Menu Close

Investor Relations

Home  >  Investor Relations  >  Morguard North American Residential REIT

Morguard North American Residential REIT (MRG.UN)

Morguard North American Residential REIT (the “REIT”) is an open-end real estate investment trust listed on the Toronto Stock Exchange (TSX) under the symbol MRG.UN. The REIT had total assets of $4.4 billion at June 30, 2024.

The REIT was formed to own a diversified portfolio of multi-suite residential rental properties across Canada and the U.S. Its primary objectives are: to generate stable and growing cash distributions to Unitholders on a tax-efficient basis; to enhance the value of its portfolio and the long-term value of its units through active asset and property management; and to expand the REIT’s asset base, primarily through acquisitions and property improvements.

Following its Initial Public Offering (“IPO”) in April 2012, the REIT has more than doubled its portfolio size to 12,315 suites, comprised of 42 multi-suite residential properties and one retail property in North America. The real estate portfolio consists of 16 Canadian residential apartment communities located in Alberta and Ontario as well as 26 U.S. residential apartment communities and one retail property located in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas, and Virginia consisting of 12,315 residential suites and 229,500 square feet of commercial gross leasable area.

Performance


Click here to see additional information on TMX Money

Dear Fellow Unitholders,

As we reflect on 2023, I am pleased to share the REIT’s continuing success. This past year was marked by growth and reinvestment that enhanced our portfolio’s quality and longevity and continued to deliver stable distributions.

Our portfolio is now valued at an impressive $4.0 billion as of December 31, 2023. Key performance metrics like Net Operating Income (NOI) have seen a robust increase of 19.2% compared to 2022, highlighting our financial strength and operational efficiency.

In the U.S., we continue to acquire high-quality assets like Xavier in Chicago. This LEED gold-certified, luxury living property is located in the heart of a vibrant city. Strategically, the acquisition demonstrates commitment to newer, urban properties and increases our presence in a market with strong fundamentals.

In Canada, focused property enhancements have provided a strong return on investment. These initiatives not only improve operational efficiency but also directly improve our communities and promote sustainable living practices.

As we look to the future, the REIT will continue our strategy of generating stable and growing cash distributions, and enhance the value of our assets through active asset and property management.

I extend my deepest gratitude to our Unitholders, partners, Trustees and other stakeholders for your continued support and dedication. Your trust and collaboration are the cornerstones of our success. As we move forward, we remain committed to taking thoughtful actions that will elevate our portfolio and ensure sustained long-term value.

Sincerely, 
K. Rai Sahi 
Chairman and Chief Executive Officer
 

Morguard North American Residential REIT is an unincorporated, open-end real estate investment trust listed on the Toronto Stock Exchange (TSX) under the symbol MRG.UN. The REIT owns a diversified portfolio of 43 real estate properties in North America. The real estate portfolio consists of 16 Canadian residential apartment communities located in Alberta and Ontario as well as 26 U.S. residential apartment communities and one retail property located in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas, and Virginia consisting of 12,315 residential suites and 229,500 square feet of commercial gross leasable area.

 

$4.1B
Real Estate Properties
27
U.S. Properties
16
Canadian Properties
12,315
Suites
93%
U.S. Occupancy
98%
Canadian Occupancy

​​ 

 

 

2024     Q2 Q1 FS Only
2023 Q4 Q3 Q2 Q1 FS Only
2022 Q4 Q3 Q2 Q1 FS Only
2021 Q4 Q3 Q2 Q1 FS Only
2020 Q4 Q3 Q2 Q1 FS Only

Christopher Newman
Chief Financial Officer
Morguard North American Residential REIT
55 City Centre Drive, Suite 1000
Mississauga, ON L5B 1M3
T 905-281-5359
E cnewman@morguard.com
Beverley G. Flynn
Senior Vice President, General Counsel & Secretary
Morguard Corporation
55 City Centre Drive, Suite 1000
Mississauga, Ontario L5B 1M3
T 905-281-5923
E bflynn@morguard.com
Transfer Agent
Computershare Trust Company of Canada
100 University Avenue, 8th Floor
Toronto, Ontario, M5J 2Y1
T 416-263-9200
F 416-981-9800

Shareholders Services
T 1-800-564-6253

 

 

 

K. Rai Sahi
Chairman and Chief Executive Officer
Morguard North American Residential REIT
E rsahi@morguard.com

K. Rai Sahi is Chairman and Chief Executive Officer of the Trust and Chairman and Chief Executive Officer of Morguard Corporation. Mr. Sahi, FCPA, FCGA, has over 30 years of business experience in public and private corporations, including extensive experience in investing, financial reporting, standards, and policy covering a broad range of industries including insurance, commercial banking, manufacturing, transportation and automotive as well as real estate. Mr. Sahi is President and Chief Executive Officer of Morguard Real Estate Investment Trust and Chairman and Chief Executive Officer of Morguard Investments Limited and TWC Enterprises Limited.  Mr. Sahi has received many distinctions, including the Certified General Accountants Association of Canada Fellowship Award (2009), Voice Achievement Award (Fellowship in the Indo-Canadian Community over critical enterprises, 2009) and Turnaround Entrepreneur of the Year (1994). In addition, Mr. Sahi is a ranked member of numerous prestigious business listings, including ‘‘The Top 25 Most Influential Figures in Canadian Golf’’ (The National Post) and one of ‘‘The Most Influential People in Golf’’ (Golf Inc.).

