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Morguard Real Estate Investment Trust (T:MRT.UN)

Business Focus: Retail REITs

Sector:  Financials Industry:  Commercial REITs
See Regulatory Filings on SEDAR
Company Contact
Address: 1000-55 City Centre Dr
Tel: N/A
IR: See website
Key People
K. Rai Sahi
Chairman of the Board, President, Chief Executive Officer
Andrew Tamlin
Chief Financial Officer
Beverley G. Flynn
Senior Vice President, General Counsel, Secretary
Paul Miatello
Senior Vice President
Angela Sahi
Senior Vice President
Robert D. Wright
Vice President
Business Overview
Morguard Real Estate Investment Trust (the Trust) is a Canada-based closed-end trust. The Trust's objective is to accumulate a Canadian portfolio of real estate assets and then manage the portfolio to generate steady, dependable returns to unitholders. It owns a real estate portfolio of approximately 50 commercial properties consisting of approximately nine million square feet of gross leasable area located in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The retail portfolio includes two categories of properties: enclosed full-scale, regional shopping centers that are dominant in their respective markets, and neighborhood and community shopping centers that are primarily anchored by food retailers, discount department stores and banking institutions. The Trust's office portfolio is focused on properties in Canadian urban centers. Its property portfolio comprises approximately 30 office and industrial properties, and over 20 retail properties.
Financial Overview
For the nine months ended 30 September 2019, Morguard Real Estate Inv. revenues decreased less than 1% to C$203.8M. Net income decreased 72% to C$18.5M. Revenues reflect Retail segment increase of 2% to C$110.1M, also reflect Office segment decrease of 3% to C$90.3M, FFO per Share (Basic) decrease of 5% to C$0.36, FFO per Share (Diluted) decrease of 1% to C$0.35.
Employees: 10 as of Dec 31, 2018
Reporting Currency: Canadian Dollars
Enterprise value: $2,051M as of Sep 30, 2019
Annual revenue (TTM): $275.75M as of Sep 30, 2019
EBITDA (TTM): $146.28M as of Sep 30, 2019
Net annual income (TTM): $25.46M as of Sep 30, 2019
Free cash flow (TTM): $30.29M as of Sep 30, 2019
Net Debt Last Fiscal Year: $1,332M as of Sep 30, 2019
Shares outstanding: 60,720,831 as of Oct 3, 2019
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization