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Morguard REIT - Q2-2017 Earnings & Price Target Update

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Morguard REIT (MRT.UN) owns a portfolio of retail shopping centres, offices buildings and industrial properties comprising 49 properties(54, Dec-31-2014) totalling 8.8M sq. ft. valued in total at $3B ($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 constitute 55% of leasable area, office properties 39% and 6% from industrial properties. The retail properties are weighted to Ontario and the office properties to Alberta. There 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. 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 and multi-tenant properties. The interests in five industrial properties are located in Ontario and Quebec.

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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