DIVERSE
BALANCED
PERFORMANCE
2023
ANNUAL REPORT
MORGUARD
REIT
The selected annual financial information in the 2023 Annual Report highlights certain key metrics for the Trust. As a result, this report should be
read in conjunction with the Trust’s Consolidated Financial Statements for the year ended December 31, 2023, related Management’s Discussion
and Analysis (“MD&A”) and the Annual Information Form (“AIF”). These documents are available on the Trust’s website at www.morguard.com. All
continuous disclosure documents required by securities regulators are also filed on the System for Electronic Document Analysis and Retrieval
(“SEDAR+”) and can be accessed electronically at www.sedarplus.ca.
SPECIFIED FINANCIAL MEASURES
The Trust reports its financial results in accordance with IFRS. However, this MD&A also uses specified financial measures that are not defined by
IFRS, which follow the disclosure requirements established by National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.
Specified financial measures are categorized as non-GAAP financial measures, non-GAAP ratios, and other financial measures, which are capital
management measures, supplementary financial measures, and total of segments measures.
NON-GAAP FINANCIAL MEASURES
Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures
presented by other reporting issuers in similar or different industries. These measures should be considered as supplemental in nature and not as
substitutes for related financial information prepared in accordance with IFRS. The Trust’s management uses these measures to aid in assessing the
Trust’s underlying core performance and provides these additional measures so that investors may do the same. Management believes that the
non-GAAP financial measures described below, which supplement the IFRS measures, provide readers with a more comprehensive understanding
of management’s perspective on the Trust’s operating results and performance. The following discussion describes the non-GAAP financial
measures the Trust uses in evaluating its operating results:
FUNDS FROM OPERATIONS (“FFO”)
FFO is a non-GAAP measure widely used as a real estate industry standard that supplements net income and evaluates operating performance
but is not indicative of funds available to meet the Trust’s cash requirements. FFO can assist with comparisons of the operating performance
of the Trust’s real estate between periods and relative to other real estate entities. FFO is computed by the Trust in accordance with the current
definition of the Real Property Association of Canada (“REALPAC”) and is defined as net income adjusted for fair value changes on real estate
properties and gains/(losses) on the sale of real estate properties. The Trust considers FFO to be a useful measure for reviewing its comparative
operating and financial performance. A reconciliation of net income to FFO is presented under Part III, “Funds from Operations and Adjusted
Funds from Operations”.
ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)
AFFO is a non-GAAP measure that was developed to be a recurring economic earnings measure for real estate entities. The Trust presents AFFO
in accordance with the current definition of the REALPAC. The Trust defines AFFO as FFO adjusted for straight-line rent and productive capacity
maintenance expenditures (“PCME”). AFFO should not be interpreted as an indicator of cash generated from operating activities as it does not
consider changes in working capital. A reconciliation of FFO to AFFO is presented under Part III, “Funds from Operations and Adjusted Funds
from Operations”.
NON-GAAP RATIOS
Non-GAAP ratios do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented
by other reporting issuers in similar or different industries. These measures should be considered as supplemental in nature and not as
substitutes for related financial information prepared in accordance with IFRS. The Trust’s management uses these measures to aid in assessing
the Trust’s underlying core performance and provides these additional measures so that investors may do the same. Management believes that
the non-GAAP ratios described below provide readers with a more comprehensive understanding of management’s perspective on the Trust’s
operating results and performance.
The following discussion describes the non-GAAP ratios the Trust uses in evaluating its operating results:
FFO/AFFO/ACFO PAYOUT RATIO
The Trust calculates its payout ratios by dividing the distributions per common unit by FFO/AFFO/ACFO per unit over the same period.
Management uses these payout ratios to measure the Trust’s ability to pay distributions.
