Morguard North American Residential REIT is a publicly traded open-ended real estate investment trust, created following an initial public offering in April 2012 (TSX: MRG.UN). The REIT was formed to own multi-unit residential rental properties across Canada and the United States. Its initial properties included interests in more than 5,400 residential units. Today, its portfolio consists of 7,408 residential suites (as of February 19, 2013) located in Ontario, Alberta, Louisiana and Florida, with an IFRS value of approximately $997 million.
Objectives of the Trust
The Morguard North American Residential REIT has three primary objectives:
(i) Generate stable and growing cash distributions to Unitholders on a tax-efficient basis
(ii) Enhance the value of the REIT's assets and maximize long-term value of the Units through active asset and property management
(iii) Expand the asset base of the REIT and increase AFFO per Unit primarily through acquisitions and improvement of its properties through targeted and strategically deployed capital expenditures
Morguard REIT distributes to its Unitholders a significant percentage of its distributable income on a tax deferred basis. At the end of each calendar year, the REIT may also distribute any net capital gains realized from dispositions.