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