Cover image: Pine Centre Mall
Prince George, British Columbia
TABLE OF CONTENTS
MORGUARD REIT
INTRODUCTION
01
ANNUAL REPORT
2023
Letter from the Chairman & CEO
The Steadfast Path
Corporate Overview
Retail Resilience
Reimagining Opportunity
Standing Fortified
Steady Financial Performance
Enhancing with Technology
Pursuing Sustainable Results
2023 Financial Highlights
2023 Real Estate Portfolio
02
04
05
06
08
10
13
14
15
16
21
TABLE OF
CONTENTS
“WE ARE NAVIGATING THE PRESENT AND
SHAPING THE FUTURE OF OUR
DIVERSIFIED REAL ESTATE PORTFOLIO.”
DIVERSE
BALANCED
PERFORMANCE
LETTER FROM THE CHAIRMAN & CEO
MORGUARD REIT
02
ANNUAL REPORT
2023
Dear Valued Unitholders,
Morguard REIT continues to adapt and innovate in the ever-evolving, and sometimes
challenging, landscape of commercial real estate investment. Our steadfast
commitment is to enhance our portfolio through strategic renovation of our office
properties and remerchandising of our enclosed shopping centres.
These efforts are about maintaining our assets, increasing their value, and attracting
high-quality tenants. In 2023, the Trust remained committed to maximizing the potential
of our portfolio for stakeholders. Enclosed regional shopping centres and community
strip centres collectively demonstrated solid and positive performance. In the office
sector, strategic capital improvements created value.
Moreover, we are pleased to report incremental increases in Revenue and Net
Operating Income (NOI). These gains are a direct result of our proactive approach
to leasing, tenant engagement and property investment. Additionally, this year we
maintained a steady occupancy rate, demonstrating our effective asset management.
Our focus remains on prudent capital management, ensuring we sustain the strength of
our current holdings while thoughtfully exploring future opportunities.
Thank you for your continued support and trust in Morguard REIT. We are navigating
the present and shaping the future of our diversified real estate portfolio.
Sincerely,
K. Rai Sahi, Chairman and Chief Executive Officer
INTRODUCTION
03
ANNUAL REPORT
2023
THE
STEADFAST
PATH
REAL ESTATE PORTFOLIO
ACROSS CANADA
8.2M
46
SQUARE FEET OF GROSS
LEASABLE SPACE
PROPERTIES
6
PROVINCES
THE STEADFAST PATH
MORGUARD REIT
04
ANNUAL REPORT
2023
The Trust’s investment strategy is crafted to meet market
demands and opportunities. This balance of income for
retail (52%) and office (46%), highlights our commitment
to diversifying our portfolio and optimizing investment
opportunities.
The Trust’s 8.2 million square feet of gross leasable area
(GLA), is strategically distributed across the provinces
of British Columbia, Alberta, Saskatchewan, Manitoba,
Ontario, and Quebec.
Morguard REIT owns 46 properties consisting of retail, office, and industrial assets. A key driver of our success is our
commitment to operational excellence. We strive to maintain strong occupancy rates and rental rates that exceed
local market averages. This year, the Trust experienced a modestly positive impact, with Net Operating Income (NOI)
growth of 3.1%.
In the retail sector, the Trust’s portfolio comprises high-traffic major regional enclosed shopping centres and
community strip centres, that typically house grocers, national retailers, banks, pharmacies, and highly popular
restaurants, all playing a crucial role in providing stability and catering to community needs.
The Trust’s office properties include a diverse mix of single and multi-tenant buildings, with varied high-profile tenants
throughout Canada ranging from banks to government. The industrial sector presents unique opportunities for rental
growth.
By diversifying across different sectors and geographic locations, we capitalize on the strength and growth potential
of each market segment and ensure sustained performance in the face of economic changes. This strategic
composition is central to our commitment to deliver long-term value to our Unitholders and maintaining our position
as a leader in the Canadian real estate market.
Retail 52%
Industrial 2%
Office 46%
NOI
BY ASSET CLASS
Retail 4.5M SF
Industrial 0.3M SF
Office 3.4M SF
8.2M
SQUARE FEET
CORPORATE OVERVIEW
05
ANNUAL REPORT
2023
GROSS LEASABLE AREA
BY ASSET CLASS
RETAIL
RESILIENCE
The Trust’s retail properties offer a diversified retail
mix, reducing reliance on a single retail category.
