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Morguard Corporation Announces Renewal of Normal Course Issuer BidGP0|#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-9e79-1b6ddfdd40a22019-09-18T04:00:00Z<p>Morguard Corporation (MRC:TSX) ("Morguard") announced today that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by Morguard of its intention to make a normal course issuer bid through the facilities of the TSX and/or alternative Canadian trading systems.</p><p>The notice provides that Morguard may, during the twelve-month period commencing September 22, 2019 and ending September 21, 2020 purchase up to 564,117 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares.  The daily repurchase restriction for the Common Shares is 1,000.  Common Shares purchased under the normal course issuer bid will be cancelled.  The price that Morguard will pay for any such Common Shares will be the market price at the time of acquisition.  Management of Morguard will determine the actual number of Common Shares that may be purchased and the timing of any such purchases, subject to compliance with TSX guidelines.  </p><p>Under its previous normal course issuer bid, Morguard was approved to purchase up to 569,854 Common Shares.  Morguard purchased 81,229 Common Shares for cancellation during the last twelve months at an average cost per share of $185.10 through the facilities of the TSX and/or alternative Canadian trading systems.  As of September 11, 2019, there were 11,282,342 Common Shares outstanding.  Morguard's average daily trading volume for the prior six months is 1,199.</p><p>Morguard believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of Morguard and its future business prospects.  As a result, depending upon future price movements and other factors, Morguard believes that its outstanding Common Shares may represent an attractive investment.  Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in Morguard.</p><p><strong>About Morguard Corporation</strong><br></p><p>Morguard Corporation is a major North American real estate and property management company.  It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust, Morguard North American Residential REIT and Temple Hotels Inc. Morguard also provides real estate management services to institutional and other investors.  Morguard's owned and managed portfolio of assets is valued at $21.2 billion.</p><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C8235&Transmission_Id=201909180830CANADANWCANADAPR_C8235&DateId=20190918" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><p>For further information: Morguard Corporation, Paul Miatello, Chief Financial Officer, T 905-281-3800; Beverley G. Flynn, Secretary, T 905-281-3800</p> <font color="#000000"></font><font face="Times New Roman"></font><p><br></p>https://www.morguard.com/news-knowledge/posts/mrc-announces-renewal-normal-course-issuer-bid-sep2019
BeYou 2019 and Big Brothers Big Sisters - The Morguard ConnectionGP0|#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-9e79-1b6ddfdd40a22019-09-16T04:00:00Z<p> <span lang="EN-US">Big Brothers Big Sisters (BBBS) creates individual and group mentoring relationships amongst adults (‘Big Brothers’ or ‘Big Sisters’) and youth (‘Little Brothers’ or ‘Little Sisters’). BBBS has a comprehensive infrastructure for supporting mentorship partnerships, which includes detailed legal screening of mentors to ensure child safety, a broad network of professional staff supporting mentors and volunteers, and complete systems for selecting, approving and supporting volunteers and referring families to agencies that provide other services if required for the mentee and their family. </span></p><p> <span lang="EN-US">A thorough recruitment and screening process combined with intensive training guarantees successful matchings between mentors and mentees. Even though the program provides mentorship to ‘Littles’ until they turn 18, the relationship they’ve built with their ‘Bigs’ lasts beyond their time with BBBS.</span></p><p> <span lang="EN-US">Learn more about <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Tricia.aspx">Tricia Schmuland</a>, Drew Pierson, <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Mary.aspx">Mary Tucker</a> and <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Scott.aspx">Scott Harris</a>, members of Morguard’s teams in Canada and the United States, who have been actively involved with BBBS’s mentorship program.</span></p><p> <span lang="EN-US"><br></span></p><p> <span lang="EN-US"><strong>Drew Pierson<br></strong></span><span lang="EN-US">Community Manager, Verandah <br></span><span lang="EN-US">Valley Ranch, Irving, Texas, United States</span></p><p> <span lang="EN-US">Drew comes from a large family and always knew he wanted to be a parent and a positive influence in the lives of children. After two years with BBBS as a ‘Big Brother’, he gained the experience required to become a foster parent – a dream of his that would have been impossible to achieve if he hadn’t joined BBBS. </span></p><p> <span lang="EN-US">Having seen the benefits that a ‘Big’ could bring to a ‘Little’, Drew immediately signed his daughter Courtney up to become a ‘Little Sister’ so she could have a strong female figure in her life. When Courtney was matched with B, her ‘Big Sister’, they immediately got along. They often go together to sporting events, museums, back-to-school fairs and concerts. </span></p><p> <span lang="EN-US">When Drew was approached to talk about his experience with BBBS, he was quick to accept in the hopes of sharing the incredible impact that being a ‘Big’ can have on the life of a ‘Little.’ The emphasis in BBBS and BeYou on being yourself really resonates with his family. Drew hopes that more people participate in the program to help encourage youth to have confidence and take pride in who they are. </span></p><p> <span lang="EN-US">Making a difference in the life of a ‘Little’ is something everyone can do. If you’d like to make a difference in someone’s life, visit </span> <span lang="EN-US"> <a href="https://bigbrothersbigsisters.ca/find-agency-near/">https://bigbrothersbigsisters.ca/find-agency-near/</a></span><span lang="EN-US"> to find your match.</span><span lang="EN-US"><br><br></span></p><p> <span lang="EN-US"><img src="/PublishingImages/News_Knowledge/Posts/2019%20BeYou/BeYou2019-Drew.png" alt="" /><br></span></p> <font color="#000000"></font> <font face="Times New Roman"></font> <p style="margin:0px;line-height:normal;"> <br> </p> <font color="#000000"></font> <font face="Times New Roman"></font> <p> <br> </p>https://www.morguard.com/news-knowledge/posts/beyou-2019-profile-drew
BeYou 2019 and Big Brothers Big Sisters - The Morguard ConnectionGP0|#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-9e79-1b6ddfdd40a22019-09-16T04:00:00Z<p> <span lang="EN-US">Big Brothers Big Sisters (BBBS) creates individual and group mentoring relationships amongst adults (‘Big Brothers’ or ‘Big Sisters’) and youth (‘Little Brothers’ or ‘Little Sisters’). BBBS has a comprehensive infrastructure for supporting mentorship partnerships, which includes detailed legal screening of mentors to ensure child safety, a broad network of professional staff supporting mentors and volunteers, and complete systems for selecting, approving and supporting volunteers and referring families to agencies that provide other services if required for the mentee and their family. </span></p><p> <span lang="EN-US">A thorough recruitment and screening process combined with intensive training guarantees successful matchings between mentors and mentees. Even though the program provides mentorship to ‘Littles’ until they turn 18, the relationship they’ve built with their ‘Bigs’ lasts beyond their time with BBBS.</span></p><p> <span lang="EN-US">Learn more about <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Tricia.aspx">Tricia Schmuland</a>, <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Drew.aspx">Drew Pierson</a>, Mary Tucker and <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Scott.aspx">Scott Harris</a>, members of Morguard’s teams in Canada and the United States, who have been actively involved with BBBS’s mentorship program.</span></p><p> <br> </p><p> <span lang="EN-US"><strong>Mary Tucker<br></strong></span><span lang="EN-US">Manager, Legal Administration <br></span><span lang="EN-US">Mississauga, Ontario, Canada</span></p><p> <span lang="EN-US">When Mary was 13, she was having difficulties in school and at home. BBBS came into the picture, matching Mary with Diane, a ‘Big Sister’ that soon became her friend and idol. They would go hiking, canoeing, swimming, skating and watch movies together. Diane even took Mary to her first baseball game and to pick out a Christmas tree from a real Christmas tree farm.</span></p><p> <span lang="EN-US">Diane led by example, showing Mary that if she wanted to reach her goals and be happy, she would have to get better grades, continue her education and have a strong work ethic. She helped Mary to respect herself as a person and gave her the courage to change for the better. Since then, they have both gotten married, had children, and through it all they’ve had each other. </span></p><p> <span lang="EN-US">Many years since her time as a ‘Little’, Mary is still grateful for Diane, and her decision to make a difference in the life of a ‘Little.’ </span></p><p> <span lang="EN-US">When Mary was growing up there was no BeYou. However, now that she has three children, she’s excited to bring them to participate in BeYou and BBBS events. </span></p><p> <span lang="EN-US">If you would like to make a difference in the life of a ‘Little,’ visit </span> <span lang="EN-US"> <a href="https://bigbrothersbigsisters.ca/find-agency-near/">https://bigbrothersbigsisters.ca/find-agency-near/</a></span><span lang="EN-US"> to find your match.</span></p><p> <span lang="EN-US"><img src="/PublishingImages/News_Knowledge/Posts/2019%20BeYou/BeYou2019-Mary.png" alt="" /><br></span></p> <font color="#000000"></font> <font face="Times New Roman"></font> <p style="margin:0px;line-height:normal;"> <br> </p> <font color="#000000"></font> <font face="Times New Roman"></font> <p> <br> </p>https://www.morguard.com/news-knowledge/posts/beyou-2019-profile-mary
