOddCol-0">the Downsview Acquisition currently under lease-up has not yet contributed to stabilized NOI;</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:1%;">iv)</td><td class="ms-rteTableOddCol-0">the recent U.S. acquisitions (net of disposals) full period impact on its net contribution to NOI; and</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:1%;">v)</td><td class="ms-rteTableOddCol-0">during transition of management of the recent U.S. acquisitions certain initial operational challenges that management had to overcome for which the stabilization of NOI is not yet fully reflected in the current period. </td></tr></tbody></table><p> </p><p>Basic FFO for the nine months ended September 30, 2017, increased by $3.3 million, or 7.7%, to $46.1 million ($0.91 per Unit), compared to $42.8 million ($0.92 per Unit) in 2016.  The increase is mainly due to higher Proportionate NOI of $5.9 million, partially offset by an increase in interest expense of $1.0 million (excluding distributions on Class B LP Units and fair value adjustments), an increase in trust expenses of $0.7 million and an increase in other expenses of $0.6 million.</p><p>The REIT's unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2017, along with the Management's Discussion and Analysis will be available on the REIT's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a> and will be filed with SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>Distribution Increase</strong></p><p>The Board of Trustees has approved an increase to its monthly cash distributions to $0.055 per Unit, representing $0.66 per Unit on an annualized basis. The increase is expected to be effective for the November 2017 distribution, payable on December 15, 2017 to unitholders of record as at November 30, 2017 and represents an approximate 3.1% increase from the REIT's current $0.64 per Unit annualized distribution.</p><p><strong>Non-IFRS Measures</strong></p><p>The REIT's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). The following measures, NOI, Proportionate NOI, Same Property NOI, Same Property Proportionate NOI, FFO, indebtedness, gross book value, indebtedness to gross book value ratio, interest coverage ratio and indebtedness coverage ratio (collectively, the "non-IFRS measures") as well as other measures discussed elsewhere in this press release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. The REIT uses these measures to better assess the REIT's underlying performance and financial position and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the REIT's Management's Discussion and Analysis for the three and nine months ended September 30, 2017 and available on the REIT's profile on SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>Conference Call Details</strong></p><p>Morguard North American Residential Real Estate Investment Trust will hold a conference call on <strong>Thursday, November 2, 2017 </strong>at <strong>3:00 p.m. (ET)</strong> to discuss the financial results for the three and nine months ended September 30, 2017 and 2016. To participate in the conference call, please dial <strong>647-427-7450 or 1-888-231-8191. </strong>Please quote <strong>conference ID # 93185516</strong>.</p><p><strong>About Morguard North American Residential REIT</strong></p><p>The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario.  The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN.  With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management.  Its portfolio consists of 13,314 residential suites (as of October 31, 2017) located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland with an appraised value of approximately $2.5 billion at September 30, 2017.  For more information, visit the REIT's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a>.</p><p>For further information: Morguard North American Residential REIT, K. Rai Sahi, Chief Executive Officer, (905) 281-3800; Robert Wright, Chief Financial Officer, (905) 281-3800</p><p></p>https://www.morguard.com/news-knowledge/posts/morguard-narreit-2017q3-results
Strong Third Quarter Activity, Robust Sales Pipeline Has Canadian Commercial Property Market Poised for Record YearGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-10-26T04:00:00Z<font color="#000000" face="Times New Roman" size="3"> </font><p style="text-align:center;"><em>Vigorous demand has investors looking beyond Toronto and Vancouver <br><em>as 2017 shows little sign of slowdown</em></em></p><div style="text-align:center;"><font color="#000000" face="Times New Roman" size="3"><em></em> </font><font color="#000000" face="Times New Roman" size="3"> </font></div><p>Canadian commercial real estate activity continued at a robust pace in the third quarter of 2017 with signs now pointing to a record year for investment, according to a research report issued today by Morguard Corporation ("Morguard") (TSX: MRC). </p><font color="#000000" face="Times New Roman" size="3"> </font><p>"Investors are continuing to exhibit confidence in Canadian commercial real estate, with projected sales for 2017 surpassing 2016 levels," said Keith Reading, Director of Research at Morguard. "With several significant transactions during the third quarter and a number of high-profile, high-interest properties expected to sell before the end of the year, we are looking at a record year for real estate investment in this country."