Throughout 2023, the Trust reported positive trends
with organic growth in its enclosed shopping
centres and is actively pursuing targeted initiatives
to sustain this momentum into next year. By the
end of 2023, occupancy rates grew to 93.7% for
enclosed shopping centres and community strip
centres remained stable at 96.9%.
Leasing in enclosed shopping centres has shown an
upward trend, complemented by an increase in
in-store sales and an increase in foot traffic
compared to the previous year. These factors,
coupled with strong leasing and new top-tier
tenants, has resulted in retail NOI achieving a
significant rise of almost 8% from 2022, reaching
$66.8 million at December 31, 2023.
93.7%
96.9%
OCCUPANCY RATE FOR
ENCLOSED REGIONAL CENTRES
OCCUPANCY RATE FOR
COMMUNITY STRIP CENTRES
RETAIL RESILIENCE
MORGUARD REIT
06
ANNUAL REPORT
2023
# OF
TOP TENANTS
LOCATIONS
CANADIAN CHARTERED BANKS
15
CANADIAN TIRE CORPORATION
7
LOBLAW COMPANIES
8
GOODLIFE FITNESS
5
SOBEYS INC.
3
DOLLARAMA
11
CINEPLEX ODEON
3
TJX (WINNERS AND MARSHALLS)
4
WALMART
2
ARDENE
7
In 2023, Morguard REIT expanded its retail offerings to include the following new tenants:
07
ANNUAL REPORT
2023
RETAIL PORTFOLIO
PINE CENTRE MALL
The Trust’s significant re-investment of merchandising
capital in Pine Centre Mall, in Prince George, British
Columbia, amounting to $39.0M since 2019, has
produced exceptional sales productivity growth for
tenants and significant lease transactions for large format
and inline retail, reinforcing its dominant status for the
primary trade area and region as a whole.
Cambridge Centre
Pine Centre
Parkland Mall
Prairie Mall
St. Laurent
The Centre
Woodbridge Square
Cambridge, Ontario
Prince George, British
Columbia
Red Deer, Alberta
Grande Prairie, Alberta
Ottawa, Ontario
Saskatoon, Saskatchewan
Vaughan, Ontario
Sephora, Specsavers, Taste of the Mediterranean,
Miniso, Structube (2024), K1 Speed (2024), Browns
Socialhouse (2024)
Beauty 21 Brow Studio, Freshslice, Pandora, Specsavers,
Sephora, Lululemon, Winners/HomeSense, Save-On-
Foods, Smili Dental (opening June 2024)
SCM Insurance
Pandora, Specsavers
Aeropostale, Amaya Express, Fuwa Fuwa, INS Market, Lush
Fresh Cosmetics, RioAcai, Shawarma Palace, Specsavers
Telus, La Vie en Rose, Mak Mak Fried Factory
Per Lui, Specsavers
The property at 500 Coventry, Ottawa, Ontario,
is nearly 8.5 acres of vacant land, and represents
an immediate development opportunity near
existing amenities and transit. The conceptual
master plan for the 8.5 acres includes 8 residential
high-rise towers, varying in heights from 17 to 30
storeys along with both public and private parks
and amenity spaces. Morguard is advancing an
application for site plan approval for an initial
phase of development with one tower.
Phase 1 site plan approval is targeted for
mid-2025. This project aligns
seamlessly with Ottawa’s new Official
Plan, which advocates for increased
density and housing in proximity to
the LRT Stations.
REIMAGINING OPPORTUNITY
MORGUARD REIT
08
ANNUAL REPORT
2023
The Trust is dedicated to a progressive investment
approach, aiming to enhance its portfolio
through rezoning and intensification, ultimately
adding value to the portfolio. Currently, the Trust
has identified two properties that are poised
for this intensification effort, underscoring our
commitment to sustainable and strategic growth.
