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Morguard REIT- Q1-2021 Earnings, Price Target Update

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Morguard REIT(MRT.UN, MRT.DB) owns a portfolio of 47 retail, office and industrial properties consisting of 8.3M sq. ft. located in Ontario(42%), Alberta (24%) British Columbia (14%), Quebec(6%) with the balance in Saskatchewan and Manitoba. Retail properties contribute 50% of net operating income, office at 45% and industrial -5%. There are two 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 are 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 four industrial properties located in Ontario.

Morguard Corporation (MRC-TSX) owns 60% as of Mar-31-2021. 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%(Mar-31-2020)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.


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