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Morguard REIT- Q2-2019 Earnings, Price Target Update

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Morguard REIT(MRT.UN, MRT.DB) owns a portfolio of 49 retail, office and industrial properties consisting of 8.7M sq. ft. located in Ontario(43%), Alberta(24%) British Columbia (14%), Quebec(9%) with the balance in Saskatchewan and Manitoba. Morguard owned 48 properties as of Jun-30-2018 valued at $3B. Retail properties contribute 51% of net operating income, office at 47% and industrial -2%. There are three properties held for development. The retail properties are comprised of enclosed full-scale, regional shopping centres that are dominant in their respective markets; and community strip centres that are primarily anchored by food retailers, discount department stores and banking institutions. The office properties is focused on major Canadian urban centres balanced between single-tenant properties under long-term lease to government and large national tenants, and multi-tenant that tend to have increased tenant turnover. The Industrial segment includes interests in five industrial properties located in Ontario and Quebec.

Morguard Corporation (MRC-TSX) owns 58.14% as of Jun-30-2019. Morguard is a real estate company that owns a diversified portfolio of multi-unit residential, retail, hotel, office and industrial properties in both Canada and the United States. 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 MRC for the acquisition of properties on a case-by-case basis.

The enclosed regional centre's portfolio totals 3.4M sq. ft. comprised of a100% interest in six regional centres(3.3M sq. ft.) and a 50% interest in one centre(0.1M sq. ft.) Included in the 3.4M sq. ft. is 0.4M sq. ft. of area either held for, or under development. Community strip centres portfolio(1.3M sq. ft.), is comprised of a 100% interest in 13 properties(1.2M sq. ft.), as well as a 50% interest in one additional property(0.1M sq. ft. Single and dual tenant office buildings comprise( 2.4M sq. ft.) comprised of 100% interest in nine properties(1.5M sq. ft. and a 50% interest in four properties(0.9M sq. ft.) The multi-tenant office building portfolio(1M sq. ft.) is comprised a 100% interest in six properties(0.6M sq. ft.) a 50% interest in three properties(0.3M sq. ft.) and a 20% interest in one property(0.1M sq. ft.) The industrial portfolio totals 0.5M sq. ft.

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