REIMAGINING
OPPORTUNITY
ST. LAURENT CENTRE &
SURROUNDING LANDS
Artist’s Rendering
PG 05
ANNUAL REPORT
2023
Burquitlam Plaza, in Coquitlam, British Columbia, will be redeveloped into a mixed-use, residential community
featuring convenience retail, offices and commercial space, restaurants, cafes, public amenity space and services.
This redevelopment will be the connection for the surrounding area to transit and the Bettie Allard YMCA community
centre, through a proposed road network that allows for safe, multi-modal transportation. The plan includes building
4-6 towers between 28 to 53 storeys, including up to 2,175 residential units, and about 85,000 square feet of
commercial space.
DEVELOPMENT
09
ANNUAL REPORT
2023
BURQUITLAM PLAZA
Artist’s Rendering
10
STANDING
FORTIFIED
Morguard REIT’s office
portfolio, featuring a blend
of single and multi-tenant
properties across Ontario,
British Columbia, Alberta,
and Quebec, demonstrates
strategic geographical
diversification and regional
market strength. A key
highlight of the portfolio is
the substantial occupancy
by federal and provincial
government tenants,
occupying approximately
24% of all office GLA.
The Trust’s focus on blending
quality amenities with prime
locations enhances
the daily experiences of our
tenants and positions us
strongly for future growth and
adaptability in the evolving
office sector.
ANNUAL REPORT
2023
STANDING FORTIFIED
MORGUARD REIT
301 Laurier Avenue
Ottawa, Ontario
85.3%
OFFICE OCCUPANCY
84.4%
INDUSTRIAL OCCUPANCY
In 2023, Morguard REIT focused significantly on enhancing Rice Howard Place in Edmonton, Alberta, a key project in
the portfolio’s revitalization efforts.
The Class A twin tower office complex is undergoing a comprehensive interior renovation, set for completion in
spring 2024. This renovation encompasses a full redesign of the main floor, common areas, and food hall, and
introduces new amenities such as a fitness centre, staff lounge, and conference centre, along with an updated
exterior podium façade. These investments are designed to attract and retain a wide range of tenants, reinforcing the
stability and attractiveness of the property in the dynamic real estate market, and contributing to Morguard REIT’s
portfolio strength.
OFFICE PORTFOLIO
11
ANNUAL REPORT
2023
RICE HOWARD PLACE
Artist’s Renderings
STEADY
FINANCIAL
PERFORMANCE
Morguard REIT’s
revenue increased to
$255.1 million, from
$242.6 million in 2022,
indicating steady
financial performance.
In 2023, NOI saw an
increase from $122.2
million in 2022, to
$126.0 million, a 3.1%
change year-over-year.
Funds from operations
(FFO) per unit, basic
was down slightly
compared to 2022.
12
ANNUAL REPORT
2023
STEADY FINANCIAL PERFORMANCE
MORGUARD REIT
Heritage Place
Ottawa, Ontario
The Trust’s healthy liquidity position is consistent with the objective to maintain
appropriate levels of leverage of its real estate assets and to stagger its debt
maturity profile.
This ensures that capital resources are available to meet obligations, approved capital
expenditures, acquisitions, and investment activities. The Trust typically refinances
maturing debt or finances unencumbered properties and may raise new equity or
recycle equity through property dispositions for these purposes.
Throughout 2023, the Trust yielded consistent dividends of $0.02 per unit each month.
13
ANNUAL REPORT
2023
FINANCIAL RESULTS
$126.0
$60.9
NET OPERATING
INCOME
In Millions of Dollars
FUNDS FROM
OPERATIONS
In Millions of Dollars
19
19
19
$253.8
$273.1
$255.1
TOTAL
REVENUE
In Millions of Dollars
20
20
20
21
21
21
22
22
22
23
23
23
$241.4
$242.6
$123.8
$66.9
$150.0
$90.9
$122.1
$68.9
$122.2
$66.8
$231.4 UNENCUMBERED
ASSETS
$93.8 UNUSED CREDIT
FACILITIES
$7.3 CASH
LIQUIDITY AND
UNENCUMBERED ASSETS
In Millions of Dollars
The Trust ensures tenants and their customers are
supported through technology, ultimately delivering
value back to our Unitholders.