BeYou 2019 and Big Brothers Big Sisters - The Morguard ConnectionGP0|#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-9e79-1b6ddfdd40a22019-09-16T04:00:00Z<p><span lang="EN-US">Big Brothers Big Sisters (BBBS) creates individual and group mentoring relationships amongst adults (‘Big Brothers’ or ‘Big Sisters’) and youth (‘Little Brothers’ or ‘Little Sisters’). BBBS has a comprehensive infrastructure for supporting mentorship partnerships, which includes detailed legal screening of mentors to ensure child safety, a broad network of professional staff supporting mentors and volunteers, and complete systems for selecting, approving and supporting volunteers and referring families to agencies that provide other services if required for the mentee and their family. </span></p><p><span lang="EN-US">A thorough recruitment and screening process combined with intensive training guarantees successful matchings between mentors and mentees. Even though the program provides mentorship to ‘Littles’ until they turn 18, the relationship they’ve built with their ‘Bigs’ lasts beyond their time with BBBS.</span></p><p><span lang="EN-US">Learn more about <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Tricia.aspx">Tricia Schmuland</a>, <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Drew.aspx">Drew Pierson</a>, <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Mary.aspx">Mary Tucker</a> and Scott Harris, members of Morguard’s teams in Canada and the United States, who have been actively involved with BBBS’s mentorship program.</span></p><p><span lang="EN-US"><br></span></p> <font color="#000000"></font><font face="Times New Roman"></font><p><strong>Scott Harris </strong><br>General Manager, The Colonnade & Holt Renfrew Centre<br>Toronto, Ontario, Canada</p><p>Prior to joining Morguard, Scott was part of BBBS where he joined as a 'Little'. His mom signed him up for the program in the hopes of finding a role model for him to look up to. BBBS matched Scott with his 'Big Brother,' Clarence, who would stay in his life for eight years until Scott was 18. During their time together, they would have fun going to sports games like baseball and hockey, and Clarence even taught Scott the basics of construction. </p><p>After having seen the positive impact a 'Big Brother' could bring to a child, Scott registered to become a 'Big' himself. Though he's no longer able to participate as a 'Big' due to time restrictions, Scott continues to work with BBBS as a part of the organization's engagement campaign. </p><p>This positive experience has been with him through the milestones in his life, including the presence of his 'Little' in his wedding, and is still in touch with Clarence, who is now 96 years old.</p><p>When Scott was approached to speak about his journey with BBBS and BeYou, he was happy to do so, given that the programs have the same goal in mind and can provide support for children in need. His time with BBBS gave him the reinforcement and courage he needed to be himself, to be confident in his choices and demonstrates how crucial empowerment is for the kids at BBBS. </p><p>Making a difference in the life of a 'Little' is something everyone can do. If you're ready to empower and mentor one, visit <a href="https://bigbrothersbigsisters.ca/find-agency-near/"><span lang="EN-US">https://bigbrothersbigsisters.ca/find-agency-near/</span></a> to find your match.<br></p><p><br></p>https://www.morguard.com/news-knowledge/posts/beyou-2019-profile-scott
BeYou 2019 and Big Brothers Big Sisters - The Morguard ConnectionGP0|#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-9e79-1b6ddfdd40a22019-09-16T04:00:00Z<p> <span lang="EN-US">Big Brothers Big Sisters (BBBS) creates individual and group mentoring relationships amongst adults (‘Big Brothers’ or ‘Big Sisters’) and youth (‘Little Brothers’ or ‘Little Sisters’). BBBS has a comprehensive infrastructure for supporting mentorship partnerships, which includes detailed legal screening of mentors to ensure child safety, a broad network of professional staff supporting mentors and volunteers, and complete systems for selecting, approving and supporting volunteers and referring families to agencies that provide other services if required for the mentee and their family. </span></p><p> <span lang="EN-US">A thorough recruitment and screening process combined with intensive training guarantees successful matchings between mentors and mentees. Even though the program provides mentorship to ‘Littles’ until they turn 18, the relationship they’ve built with their ‘Bigs’ lasts beyond their time with BBBS.</span></p><p> <span lang="EN-US">Learn more about Tricia Schmuland, <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Drew.aspx">Drew Pierson</a>, <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Mary.aspx">Mary Tucker</a> and <a href="/NewsAndResearch_/Pages/BeYou-2019-Profile-Scott.aspx">Scott Harris</a>, members of Morguard’s teams in Canada and the United States, who have been actively involved with BBBS’s mentorship program.</span></p><p> <span lang="EN-US"><br></span></p><p> <span lang="EN-US"><strong>Tricia Schmuland<br></strong></span><span lang="EN-US">Director of Marketing, Sevenoaks Shopping Centre <br></span><span lang="EN-US">Abbotsford, British Columbia, Canada</span></p><p> <span lang="EN-US">Growing up with a mentor, Tricia realized how great it was to be able to connect and receive wisdom from another person who had more life experience than herself. In her late twenties, Tricia realized she had the opportunity to give back and help guide another through their early years by becoming a BBBS’s ‘Big Sister’. While she was a little unsure of how to begin building a relationship with a ‘Little’, after being matched in 2014 with her ‘Little Sister,’ Natalia, things fell into place. </span></p><p> <span lang="EN-US">Natalia and Tricia have built their relationship spending quality time together. Their favourite activities include baking, bowling, playing board games, watching movies, going for walks and joining special events in the