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Morguard REIT - Price Target Increase

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Morguard REIT (MRT.UN) owns a portfolio of retail shopping centres and offices comprising 49 properties(54, Dec-31-2014) totaling 8.7M sq. ft.(9.6M sq ft, Dec-31-2014) valued in total at $2.9B ($3.8B as of Dec-31-2014.) By leasable area 40% of properties is located in Ontario, Alberta -25%, BC at 13% with the balance located Saskatchewan, Manitoba, and Quebec. The retail properties contribute 55% of net operating income, office properties 39% and 6% from properties classified as other including industrial properties. For 2016, the retail and office portfolios accounted for 51% and 47% of NOI from income producing properties, respectively. The industrial portfolio accounts for only 2% of net operating income. Included the 49 properties are two properties held for development.

The retail portfolio includes two broad categories of income producing properties: enclosed full-scale, regional shopping centres that are dominant in their respective markets; and neighbourhood and community shopping centres that are primarily anchored by food retailers, discount department stores and banking institutions. Investing across these two broad categories of retail assets allows the Trust to spread its tenant base reducing its exposure to a single category retailer. The office portfolio is focused on well-located, high-quality properties in major Canadian urban centres. The portfolio is balanced between: single-tenant properties under long-term lease to government and large national tenants that work to secure the Trust's cash flow and multi-tenant properties with well distributed lease expiries that are expected to provide increased rental rates on lease renewal.

In Q4-2015 it was decided to redevelop the former Target space at Cambridge Centre, Cambridge, ON, The Centre, Saskatoon, SK, Shoppers Mall and Prairie Mall, Grande Prairie, AB, as well as the former Everest College space at St. Laurent, Ottawa, ON. In Q1-2016 it was decided to redevelop a former Safeway space at Shoppers Mall in Brandon along with space vacated by Target.

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