In the Trust’s enclosed shopping centres, Morguard
Connect revolutionizes shopping centre management by
facilitating streamlined, efficient processes and improved
services for tenants and shoppers. The Shop List App
introduced in some of our large, enclosed shopping
centres has been instrumental in enhancing the shopping
experience by allowing customers to conveniently
explore a variety of products from our retailers in a single
search. Google Indoor Live View, implemented in five of
the Trust’s shopping centres, provides intuitive navigation
within these spaces.
ENHANCING
WITH
TECHNOLOGY
14
ANNUAL REPORT
2023
St. Laurent
Ottawa, Ontario
ENHANCING WITH TECHNOLOGY
MORGUARD REIT
PURSUING
SUSTAINABLE
RESULTS
The Trust’s participation in Sustainable Morguard strengthens its efforts in energy
efficiency, waste management, water conservation, and climate resilience. The holistic
approach extends beyond financial performance, embracing environmental, social
and governance responsibility initiatives that contribute to community well-being and
environmental sustainability.
The Trust actively champions energy efficiency. Investment in LED lighting, energy-
efficient HVAC systems and smart building technologies not only reduce energy
consumption, but also garner BOMA and LEED certifications, underscoring the Trust’s
commitment to ESG with a variety of sustainable measures.
Morguard REIT continues to model ethical conduct and compliance. As part of
Sustainable Morguard, employees receive regular training, reinforcing a culture of
high integrity and compliance, essential for stakeholder trust.
15
ANNUAL REPORT
2023
OPERATIONAL HIGHLIGHTS
2023
FINANCIAL
HIGHLIGHTS
Morguard REIT balances capitalizing on strong economic potential in diverse regions
with utilizing upgrades to improve our varied asset portfolio. At the core of our strategy
is the practice of prudent capital management. Simultaneously, we are carefully
considering and navigating opportunities that look toward the future.
2023 FINANCIAL HIGHLIGHTS
MORGUARD REIT
16
ANNUAL REPORT
2023
FINANCIAL HIGHLIGHTS
PG 05
ANNUAL REPORT
2023
17
ANNUAL REPORT
2023
IN THOUSANDS OF CANADIAN DOLL ARS
AS AT DECEMBER 31
2023
2022
ASSETS
Non-current assets
Real estate properties
$2,254,642
$2,337,805
Right-of-use asset
—
76
Equity-accounted investment
7,755
11,658
2,262,397
2,349,539
Current assets
Amounts receivable
9,341
15,736
Prepaid expenses and other
1,226
1,200
Cash
7,278
9,712
17,845
26,648
Total assets
$2,280,242
$2,376,187
LIABILITIES AND UNITHOLDERS’ EQUIT Y
Non-current liabilities
Mortgages payable
$680,787
$739,503
Convertible debentures
151,898
149,835
Lease liabilities
16,295
16,384
Accounts payable and accrued liabilities
5,981
5,392
854,961
911,114
Current Liabilities
Mortgages payables
334,199
311,999
Lease liabilities
88
167
Accounts payable and accrued liabilities
51,072
46,457
Bank indebtedness
78,737
55,622
464,096
414,245
Total Liabilities
1,319,057
1,325,359
Unitholders’ equity
961,185
1,050,828
$2,280,242
$2,376,187
BALANCE SHEETS
18
ANNUAL REPORT
2023
2023 FINANCIAL HIGHLIGHTS
MORGUARD REIT
IN THOUSANDS OF CANADIAN DOLL ARS, EXCEPT PER UNIT AMOUNTS
FOR THE YE AR ENDED DECEMBER 31
2023
2022
Revenue from real estate properties