city, such as the Christmas Light Tour. In October of 2019, Natalia will turn 18 and become a BBBS alumni. At that time, the organization will match Tricia with a new ‘Little’ to continue the positive mentorship she has provided. </span></p><p> <span lang="EN-US">Working at the Sevenoaks Shopping Centre, Tricia is very familiar with the BeYou program and Morguard’s partnership with BBBS and believes in the benefits of BeYou to empower and support youth to have confidence in themselves. </span></p><p> <span lang="EN-US">Making a difference in the life of a ‘Little’ is something everyone can do. If you’re ready to empower and mentor someone, visit </span> <span lang="EN-US"> <a href="https://bigbrothersbigsisters.ca/find-agency-near/">https://bigbrothersbigsisters.ca/find-agency-near/</a></span><span lang="EN-US"> to find your match.</span><span lang="EN-US"><br></span></p><p> <span lang="EN-US"><img src="/PublishingImages/News_Knowledge/Posts/2019%20BeYou/BeYou2019-Tricia.png" alt="" /><br></span></p> <font color="#000000"></font> <font face="Times New Roman"></font> <p> <br> </p>https://www.morguard.com/news-knowledge/posts/beyou-2019-profile-tricia
Morguard North American Residential REIT Declares September 2019 Distribution of $0.0566 per UnitGP0|#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-9e79-1b6ddfdd40a22019-09-16T04:00:00Z<p>Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) today announced that it has declared a distribution of $0.0566 per unit for the month of September 2019.  The distribution will be payable on October 15, 2019 to unitholders of record as at September 30, 2019.</p><p><strong>About Morguard North American Residential REIT</strong><br></p><p>The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland.</p><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C9855&Transmission_Id=201909161000CANADANWCANADAPR_C9855&DateId=20190916" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><p>For further information: Morguard North American Residential REIT : K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Christopher A. Newman, Chief Financial Officer, T 905-281-3800</p> <font color="#000000"></font><font face="Times New Roman"></font><p><br></p>https://www.morguard.com/news-knowledge/posts/morguard-narreit-sep2019-distribution
Morguard Real Estate Investment Trust Declares September 2019 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-9e79-1b6ddfdd40a22019-09-16T04:00:00Z<p>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 September 2019.  The distribution will be payable on October 15, 2019 to unitholders of record as at September 30, 2019.</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 48 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.4 million square feet of leaseable space.</p><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C7274&Transmission_Id=201909161100CANADANWCANADAPR_C7274&DateId=20190916" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><p>For further information: Morguard Real Estate Investment Trust, K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Andrew Tamlin, Chief Financial Officer, T 905-281-4800</p> <font color="#000000"></font><font face="Times New Roman"></font><p><br></p>https://www.morguard.com/news-knowledge/posts/morguard-reit-sep2019-distribution
Morguard North American Residential REIT Declares August 2019 Distribution of $0.0566 per UnitGP0|#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 Investment2019-08-15T04:00:00Z<p>Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) today announced that it has declared a distribution of $0.0566 per unit for the month of August, 2019. The distribution will be payable on September 16, 2019 to unitholders of record as at August 30, 2019.</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 Canadian residential apartment communities, located in Alberta and Ontario, and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland.</p><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C7039&Transmission_Id=201908151000CANADANWCANADAPR_C7039&DateId=20190815" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><p>For further information: Morguard North American Residential REIT, K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Christopher A. Newman, Chief Financial Officer, T 905-281-3800</p> <font color="#000000"></font><font face="Times New Roman"></font><p><br></p>https://www.morguard.com/news-knowledge/posts/morguard-narreit-aug2019-distribution
Morguard Real Estate Investment Trust Declares August 2019 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|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2019-08-15T04:00:00Z<p>​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 August 2019. The distribution will be payable on September 16, 2019 to unitholders of record as at August 30, 2019.<br></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 48 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.4 million square feet of leaseable space.</p><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C0794&Transmission_Id=201908151100CANADANWCANADAPR_C0794&DateId=20190815" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><p>For further information: Morguard Real Estate Investment Trust: K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Andrew Tamlin, Chief Financial Officer, T 905-281-4800</p> <font color="#000000"></font><font face="Times New Roman"></font><p><br></p>https://www.morguard.com/news-knowledge/posts/morguard-reit-aug2019-distribution
