Morguard prop­er­ties in­cur no sig­nif­i­cant dam­age by Irma

Stockwatch Daily - - FINANCE - Mr. Rai Sahi re­ports

MORGUARD NORTH Amer­i­can Res­i­den­tial Real Estate In­vest ment Trust and Morguard Corp.’s portfolio in the south­east­ern United States did not sus­tain any sig­nif­i­cant dam­age as a re­sult of hur­ri­cane Irma.

“The safety and well-be­ing of our res­i­dents, ten­ants and em­ploy­ees is para­mount, so I am pleased to re­port that none of our prop­er­ties in the re­gion re­ceived any sub­stan­tial dam­age as a re­sult of the storm,” said K. Rai Sahi, chief ex­ec­u­tive of­fi­cer of Morguard Corp. “We con­tinue to sup­port the op­er­a­tions teams at our prop­er­ties as they pro­ceed with the cleanup process and as­sist our res­i­dents and ten­ants in the re­gion.”

The REIT’s portfolio in the af­fected re­gion com­prises six mul­ti­suite res­i­den­tial prop­er­ties in Florida and an ad­di­tional three in Ge­or­gia. Morguard Corp. owns seven re­tail cen­tres, one mul­ti­suite res­i­den­tial build­ing and one of­fice build­ing in Florida.

Pre­lim­i­nary assess­ments in­di­cate that none of the com­pany’s prop­er­ties sus­tained any struc­tural or sig­nif­i­cant dam­age or ex­pe­ri­enced any flood­ing as a re­sult of the storm. All build­ings have been re­opened to pro­vide res­i­dent s with ac cess to their homes and ten­ants with ac­cess to their busi­nesses. Cleanup crews have been de­ployed at all prop­er­ties to clear de­bris and per­form mi­nor re­pairs as nec­es­sary.

The lack of sig­nif­i­cant dam­age is due in part to the dili­gence of Morguard’s op­er­a­tions teams, which worked in ad­vance of the storm to take pre­ven­ta­tive mea­sures and se­cure po­ten­tial pro­jec­tiles. Morguard em­ploy­ees re­mained in com­mu­ni­ca­tion with res­i­dents and ten­ants be­fore, dur­ing and af­ter the storm, in­clud­ing es­tab­lish­ing an emer­gency hot­line to pro­vide in­for­ma­tion and sup­port.

Since the storm has passed, Morguard op­er­a­tions teams have been mak­ing steady progress as­sess­ing and clear­ing the prop­er­ties af­fected by Irma. The on-site teams have been joined by many of the prop­erty res­i­dents, who are com­ing to­gether as a com­mu­nity to help with the restora­tion of their homes.

“It has been re­mark­able to see the re­siliency of our staff and res­i­dents, and my thanks go to ev­ery­one in Florida and Ge­or­gia whose hard work has helped min­i­mize the im­pact of this storm,” said John Talano, vice-pres­i­dent of Morguard North Amer­i­can Res­i­den­tial REIT. “Our thoughts are with the larger com­mu­nity who have been neg­a­tively af­fected by this and other re­cent storms as we come to­gether to be­gin the re­cov­ery process.”

About Morguard North Amer­i­can Res­i­den­tial REIT

Morguard North Amer­i­can Res­i­den­tial REIT is an un­in­cor­po­rated, open-ended real estate in­vest­ment trust which owns, through a lim­ited part­ner­ship, in­ter­ests in a portfolio of 16 Cana­dian res­i­den­tial apart­ment com­mu­ni­ties lo-

cated in Al­berta and On­tario, and 30 U.S. low-rise and mid-rise, gar­den-style apart­ment com­mu­ni­ties lo­cated in Colorado, Texas, Louisiana, Illi­nois, Ge­or­gia, Florida, North Carolina, Vir­ginia and Mary­land con­sist­ing of ap­prox­i­mately 13,000 res­i­den­tial suites. About Morguard Corp. Morguard Corp. is a ma­jor North Amer­i­can real estate com­pany. It has ex­ten­sive re­tail, of­fice, industrial, mul­ti­suite res­i­den­tial and ho­tel hold­ings owned di­rectly, or through its in­vest­ment in Morguard REIT, Morguard North Amer­i­can Res­i­den­tial REIT and Tem­ple Ho­tels Inc. Morguard also pro­vides real estate man­age­ment ser­vices to in­sti­tu­tional and other in­vestors. Morguard’s owned and man­aged portfolio of as­sets is val­ued at $21.9-bil­lion.

Chris J Cahill, David A King, Ti­mothy John Mur­phy, Michael Stephen Robb, Bruce Keith Robertson, Kuldip Sahi, Leonard Peter Sharpe

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