Morguard North American Residential REIT Announces CFO Transition

MISSISSAUGA, ON, Nov. 12, 2018 /CNW/ - The Board of Directors of the Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) today announced the appointment of Christopher A. Newman as Chief Financial Officer ("CFO") effective November 19, 2018.  

Mr. Newman has held the position of Director of Finance at Morguard Corporation (TSX: MRC) since 2015 and has previously worked in progressively senior financial positions at two publicly-traded residential real estate investment trusts. He brings eight years of corporate finance, treasury, financial planning and reporting experience to his new role as CFO.  A graduate of McMaster University with an Honours Bachelor of Commerce, Mr. Newman also holds a Chartered Professional Accountant (CPA, CA) designation.

Mr. Newman succeeds Robert D. Wright, who will transition out of the CFO post that he has held since November 2013 to become Vice President at the REIT.

"We are pleased to promote Mr. Newman within the Morguard group of companies through this planned CFO transition. He brings impressive operating and financial experience within multi-suite residential assets and will help drive our strategic vision for the future."  

Additionally, we would like to recognize the solid contributions of Mr. Wright who oversaw the exponential growth of the REIT since 2013 to its current portfolio value of $2.6 billion.  He will remain an active member of the REIT Management Team as Vice President," said K. Rai Sahi, Chairman and CEO of Morguard North American Residential REIT.

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. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland consisting of approximately 13,000 residential suites.  For more information, please visit Morguard.com.

SOURCE Morguard North American Residential Real Estate Investment Trust