</p><font color="#000000" face="Times New Roman" size="3"> </font><p>Canada's office sector led the way with a second consecutive quarter of over $1 Billion in sales. Multi-suite residential, industrial and retail property sales also remained brisk. While downtown Toronto and Vancouver properties continue to garner the most intense bidding, investors are finding value in markets outside the downtown cores.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>"With demand for properties in the downtown urban centres far outstripping supply, investors are extending their reach into the surrounding markets like the GTA and Greater Vancouver," said Reading. "Even Alberta, which is still feeling the effects of the oil downturn, is seeing significant speculative investment in the industrial sector, a sign of the market's confidence in the long-term health of the real estate market."</p><font color="#000000" face="Times New Roman" size="3"> </font><p>Investors in Canadian commercial real estate can expect more of the same strong performance to close off 2017, despite a rise in interest rates and tightening monetary policy. A strengthened Canadian dollar, increasing inflation and slowing economic growth indicate that the pace of interest rate increases will slow.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>"With rate hikes showing the desired cooling effect on housing markets, the Bank of Canada is expected to take a more patient approach to interest rates in the near future," said Reading. "The continued and abundant access to low-cost debt and equity capital will power commercial real estate investment into 2018."</p><font color="#000000" face="Times New Roman" size="3"> </font><p>The Third Quarter Update of the 2017 Economic Outlook and Market Fundamentals Research Report, released today by Morguard Corporation, provides a detailed analysis of the 2017 real estate investment trends to watch in Canada. The full report is available at <a href="/" target="_blank">www.morguard.com</a>.</p><font color="#000000" face="Times New Roman" size="3"> </font><p><strong>About Morguard Corporation</strong></p><font color="#000000" face="Times New Roman" size="3"> </font><p>Morguard Corporation is a major North American real estate company.  It has extensive retail, office, industrial, multi–suite residential, and hotel holdings owned directly, or through its investment in Morguard REIT (TSX: MRT.UN), Morguard North American Residential REIT (TSX: MRG.UN) and Temple Hotels Inc. (TSX:TPH). Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $21.9 billion.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>For more information, please visit <a href="/" target="_blank">www.morguard.com</a> or follow us on <a href="https://ca.linkedin.com/company/morguard" target="_blank">LinkedIn</a>.</p><font color="#000000" face="Times New Roman" size="3"> </font><p><strong>Forward Looking Statement Disclaimer</strong></p><font color="#000000" face="Times New Roman" size="3"> </font><p>Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continue," "estimate," "expects" and "will" and words of similar expression, constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and regionally; changes in business strategy; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted; and other factors. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Publisher does not assume the obligation to update or revise any forward-looking statements.</p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p>For further information: K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Keith Reading, Director of Research, T 905-281-3800</p><font color="#000000" face="Times New Roman" size="3"> </font>https://www.morguard.com/news-knowledge/posts/morguard-economicoutlook2017q3
Morguard North American Residential REIT and HOOPP Enter Joint Venture on Prominent Downtown Chicago Residential High-RiseGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-10-26T04:00:00Z<font color="#000000" face="Times New Roman" size="3"> </font><p>Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) announced today the completion of a joint venture with Healthcare of Ontario Pension Plan ("HOOPP") of Coast at Lakeshore East ("Coast"), a 515-suite urban rental high-rise in Chicago's desirable Loop district. </p><font color="#000000" face="Times New Roman" size="3"> </font><p><font color="#000000" face="Times New Roman" size="3"><img title="Coast at Lakeshore East, Chicago, IL (CNW Group/Morguard North American Residential Real Estate Investment Trust)" alt="Coast at Lakeshore East, Chicago, IL (CNW Group/Morguard North American Residential Real Estate Investment Trust)" src="https://mma.prnewswire.com/media/591616/Morguard_North_American_Residential_Real_Estate_Investment_Trust.jpg" style="margin:5px;" /></font></p><font color="#000000" face="Times New Roman" size="3"> </font><p>The REIT completed the acquisition of Coast in July 2017 for a purchase price of $287.5 million (US$222.5 million). Under the terms of the agreement, the REIT and HOOPP will own the property on a 51/49 basis, respectively. Morguard Management Company, a subsidiary of Morguard Corporation, will act as property and leasing manager as well as provide advisory services.  </p><font color="#000000" face="Times New Roman" size="3"> </font><p>"Coast is a premium multi-suite residential property in a major U.S. urban market, making it a unique investment opportunity for the REIT and our partners at HOOPP," said K. Rai Sahi, Chairman and Chief Executive Officer of the REIT. "The Coast acquisition supports Morguard's strategic initiative to acquire clusters of premium properties in key urban markets while allowing our Canadian institutional clients to diversify their real estate portfolio in the U.S."</p><font color="#000000" face="Times New Roman" size="3"> </font><p>Coast is the REIT's second joint venture acquisition with HOOPP in the U.S. The entities previously partnered on a mid-rise rental apartment community in Florida.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>"We're delighted to continue our partnership with Morguard on this new investment opportunity," said Richard Varkey, Senior Portfolio Manager at HOOPP. "This joint venture allows HOOPP to continue to expand our U.S. portfolio with our first Chicago investment in a well-located, high-quality real estate asset that will provide stable income and tangible long-term growth potential."</p><font color="#000000" face="Times New Roman" size="3"> </font><p>Coast is a 46-storey Class A property prominently located in the Lakeshore East master planned community, part of Chicago's famed Loop district. Developed in 2013, Coast offers unencumbered views of the Chicago River, Navy Pier and Lake Michigan and best-in-class fundamentals including nine-foot ceilings, above-average unit sizes and floor-to-ceiling windows. The property features 18,000 square feet of ground floor retail and a focus on green living: the LEED Silver building offers a smoke-free environment, world-class fitness centre, heated outdoor pool and access to the Chicago Pedway.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>"Coast's condo-quality amenities, recent construction and prominent location in the hub of downtown Chicago make the property an excellent addition to our portfolio of high-quality North American multi-suite residential assets," added Sahi. "New-build luxury apartments in the Loop district are in high demand from an upscale demographic, making Coast an excellent long-term investment opportunity."</p><font color="#000000" face="Times New Roman" size="3"> </font><p>Coast is Morguard's third strategic investment in and around Chicago's vibrant Loop neighbourhood. Morguard Corporation (TSX: MRC), the REIT's sponsor, has ownership in two other premium high-rise apartment properties in downtown Chicago: Alta at K Station and Marquee at Block 37.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>Visit the Coast at Lakeshore website: <a href="http://www.rentcoast.com/" target="_blank">www.rentcoast.com</a>.</p><font color="#000000" face="Times New Roman" size="3"> </font><p><strong>About Morguard North American Residential REIT</strong></p><font color="#000000" face="Times New Roman" size="3"> </font><p>The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. Its portfolio consists of 13,314 residential suites (as of October 31, 2017) located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland with an appraised value of approximately $2.6 billion at September 30, 2017.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>For more information, please visit <a href="/" target="_blank">www.morguard.com</a> or follow us on <a href="https://ca.linkedin.com/company/morguard" target="_blank">LinkedIn</a>.<img src="https://rt.newswire.ca/rt.gif?NewsItemId=C2985&Transmission_Id=201710261550CANADANWCANADAPR_C2985&DateId=20171026" border="0" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><font color="#000000" face="Times New Roman" size="3"> </font><p>For further information: K. Rai Sahi, Chairman and Chief Executive Officer, 905-281-3800; Robert D. Wright, Chief Financial Officer, 905-281-3800 or email <a href="mailto:corporatemarketing@morguard.com">corporatemarketing@morguard.com</a></p><p></p><font color="#000000" face="Times New Roman" size="3"> </font>https://www.morguard.com/news-knowledge/posts/mrg-hoopp-coastjv
Morguard's Outstanding Risk Management in Occupational Health and Safety Drives Recognition as One of Canada's Safest EmployersGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#3e31cf64-7302-4306-b3fd-abaa24a28863;L0|#03e31cf64-7302-4306-b3fd-abaa24a28863|Property Management;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-10-25T04:00:00Z<font color="#000000" face="Times New Roman" size="3"> </font><p>For the fifth consecutive year, Morguard was recognized as one of Canada's Safest Employers in the Retail and Services category by Canadian Occupational Safety. This notable achievement demonstrates Morguard's ongoing commitment to occupational health and safety as a risk management imperative, with a positive impact on employee wellbeing and property performance.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>"Morguard recognizes the value a strong occupational health and safety culture brings to our business, employees, and stakeholders," said K. Rai Sahi, Chairman and CEO, Morguard Corporation. "Sound risk management is the bedrock of Morguard's operating principles for obvious reasons including business continuity and liability reduction. Moreover, it is fundamental to keeping our people healthy and safe, which is of upmost importance."</p><font color="#000000" face="Times New Roman" size="3"> </font><p>The continued success of Morguard's Occupational Health and Safety ("OHS") strategy is a result of the company's unique approach to developing processes in-house, which incorporates an organizational focus on employee empowerment and accountability as core values. </p><font color="#000000" face="Times New Roman" size="3"> </font><p>"Empowering employees across Canada to be responsible for health and safety is integral to upholding our reputation while keeping both employees and tenants safe in Morguard properties," said Sahi. "Morguard's focus on empowerment and accountability contribute to reduced business costs and service disruptions, in addition to improving employee retention and lowering rates of absenteeism – which is good for both our people and our business."</p><font color="#000000" face="Times New Roman" size="3"> </font><p>As Morguard manages more than three million work hours annually across more than 300 commercial and development projects in Canada, designing its health and safety strategy in-house enables the company to meet the demands of each individual property. This is realized by:  </p><font color="#000000" face="Times New Roman" size="3"> </font><ul><font color="#000000" face="Times New Roman" size="3"> </font><li><p>Providing employee training and maintaining communication across the entire organization about occupational health and safety (more than 1,000 employees completed close to 7,200 hours of training in 2016). </p></li><font color="#000000" face="Times New Roman" size="3"> </font><li><p>Centralizing Occupational Health and Safety oversight within the Risk Management function and leveraging best practices across locations nationwide. </p></li><font color="#000000" face="Times New Roman" size="3"> </font><li><p>Developing programs internally to allow for a greater level of control and customization per stakeholder, and to create clear lines of responsibility. </p></li><font color="#000000" face="Times New Roman" size="3"> </font><li><p>Encouraging active employee and tenant participation through inclusive program planning, implementation and measurement. </p></li><font color="#000000" face="Times New Roman" size="3"> </font><li><p>Identifying potential hazards and working collaboratively on solutions and risk mitigation.</p></li><font color="#000000" face="Times New Roman" size="3"> </font></ul><font color="#000000" face="Times New Roman" size="3"> </font><p>Morguard senior management is actively involved in the implementation of programs supporting occupational health and safety. Senior management works collaboratively with Morguard's Risk Management team to ensure best practices are met, to ultimately build a healthier and more productive workforce, enhance business efficiency and deliver on property performance. </p><p>Read the case study <a href="/_layouts/15/FIXUPREDIRECT.ASPX?WebId=34df4250-cd2c-4a77-ac2f-305ac61b278e&TermSetId=5078c29a-2b54-4c64-bee4-5ba49b00096c&TermId=7e446e09-efa2-4917-8959-eca7b61c5188">here</a>.</p><font color="#000000" face="Times New Roman" size="3"> </font><p><strong>About Canada's Safest Employers Award</strong><br> The Thomson Reuters Awards program recognizes Canadian organizations for outstanding performance in workplace health and safety. The Awards submissions were reviewed by an expert judging panel followed by an employee safety perception survey. Judging criteria was based on Leadership and Management Support, Employee Engagement, Communication, Innovation and Injury Statistics.</p><font color="#000000" face="Times New Roman" size="3"> </font><p><strong>About Morguard </strong><br> Morguard Corporation (TSX: MRC) is a major North American real estate company.  It has extensive retail, office, industrial, multi–suite residential, and hotel holdings owned directly, or through its investment in Morguard REIT (TSX: MRT.UN), Morguard North American Residential REIT (TSX: MRG.UN) and Temple Hotels Inc. (TSX:TPH). Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed real estate portfolio is valued at $16.2 billion. Please visit <a href="/" target="_blank">www.morguard.com</a> or follow us on <a href="https://ca.linkedin.com/company/morguard" target="_blank">LinkedIn</a>.</p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p></p><font color="#000000" face="Times New Roman" size="3"> </font><p>For further information: K. Rai Sahi, Chairman and Chief Executive Officer, 905-281-3800; Beverley G. Flynn, Vice President, General Counsel, 905-281-3800 or email <a href="mailto:corporatemarketing@morguard.com">corporatemarketing@morguard.com</a></p><font color="#000000" face="Times New Roman" size="3"> </font>https://www.morguard.com/news-knowledge/posts/cse2017-silverwin