$255,076
$242,629
Property operating costs
Property operating expenses
(72,066)
(68,801)
Property taxes
(48,296)
(43,299)
Property management fees
(8,741)
(8,330)
Net operating income
125,973
122,199
Interest expense
(62,845)
(53,523)
General and administrative
(3,843)
(3,741)
Amortization expense
(76)
(83)
Other income
11
1,050
Fair value losses on real estate properties
(131,765)
(148,977)
Net loss from equity-accounted investment
(1,900)
(3,022)
Net loss and comprehensive loss
($74,445)
($86,097)
NET LOSS PER UNIT
Basic
($1.16)
($1.34)
Diluted
($1.16)
($1.34)
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
PG 05
ANNUAL REPORT
2023
19
ANNUAL REPORT
2023
FINANCIAL HIGHLIGHTS
IN THOUSANDS OF CANADIAN DOLL ARS, EXCEPT NUMBER OF UNITS
EQUITY
COMPONENT
OF
TOTAL
NUMBER OF
ISSUE OF
RETAINED
CONVERTIBLE
CONTRIBUTED
UNITHOLDERS’
UNITS
UNITS
EARNINGS
DEBENTURES
SURPLUS
EQUITY
Unitholders’ equity, January 1, 2022
64,161,097
$635,531
$503,120
$6,879
$6,458
$1,151,988
Net loss
—
—
(86,097)
—
—
(86,097)
Distribution to unitholders
—
—
(15,063)
—
—
(15,063)
Issue of units – DRIP1
65,757
343
(343)
—
—
—
Unitholders’ equity, December 31, 2022
64,226,854
635,874
401,617
6,879
6,458
1,050,828
Net loss
—
—
(74,445)
—
—
(74,445)
Distributions to unitholders
—
—
(15,198)
—
—
(15,198)
Issue of units – DRIP1
41,047
222
(222)
—
—
—
Unitholders’ equity, December 31, 2023
64,267,901
$636,096
$311,752
$6,879
$6,458
$961,185
1. Distribution Reinvestment Plan (“DRIP”).
STATEMENTS OF UNITHOLDERS’ EQUITY
20
ANNUAL REPORT
2023
2023 FINANCIAL HIGHLIGHTS
MORGUARD REIT
IN THOUSANDS OF CANADIAN DOLL ARS
FOR THE YE AR ENDED DECEMBER 31
2023
2022
OPERATING ACTIVITIES
Net loss
($74,445)
($86,097)
Add items not affecting cash
138,125
156,158
Distributions from equity-accounted investment, net
2,003
3,898
Additions to tenant incentives and leasing commissions
(10,937)
(4,355)
Net change in non-cash operating assets and liabilities
11,573
4,364
Cash provided by operating activities
66,319
73,968
FINANCING ACTIVITIES
Proceeds from new mortgages
286,534
132,685
Financing costs on new mortgages
(1,497)
(369)
Repayment of mortgages
Repayments on maturity
(289,156)
(171,577)
Principal instalment repayments
(33,345)
(35,751)
Payment of lease liabilities, net
(168)
(167)
Proceeds from bank indebtedness, net
23,115
48,096
Distributions to unitholders
(15,198)
(16,025)
Cash used in financing activities
(29,715)
(43,108)
INVESTING ACTIVITIES
Capital expenditures on real estate properties
(25,176)
(17,853)
Expenditures on properties under development
(13,862)
(14,565)
Cash used in investing activities
(39,038)
(32,418)
Net change in cash
(2,434)
(1,558)
Cash, beginning of period
9,712
11,270
Cash, end of period
$7,278
$9,712
STATEMENTS OF CASH FLOWS
PG 05
ANNUAL REPORT
2023
21
ANNUAL REPORT
2023
2023 REAL ESTATE PORTFOLIO
Morguard REIT owns a dynamic portfolio of 46 retail,
office and industrial properties across six Canadian
provinces. Our assets reflect the rich diversity of tenant
needs and preferences, tailored to various locations,
communities, and modern offerings. We are committed
to ensuring the longevity of our assets, ensuring financial
performance and the overall success of the Trust.