Morguard Corporation Announces 2019 Second 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 Investment2019-08-07T04:00:00Z<p>Morguard Corporation ("Morguard" or the "Company") (TSX:MRC) today announced its financial results for the three and six months ended June 30, 2019.</p><p><strong>Reporting Highlights</strong></p><ul><li><p>Total revenue increased by $13.7 million, or 4.7%, to $301.4 million for the three months ended June 30, 2019, compared to $287.7 million for the same period in 2018.</p></li><li><p>Net operating income ("NOI") decreased by $10.1 million, or 6.3%, to $150.1 million for the three months ended June 30, 2019, compared to $160.2 million for the same period in 2018, primarily due to the $17.3 million land arbitration settlement recorded during the second quarter of 2018, partially offset by acquisitions completed subsequent to June 30, 2018 and the impact of the adoption of IFRS 16.</p></li><li><p>Net income decreased by $26.6 million to $69.3 million for the three months ended June 30, 2019, compared to $95.9 million for the same period in 2018, primarily due to a decrease in non-cash net fair value gain of $25.2 million and the land rent arbitration settlement recorded during the second quarter of 2018, partially offset by a decrease in income taxes of $14.8 million as compared to 2018.</p></li><li><p>Normalized FFO increased by $3.4 million to $60.8 million for the three months ended June 30, 2019, compared to $57.4 million for the same period in 2018, representing a 6.0% increase.</p></li></ul><p><strong>Operational and Balance Sheet Highlights:</strong></p><ul><li><p>As at June 30, 2019, the Company's total assets were $11.3 billion compared to $11.1 billion as at December 31, 2018.</p></li><li><p>As at June 30, 2019, occupancy was consistent across all asset classes, supporting the Company's business objective of generating stable and increasing cash flow through its diversified portfolio of real estate assets.</p></li><li><p>During the second quarter, the Company increased its ownership in Temple Hotels Inc. ("Temple") to 72.6% (December 31, 2018 – 58.7%)</p></li><li><p>During the second quarter, Temple redeemed its 7.25% Series E convertible debentures in the amount of $40.6 million.</p></li></ul><p><strong>Financial Highlights</strong></p><table border="0" cellspacing="0" cellpadding="0" style="margin:0px;border-collapse:collapse;"><tbody><tr><td style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" colspan="2" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Three months ended </p><p>June 30</p></td><td valign="bottom" colspan="2" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Six months ended </p><p>June 30</p></td></tr><tr><td style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>(in thousands of dollars, except per common share)</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2019</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2018</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2019</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2018</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Revenue from real estate</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$216,093</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$207,061</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$435,933</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$410,900<br></p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Revenue from hotel properties</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>65,199</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>61,997</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>118,826</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>115,849</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Management and advisory fees</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>12,430</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>14,401</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>24,081</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>28,838</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Interest and other income</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>6,007</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>2,880</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>10,043</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>4,320</p></td></tr><tr><td style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>Sales of product and land</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>1,657</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>1,386</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>3,148</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2,636</p></td></tr><tr><td style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>Total revenue</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$301,386</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$287,725</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$592,031</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$562,543<br></p></td></tr><tr><td style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Revenue from real estate properties </p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$216,093</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$207,061</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$435,933</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$410,900</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Revenue