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Morguard REIT (MRT.UN)

Morguard Real Estate Investment Trust is a closed-end trust listed on the Toronto Stock Exchange (TSX) under the symbol MRT.UN. The Trust had total real estate assets of $2.4 billion as at December 31, 2022. 

The mandate of the Trust is to accumulate a Canadian portfolio of high-quality real estate assets – then actively manage the portfolio to generate steady, dependable returns for Unitholders, through a stable and increasing cash flow. This offers the potential for long-term capital appreciation. 

The Trust owns a diversified real estate portfolio of 46 commercial properties consisting of approximately 8.2 million square feet of gross leasable area located in six provinces. The real estate portfolio primarily includes well-located, high-quality office properties in major urban centers, large enclosed full-scale regional shopping malls that are dominant in their respective markets, neighbourhood, and community shopping centers and a small group of industrial properties.


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Dear Fellow Unitholders,

In 2021, COVID-19 continued to be part of our daily conversation. Travel bans, closures of essential businesses, quarantine periods and social distancing impacted our economy and disrupted the way we lived; but as the year progressed, we began to see the light at the end of the tunnel. Our 2021 Morguard REIT annual report demonstrates that the real estate sector is bouncing back.

There was accelerated economic growth in Canada during the second half of the year driving national employment higher. And the various real estate classes showed positive signs. Overall occupancy rates in the office sector have remained steady over the last year and are approximately the same as they were pre-COVID. Demand in the industrial property sector exceeded supply, with multiple bid scenarios common, along with higher rents. And retail sector market fundamentals stabilized, with leasing activity picking up and sales revenues increasing.

There are many indications that the Trust is successfully recovering. People are coming back to our offices and shoppers are coming back to our malls with reopenings taking place across our country.

The Trust’s Net Asset Value stabilized in 2021, underlying the economic improvement that was taking place across the country. Fair value losses on real estate properties were $61 million versus $420 million in 2020. Same Asset Net Operating Income from our community strip centres rose by over 2% while enclosed centres in the West were generating sales that were almost back to pre-pandemic norms. Same Asset Net Operating Income for industrial properties increased a healthy 12.5%, with the figure for our office buildings stable except in Alberta where other economic factors are in play. And rent collections in all these sectors are essentially back to normal.

During the second year of the pandemic, we continued to respond quickly and effectively to protect the health and safety of our tenants, employees and visitors to our buildings. We used government-supplied tools such as the Canada Emergency Rent Subsidy (CERS) to support the financial health of our tenants during this challenging time.

Our FFO increased a solid 3% in 2021, principally from a recovery in retail and industrial assets. We are looking forward to growing our FFO and NOI over the next 12 months as our enclosed malls reopen and we begin to re-envision and enhance their merchandising mix and bring in more service retail. The Trust’s strip centres will also continue to have positive impact on our bottom line thanks to their high occupancy and stable growth.

Our diversity by asset class, geography and quality has truly worked in our favour, as has our commitment to creating long-term value for our portfolio. Over the last two years, the Trust has undertaken over $28 million in predevelopment and development activities, spreading the budget across 15 assets.

We have created pathways that better link some of our office buildings to transit and to the city core in both Ottawa and Calgary. We have remerchandised some of our retail centres to meet the needs of their surrounding communities by reconfiguring large vacancies left by stores like Target and Sears. And, we have started repositioning some of our finest commercial office assets such as Rice Howard Place (formerly Scotia Place) in Edmonton, Alberta and Place Innovation in Saint-Laurent, Quebec, to increase rental rates and occupancy. In addition, I am pleased to report that there are significant opportunities for intensification on some of our existing assets, including Burquitlam Place in Coquitlam, B.C.

Financially, we are primed for success moving forward. Our real estate portfolio of 27 office and industrial properties and 19 retail assets in six Canadian provinces is worth $2.5 billion. Funds From Operations (FFO) per unit this year was $1.07 per share versus $1.08 a year ago.

We are in a healthy liquidity position and are capable of financing future endeavours. Our liquidity is $184.8 million versus $141.9 million a year ago and we have an unencumbered pool of $314.6 million. We completed a $150 million public offering of convertible debentures which successfully transacted at $159 million. We sold a community strip centre in London, Ontario. And in addition to our monthly $0.02 unit/distribution, Morguard REIT declared a special distribution of $0.115 per unit in response to the capital gains from the community strip centre sale.