2023
REAL ESTATE
PORTFOLIO
22
ANNUAL REPORT
2023
2023 REAL ESTATE PORTFOLIO
MORGUARD REIT
RETAIL PROPERTIES
OWNERSHIP
TOTAL
OWNERSHIP
INTEREST
AREA
AREA
OCCUPANCY
PROPERTY
CITY
PROV
(%)
(SF)
(SF)
(%)
Burquitlam Plaza
Coquitlam
BC
100
68,500
68,500
83
Pine Centre Mall •
2
Prince George
BC
100
359,500
359,500
97
Shelbourne Plaza
Victoria
BC
100
57,000
57,000
94
Airdrie Co-op Centre
Airdrie
AB
100
70,000
70,000
96
2649 Main Street S
Airdrie
AB
100
44,000
44,000
100
Heritage Towne Centre
Calgary
AB
100
131,000
131,000
100
Prairie Mall•
3
Grande Prairie
AB
50
263,000
131,500
93
Parkland Mall•
3
Red Deer
AB
100
444,500
444,500
89
The Centre •
2
Saskatoon
SK
100
499,000
499,000
95
Shoppers Mall •
2
Brandon
MB
100
361,000
361,000
96
Charleswood Centre•
3
Winnipeg
MB
100
123,000
123,000
99
Southdale Centre•
3
Winnipeg
MB
100
175,500
175,500
92
Aurora Centre
Aurora
ON
100
304,000
304,000
99
Cambridge Centre•
1
Cambridge
ON
100
620,000
620,000
91
Market Square
Kanata
ON
100
68,000
68,000
94
Kingsbury Centre
Mississauga
ON
100
70,000
70,000
98
Hampton Park Plaza
Ottawa
ON
100
102,000
102,000
96
St. Laurent•
1
Ottawa
ON
100
797,000
797,000
96
Woodbridge Square
Vaughan
ON
50
112,000
56,000
95
Subtotal
4,669,000
4,481,500
94
CERTIFICATIONS
•
1 BOMA Platinum •
2 BOMA Gold •
3 BOMA Certified
PG 05
ANNUAL REPORT
2023
23
ANNUAL REPORT
2023
REAL ESTATE PORTFOLIO
OFFICE PROPERTIES
OWNERSHIP
TOTAL
OWNERSHIP
INTEREST
AREA
AREA
OCCUPANCY
PROPERTY
CITY
PROV
(%)
(SF)
(SF)
(%)
111 Dunsmuir •
4 •
9
Vancouver
BC
100
222,000
222,000
83
Chancery Place •
4
Vancouver
BC
100
142,500
142,500
99
Seymour Place
Victoria
BC
100
235,500
235,500
100
505 3rd Street SW •
5 •
9
Calgary
AB
50
142,000
71,000
65
7315 8th Street NE•
5 •
11
Calgary
AB
100
19,500
19,500
100
Centre 810•
5
Calgary
AB
100
77,500
77,500
93
Citadel West
Calgary
AB
100
78,500
78,500
100
Deerport Centre •
5
Calgary
AB
100
49,000
49,000
71
Duncan Building•
5
Calgary
AB
100
81,000
81,000
100
National Bank Building
Calgary
AB
100
43,500
43,500
100
207 and 215 9th •
4 •
7 •
9 •
10 •
11 Calgary
AB
100
634,000
634,000
98
Avenue SW
Petroleum Plaza •
2 •
3 •
8
Edmonton
AB
50
304,000
152,000
98
Rice Howard Place•
2 •
3 •
6
Edmonton
AB
20
610,000
122,000
40
301 Laurier Avenue
Ottawa
ON
50
26,000
13,000
39
525 Coventry
Ottawa
ON
100
42,500
42,500
100
Green Valley Office Park •
5
Ottawa
ON
100
123,000
123,000
60
Heritage Place•
4
Ottawa
ON
50
217,000
108,500
77
St. Laurent Business Centre •
5 Ottawa
ON
100
89,000
89,000
59
Standard Life•
5
Ottawa
ON
50
371,000
185,500
92
Time Square •
5
Ottawa
ON
100
112,000
112,000
39
200 Yorkland•
4 •
10
Toronto
ON
100
150,500
150,500
67