from hotel properties</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>65,199</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>61,997</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>118,826</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>115,849</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Land rent arbitration settlement</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>-</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>17,250</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>-</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>17,250</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Property operating expenses</p></td><td valign="bottom" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>(82,990)</p></td><td valign="bottom" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>(81,470)</p></td><td valign="bottom" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>(207,369)</p></td><td valign="bottom" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>(196,646)</p></td></tr><tr><td style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>Hotel operating expenses</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>(48,157)</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>(44,603)</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>(92,671)</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>(87,373)</p></td></tr><tr><td style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>Net operating income</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$150,145</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$160,235</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$254,719</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$259,980</p></td></tr><tr><td style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Net income attributable to common shareholders</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$69,722</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$75,604</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$103,208</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$192,212</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Net income per common share – basic and diluted</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$6.17</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$6.62</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$9.14</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$16.72</p></td></tr><tr><td style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Funds from operations</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$62,311</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$73,166</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$115,877</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$123,077</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>FFO per common share – basic and diluted</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$5.52</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$6.39</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$10.26</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$10.71</p></td></tr><tr><td style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Normalized funds from operations</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$60,826</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$57,366</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$111,847</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$106,872</p></td></tr><tr><td style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 6pt;"><p>Normalized FFO per common share – basic and diluted</p></td><td valign="bottom" style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$5.39</p></td><td valign="bottom" style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$5.01</p></td><td valign="bottom" style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$9.91</p></td><td valign="bottom" style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$9.30</p></td></tr></tbody></table><p> </p><p><strong>Net Income</strong></p><p>Net income for the three months ended June 30, 2019, was $69.3 million compared to net income of $95.9 million in 2018. The decrease in net income of $26.6 million for the three months ended June 30, 2019, was primarily due to the following:</p><ul><li><p>A decrease in NOI of $10.1 million, primarily due to the land rent arbitration settlement of $17.3 million received during the second quarter of 2018, partially offset by an increase in NOI due to acquisitions completed subsequent to June 30, 2018, and the impact of the adoption of IFRS 16, resulting in land rent expense being included in NOI in the comparative period while effective January 1, 2019, a finance charge is included in interest expense;</p></li><li><p>A decrease in management and advisory fees of $2.0 million, primarily due a decrease in asset management, property management and leasing fees earned as compared to 2018;</p></li><li><p>An increase in interest and other income of $3.1 million, primarily due to higher income earned from investments and finance lease receivable;</p></li><li><p>An increase in interest expense of $5.2 million, mainly due to interest on lease liabilities (noted above), higher interest on Unsecured Debentures and higher interest on mortgages