MISSISSAUGA, ON, March 31, 2020 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX:MRC), along with Morguard Real Estate Investment Trust (TSX:MRT.UN) and Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN), acknowledges that the worldwide health crisis has profoundly affected us all. While we are currently in an uncertain and volatile market period, Morguard's strategically diversified asset portfolio and healthy, conservative debt ratios and financial resources provide strength against economic and real estate cycles, allowing us to mitigate the impact COVID-19 has on our stakeholders.
At Morguard, we are putting every possible effort into how best to respond. Our first priority is the health and safety of our people, tenants, residents and guests. As the efforts to contain COVID-19 continue, the impact on the global economy has been swift. Morguard is taking definitive action. Our teams are connected and operating. Morguard's pre-established Crisis Management Team, consisting of senior management executives from each asset class and discipline, has been activated.
Property management is clearly at the forefront of addressing our tenant and resident concerns. With direct responsibility for tenant and resident relations and with accountability to the bulk of our employees, property management is driving our COVID-19 response activities, including adjusting to an altered service model and reviewing all non-critical services and projects. Communications have taken place with critical service providers to ensure continuation of services as well as to ensure compliance with Morguard's health and safety protocols. Asset management is working closely with property management.
Other teams are providing property management with support as we face new challenges. We are emphasizing more communication, internally and externally. We have increased our use of technology, and are communicating regularly with all tenants and stakeholders, as well as other industry experts and government representatives. These efforts have allowed our interdisciplinary network of real estate professionals to gain deeper insights into the economic consequences happening now, and the potential implications for the future.
Overall, our employees are well and are to be commended for their efforts. Although all our employees have been personally impacted by the global efforts to reduce the spread of COVID-19, they have used their ingenuity to maintain service quality and support Morguard's commitment to health and safety. To date most of our employees are working from home due to social distancing initiatives or childcare, or are working rotating shifts where they are essential to operations.
Despite the recent volatility, our core philosophy remains strong:
- Real estate is a defensive position during economic uncertainty.
- The strength of our diversified real estate portfolio provides greater stability during volatility. Historically, this diversification has helped make our financial performance more reliable over time, providing insulation from downturns.
- We will shift away from the risks and towards the opportunities as we move ahead.
Morguard has always been driven by our commitment to real estate for the long term. Our experience has proven that this persistence has driven greater value for our shareholders and unitholders year over year, and our diversified portfolio and conservative debt level position us well against any potential challenges. We will continue to carry on with this approach.
About Morguard Corporation
Morguard Corporation is a real estate company, with total assets owned and under management valued at $21.3 billion. Morguard owns a diversified portfolio of 207 multi-suite residential, retail, office, industrial and hotel properties comprised of 17,637 residential suites, approximately 17.2 million square feet of commercial leasable space and 5,903 hotel rooms. Morguard also currently owns a 58.5% interest in Morguard Real Estate Investment Trust and a 44.8% effective interest in Morguard North American Residential Real Estate Investment Trust. Morguard also provides advisory and management services to institutional and other investors.
About Morguard Real Estate Investment Trust
The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 48 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.5 million square feet of leaseable space.
About Morguard North American Residential REIT
The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland.
For more information, visit www.morguard.com
SOURCE Morguard Corporation
For further information: Morguard Corporation, Paul Miatello, Chief Financial Officer, T 905-281-3800; Beverley G. Flynn, Senior Vice President, T 905-281-3800