77 Bloor Street West •
1 •
3 •
10
Toronto
ON
50
396,000
198,000
83
Place Innovation•
4 •
5 •
10
Saint-Laurent
QC
50
896,000
448,000
94
Total Office
5,062,000
3,398,000
85
CERTIFICATIONS
•
1 LEED Gold •
2 LEED Silver •
3 BOMA Platinum •
4 BOMA Gold •
5 BOMA Silver •
6 WiredScore Platinum •
7 WiredScore Gold
•
8 Excellence in Building Environmental Standards •
9 Energy Star •
10 RHF Certified •
11 Fitwel
* Pending
24
ANNUAL REPORT
2023
2023 REAL ESTATE PORTFOLIO
MORGUARD REIT
INDUSTRIAL PROPERTIES
OWNERSHIP
TOTAL
OWNERSHIP
INTEREST
AREA
AREA
OCCUPANCY
PROPERTY
CITY
PROV
(%)
(SF)
(SF)
(%)
1875 Leslie
Toronto
ON
100
52,000
52,000
96
2041-2151 McCowan
Toronto
ON
100
197,500
197,500
91
279 Yorkland
Toronto
ON
100
18,000
18,000
100
285 Yorkland
Toronto
ON
100
25,000
25,000
–
Total Industrial
292,500
292,500
84
Total
10,023,500
8,172,000
90
PG 05
CORPORATE
INFORMATION
BOARD OF TRUSTEES
EXECUTIVE DIRECTORY
K. Rai Sahi
Chairman & Chief Executive Officer
Morguard Corporation
K. Rai Sahi
Chairman and
Chief Executive Officer
Paul Miatello
Senior Vice President
Tullio Capulli
Corporate Director
Donald W. Turple 1, 2
Corporate Director
Angela Sahi
Executive Vice President
Timothy J. Walker 1,2, 3
Corporate Director
Bart S. Munn 1, 2
Corporate Director
Andrew Tamlin
Chief Financial Officer
Timothy J. Murphy1, 3
Partner, McMillan LLP
Beverley Flynn
Senior Vice President
and General Counsel
1. Independent Trustee 2. Audit Committee
3. Human Resources and Governance Committee
Transfer Agent
Computershare Trust
Company 1-800-564-6253
www.computershare.com
Investor Relations
Visit our website at
www.morguard.com or
view our filings on SEDAR+
at www.sedarplus.ca.
INVESTOR INFORMATION
For additional information,
contact:
Andrew Tamlin
Chief Financial Officer
Beverley Flynn
Senior Vice President
and General Counsel
T 905-281-3800
info@morguard.com
MORGUARD REIT (TSX:MRT.UN)
Head Office
Morguard REIT
55 City Centre Drive, Suite 1000
Mississauga, ON L5B 1M3
T 905-281-3800
info@morguard.com
Eligibility
RRSP
RRIF
DPSP
RPP
TFSA
Listing
Toronto Stock Exchange
Symbol
MRT.UN
MRT.DB
Auditors
Ernst & Young LLP
Principal Bankers
Bank of Montreal
Toronto-Dominion Bank
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 $2.3 billion as at December 31, 2023.
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 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 centres, large enclosed full-scale regional
shopping malls that are dominant in their respective markets, neighbourhood and community shopping centres and a small group of
industrial properties.
Morguard
55 City Centre Drive, Suite 1000
Mississauga, ON L5B 1M3
905-281-3800
MORGUARD.COM