payable;</p></li><li><p>A decrease in property management and corporate expense of $1.3 million, primarily due to a decrease in non-cash compensation expense related to the Company's stock appreciation rights plan ("SARs");</p></li><li><p>A decrease in provision for impairment of $6.7 million due to the recognition of impairment provision at two hotel properties located in Alberta during the second quarter of 2018;<br></p></li><li><p>A decrease in non-cash net fair value gain of $25.2 million, mainly due to a lower net fair value gain on real estate properties, partially offset by a decrease in net fair value loss on Morguard Residential REIT Units; </p></li><li><p>An increase in equity loss from investments of $4.3 million, mainly due to an increase in fair value loss;</p></li><li><p>A decrease in other income of $4.6 million, mainly due to a gain on the recognition of a finance lease upon the completion of the Company's development project in 2018 and an increase in foreign exchange loss; and</p></li><li><p>A decrease in income taxes (current and deferred) of $14.8 million.</p></li></ul><p><strong>Net Operating Income </strong></p><p>NOI increased by $10.1 million, or 6.3%, during the three months ended June 30, 2019, to $150.1 million, compared to $160.2 million generated in 2018, and is further analyzed by asset type below.</p><table border="0" cellspacing="0" cellpadding="0" style="margin:0px;border-collapse:collapse;"><tbody><tr><td style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;background-color:transparent;"></td><td valign="bottom" colspan="2" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Three months ended<br> June 30</p></td><td valign="bottom" colspan="2" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Six months ended </p><p>June 30</p></td></tr><tr><td style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>(in thousands of dollars)</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2019</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2018</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2019</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>2018</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Multi-suite residential</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$52,273</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$51,111</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$103,349</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>$98,506</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Retail</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>35,045</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>32,487</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>71,856</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>64,123</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Office</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>33,857</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>31,457</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>67,584</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>62,346</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Industrial</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>2,456</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>2,736</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>4,604</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>5,002</p></td></tr><tr><td style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>Hotels</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>17,042</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>17,394</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>26,155</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>28,476</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Adjusted NOI</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>140,673</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>135,185</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>273,548</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>258,453</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>Land rent arbitration settlement</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>-</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>17,250</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>-</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>17,250</p></td></tr><tr><td style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>IFRIC 21 adjustment – multi-suite residential</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>8,083</p></td><td valign="bottom" style="margin:0px;padding:0in 8.05pt 0in 6pt;border:0px #000000;"><p>6,580</p></td><td valign="bottom" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>(16,075)</p></td><td valign="bottom" style="margin:0px;padding:0in 6pt;border:0px #000000;"><p>(13,093)</p></td></tr><tr><td style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>IFRIC 21 adjustment – retail</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>1,389</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>1,220</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>(2,754)</p></td><td valign="bottom" style="border-width:0px 0px 1.33px;border-style:none none solid;border-color:#000000;margin:0px;padding:0in 6pt;"><p>(2,630)</p></td></tr><tr><td style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 6pt;"><p>NOI</p></td><td valign="bottom" style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$150,145</p></td><td