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Morguard REIT Q3-2017 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 48 properties (54, Dec-31-2014) totalling 8.6M sq. ft. valued in total at $2.9B ($3.8B as of Dec-31-2014.) By leasable area 41% of properties is located in Ontario, Alberta -24%, BC at 13% with the balance located Saskatchewan, Manitoba, and Quebec. The retail properties constitute 56% of leasable area, office properties 38% and 6% from industrial properties. The retail properties are weighted to Ontario and the office properties to Alberta. There are no 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.

Morguard Corporation owns approximately 51% (52.5% -Dec-31-2016) of Morguard REIT. Morguard Corp. is 52.2% owned by a single board member. Morguard Corp. is paid 3.3% of gross revenue fees for property management services, capital expenditure administration, information system support activities and risk management administration. Under a leasing services arrangement, the Trust may, at its option, use MRC for leasing services. Leasing fees range from 2% to 6% of the total minimum rent of new leases. Fees for the renewal of a lease are one-half of the fees for a new lease. The Trust has employed the services of MCR for the acquisition of properties on a case-by-case basis.

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