Looking forward, I see the solid long-term potential of the Trust. We are poised to create value for our portfolio by reimagining our current assets and by seizing any new opportunities that may become available in the future.

Thank you to our unitholders, employees and partners. I truly appreciate your confidence in Morguard REIT, and I look forward to having you with us in the years ahead.

K. Rai Sahi 
Chairman, President and Chief Executive Officer

Morguard Real Estate Investment Trust is a closed-end trust listed on the Toronto Stock Exchange (TSX) under the symbol MRT.UN. The Trust owns a diversified real estate portfolio of 46 commercial properties located in six provinces across Canada. The real estate portfolio primarily includes well-located, high-quality office properties in major urban centres, dominant regional enclosed shopping centres, neighbourhood, and community shopping centres and a small group of industrial properties.

Real Estate Properties
Office and Industrial Properties
Retail Properties
Total Properties
Gross Leasable Area (SF)
Portfolio Occupancy

  * Excludes components of properties not available for occupancy due to redevelopment and remerchandising


2022 Q4 Q3 Q2 Q1 FS Only
2021 Q4  Q3  Q2  Q1 FS Only
2020  Q4 Q3  Q2 Q1 FS Only
2019 Q4 Q3 Q2 Q1 FS Only

Andrew Tamlin
Chief Financial Officer
Morguard REIT
55 City Centre Drive, Suite 1000
Mississauga, ON L5B 1M3
T 905-281-4800
Transfer Agent
Computershare Trust Company of Canada
100 University Avenue, 9th Floor
Toronto, Ontario, M5J 2Y1
T 416-263-9200
F 416-981-9800

Shareholders Services
T 1-800-564-6253


K. Rai Sahi
President and Chief Executive Officer
Morguard Real Estate Investment Trust

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

Andrew Tamlin

Chief Financial Officer
Morguard Real Estate Investment Trust

Mr. Tamlin joins the Trust having worked in progressively senior financial positions at ClubLink Corporation, and subsequently TWC Enterprises Limited (TSX: TWC) for nearly 20 years. He was appointed CFO in 2015, including overseeing the finance and reporting functions of the company. A graduate of Wilfrid Laurier University in Business Administration and Management, Mr. Tamlin also holds a Chartered Professional Accountant (CPA, CA) designation. Mr. Tamlin will continue in his current role of CFO at TWC Enterprises Limited.

Beverley G. Flynn
Senior Vice President, General Counsel and Secretary
Morguard Real Estate Investment Trust

Beverley G. Flynn is Senior Vice President, General Counsel and Secretary of Morguard. She joined Morguard in July 2003 and has taken on roles of increasing responsibility and scope throughout her tenure. Ms. Flynn has over 15 years of experience in business and legal matters relating to public markets, real estate, finance, operations, risk, sustainability and corporate and securities law. Prior to joining Morguard, Ms. Flynn was an associate with McMillan LLP. Ms. Flynn is member of the Law Society of Upper Canada and a graduate of Osgoode Hall Law School and Memorial University of Newfoundland. Ms. Flynn is also a recipient of the Osgoode Hall Law School Alumni Gold Key Award, the Global Counsel Award (General Commercial) from the International Law Office and the Association of Corporate Counsel and was named to the GC Power List: Canada Teams by The Legal 500.

Paul Miatello
Senior Vice President
Morguard Real Estate Investment Trust

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).

Angela Sahi
Executive Vice President, Residential, Office and Industrial

Ms. Sahi is Executive Vice President, Residential, Office and Industrial at Morguard. She began working for Morguard in 1995, while still under the name Acktion Corporation. Ms. Sahi holds a variety of roles and responsibilities at Morguard, including board member of Morguard Corporation and TWC Enterprises Limited. Ms. Sahi has oversight of the management and operation of Morguard’s Canadian multi-suite residential portfolio as well as the office and industrial portfolios. She also manages the research and valuations groups. Prior to working with Morguard, Ms. Sahi’s experience includes consulting with both Ernst & Young LLP’s Real Estate Advisory Group and Business Risk Services Group in New York City. She also worked in 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 also completed a post-graduate degree in accounting from Wilfrid Laurier University and holds a Certified Public Accountant designation. 

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