Angela Sahi
Senior Vice President  
Morguard North American Residential REIT
E asahi@morguard.com

Ms. Sahi is Senior Vice President of the REIT and President and Chief Operating Officer at Morguard Corporation. At Morguard Corporation, she has oversight of the management and operation of Morguard’s Canadian multi-suite residential, office and industrial, retail and U.S. operations as well as national programs, valuations, research and corporate marketing. Ms. Sahi also serves as a board member of Morguard Corporation and TWC Enterprises Limited. Prior to working with Morguard, Ms. Sahi’s experience includes consulting with Ernst & Young LLP’s Real Estate Advisory Group and Business Risk Services Group in New York City and working for Ernst & Young LLP’s Audit and Tax groups in Toronto. Ms. Sahi has a Bachelor of Arts (Honors) and Gold Medal from the University of Western Ontario. She holds a post-graduate degree in accounting from Wilfrid Laurier University and is a Certified Public Accountant.

Christopher Newman
Chief Financial Officer
Morguard North American Residential REIT
E cnewman@morguard.com

Chris Newman is Chief Financial Officer of Morguard North American Residential REIT and Vice President, Finance at Morguard Corporation. Prior to being appointed CFO in 2018, he held the position of Director of Finance at Morguard Corporation. Chris previously worked in progressively senior financial positions at two publicly-traded residential real estate investment trusts since 2010 bringing corporate finance, treasury, financial planning and reporting experience to his roles. A graduate of McMaster University with an Honours Bachelor of Commerce, Mr. Newman also holds a Chartered Professional Accountant (CPA, CA) designation.

Paul Miatello
Senior Vice President
Morguard North American Residential REIT
E pmiatello@morguard.com

Paul Miatello is Senior Vice President at the Trust and Chief Financial Officer of Morguard Corporation. Prior to being appointed CFO in 2007, he held the offices of Vice President Finance and Vice President, Morguard Residential Inc. Paul joined Revenue Properties Company Limited (RPCL), a Morguard subsidiary, in 2000 and was appointed Vice President, Finance and CFO of RPCL in 2003.  Paul has over 15 years experience working with public and private real estate companies. Paul is a Chartered Professional Accountant (CPA, CA).

Beverley G. Flynn
Senior Vice President and General Counsel
Morguard North American Residential REIT
bflynn@morguard.com

Beverley G. Flynn is Senior Vice President and General Counsel of Morguard. She joined Morguard in July 2003 and has taken on roles of increasing responsibility and scope throughout her tenure. Her current responsibilities include Corporate Legal, Risk and Insurance. ESG, Environmental Affairs, Health and Safety and National Programs. Ms. Flynn has over 20 years of experience in business and legal matters relating to public markets, real estate, finance, operations, risk and insurance, sustainability/ESG and corporate and securities law. Prior to joining Morguard, Ms. Flynn was an associate with McMillan LLP. Ms. Flynn is a member of the Law Society of Ontario and a graduate of Osgoode Hall Law School and Memorial University of Newfoundland. Ms. Flynn is also a recipient of the Osgoode Hall Law School Alumni Gold Key Award, the Global Counsel Award (General Commercial) from the International Law Office and the Association of Corporate Counsel and was named to the GC Power List: Canada Teams by The Legal 500.

John Talano
Senior Vice President, U.S. Operations
Morguard North American Residential REIT
E jtalano@morguard.com

John is Senior Vice President of Morguard Management Company Inc. responsible for Morguard's U.S. Operations. He oversees Morguard’s residential and commercial holdings, including responsibilities over property management, asset management, operations, acquisitions, development and construction. John began his career at Morguard in 2006 as Vice President Residential of Morguard's U.S. portfolio. He started his career in real estate in 1997, working on his own multi-family residential projects. He formally began his career in the profession in 2001, working with Trammell Crow Residential. John holds a bachelor's degree from Purdue University in industrial engineering/technology and an MBA from Tulane University's A.B. Freeman School of Business. John is a Member of AFIRE, National Multifamily Housing Council, The International Council of Shopping Centers, and The National Apartment Association.