MISSISSAUGA, Sept. 15, 2017 /CNW/ - The Morguard North
American Residential Real Estate Investment Trust (the "REIT")
(TSX: MRG.UN) and Morguard Corporation ("Morguard") (TSX: MRC)
reported today that the company'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 Corporation. "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
multi-suite residential properties in Florida and an additional three in
Georgia. Morguard Corporation owns
seven retail centres, one multi-suite 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 residents with access 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, who 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 the 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
The
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, located 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 Corporation
Morguard Corporation is a
major North American real estate company. It has extensive
retail, office, industrial, multi–suite residential, and hotel
holdings owned directly, or through its investment in Morguard REIT
(TSX: MRT.UN), Morguard North American Residential REIT (TSX:
MRG.UN) and Temple Hotels Inc. (TSX:TPH). 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.
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SOURCE Morguard Corporation