valign="bottom" style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$160,235</p></td><td valign="bottom" style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$254,719</p></td><td valign="bottom" style="border-width:0px 0px 3px;border-style:none none double;border-color:#000000;margin:0px;padding:0in 8.05pt 0in 6pt;"><p>$259,980</p></td></tr></tbody></table><p> </p><p>Adjusted NOI for the three months ended June 30, 2019, increased by $5.5 million to $140.7 million compared to $135.2 million in 2018, primarily due to the following:</p><ul><li><p>An increase in the Canadian residential portfolio of $1.0 million, primarily resulting from an increase of $0.7 million mainly from rental rate growth, improved occupancy and lower operating expenses, and an increase in NOI of $0.3 million due to the adoption of IFRS 16;</p></li><li><p>A decrease in U.S. residential NOI of US$0.5 million, primarily resulting from a decrease of US$0.8 million due to the sale of five properties located in Louisiana during the first and second quarters of 2019, a decrease of US$0.3 million mainly due to higher amortization of rental concessions at two properties located in Chicago, partially offset by an increase of US$0.5 million due to the acquisition of Santorini Apartments and Vizcaya Lakes during the second quarter of 2018;<br></p></li><li><p>An increase of $2.4 million in Canadian retail properties resulting from an increase of $1.5 million due to the adoption of IFRS 16, an increase of $1.3 million due to a lease cancellation fee received from a tenant at a property located in Toronto, Ontario and a decrease of $0.4 million due to increased vacancy, lower base rent and higher non-recoverable operating expenses at the Canadian properties. </p></li><li><p>An increase in the office portfolio of $2.4 million, primarily due to acquisition of two properties during and subsequent to the second quarter of 2018, which resulted in an increase of $2.0 million;</p></li><li><p>A decrease in the industrial portfolio of $0.3 million, primarily due to a lease cancellation fee of $0.5 million received from a tenant in 2018 at a property located in Ottawa, Ontario; </p></li><li><p>A decrease in the hotel portfolio by $0.3 million due to a decrease of $1.8 million resulting from higher vacancy at hotels located in Alberta, a decrease of $0.7 million due to the re-branding of a hotel located in Red Deer, Alberta, partially offset by an increase of $1.3 million at the newly re-developed dual branded Hilton Garden Inn and Homewood Suites by Hilton located in Ottawa, Ontario which commenced its operations on January 1, 2019, and $0.9 million due to an increase in the average daily room rate at hotels located outside the province of Alberta; and</p></li><li><p>An increase of $1.0 million due to the change in the U.S. dollar foreign exchange rate.</p></li></ul><p><strong>Subsequent Events</strong></p><p>On July 24, 2019, the Company acquired an office property consisting of 157,350 square feet located in Ottawa, Ontario, for a purchase price of $52.0 million, excluding closing costs. </p><p>On August 1, 2019, the Company sold its 50% interest in an industrial property, consisting of 242,521 square feet located in Salaberry-de-Valleyfield, Québec, for gross proceeds of $16.1 million. </p><p>Subsequent to June 30, 2019, the Company increased its investment in marketable securities in the amount of $65.6 million.</p><p><strong>Third Quarter Dividend</strong></p><p>The Board of Directors of Morguard Corporation announced that the third quarterly, eligible dividend of 2019 in the amount of $0.15 per common share will be paid on September 30, 2019, to shareholders of record at the close of business on September 16, 2019.</p><p>The Company's unaudited condensed consolidated financial statements for the three months ended June 30, 2019, along with Management's Discussion and Analysis will be available on the Company's website at <a href="/">www.morguard.com</a> and will be filed with SEDAR at <a href="https://c212.net/c/link/?t=0&l=en&o=2546389-1&h=9125638&u=http://www.sedar.com/&a=www.sedar.com" target="_blank">www.sedar.com</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 six months ended June 30, 2019 and available on the Company's profile on SEDAR at <a href="https://c212.net/c/link/?t=0&l=en&o=2546389-1&h=9125638&u=http://www.sedar.com/&a=www.sedar.com" target="_blank">www.sedar.com</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 $21.2 billion. Morguard owns a diversified portfolio of 208 multi-suite residential, retail, office, industrial and hotel properties comprised of 17,638 residential suites, approximately 17.1 million square feet of commercial leasable space and 5,903 hotel rooms. Morguard also currently owns a 58.1% 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 72.6% 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="https://c212.net/c/link/?t=0&l=en&o=2546389-1&h=497778065&u=http://www.morguard.com/&a=www.morguard.com" target="_blank">www.morguard.com</a>.</p><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C5963&Transmission_Id=201908071620CANADANWCANADAPR_C5963&DateId=20190807" border="0" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><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> <font color="#000000"></font><font face="Times New Roman"></font><p><br></p>https://www.morguard.com/news-knowledge/posts/morguard-2019q2-results-dividend