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									                                               NEWS                                                         2005

      President's Message…                                            President's Message…

Welcome to the Spring edition of our Morguard
Newsletter! We’ve had an extremely active start to 2005,
with approximately $150 million in new acquisitions
either completed or under contract. The purchases
                                                                Morguard REIT (“MRT”) continues to keep busy
include a range of office, industrial, retail and residential
                                                                improving operating performance, re-positioning retail
projects located in Calgary, Edmonton, Winnipeg and
                                                                assets, selling non-core properties and looking for good
Montreal. During the quarter we also aggressively
                                                                buying opportunities.
pursued several “blockbuster” deals, including the $470
million Toronto industrial portfolio sold by Menkes
                                                                Tom McCulloch, with the able assistance of Tullio
Developments and the $2 billion O&Y office portfolio
                                                                Capulli, Tom Johnston and their teams, has done a great
that features First Canadian Place. In both of these cases
                                                                job of increasing occupancy levels throughout the office
Morguard worked with our domestic pension fund
                                                                and industrial portfolio and in disposing of our non-core
investors as well as with international investors to submit
                                                                assets in a timely and profitable manner.
competitive bids. In both cases, however, we were
outbid by other parties and withdrew from the
                                                                The retail leasing and re-positioning activity remains
competition when pricing shot beyond levels we could
                                                                high, with a lot of hard work being done by the MIL
in good conscience recommend to our investors.
                                                                retail leasing group (Glenn Featherstone & Co. take a
                                                                bow) as well as our development and construction team
During the quarter we also continued to refine and
                                                                of Mike Mehak, Martin McColl, Leah Shilling and Sherry
actively communicate to the marketplace our message of
who Morguard is and what we stand for. We held a
major event at the Art Gallery of Ontario in Toronto
                                                                In August, the renaissance of Charleswood Centre in
that was attended by 200 of the foremost individuals in
                                                                Winnipeg will be complete. In 2005 we will also see big
the Canadian real estate industry. It provided an
                                                                changes at Circle & Eighth (Saskatoon) and Shoppers
opportunity to confirm that Morguard is one of the
                                                                Mall (Brandon). I know that David Bubnick in
leading players in the industry, highlighting our proud
                                                                Saskatoon and Kim James in Brandon, as well as their
history of creating value for over 30 years and our
                                                                respective on-site teams, will do us all proud in this
commitment to innovation and excellence. We were able
                                                                transition year.
to demonstrate the company’s competitive strengths,
including the breadth and scope of our operations (now
nearly $6 billion in assets under management) and our
capacity for powerful thinking.

                                            NEWS                                                     2005

        Message Continued…

The message was well-received by the industry, who          As usual the accounting staff have been chasing
provided a great deal of positive feedback on the event.    reporting deadlines with an abundance of good humour
                                                            and professionalism. Each of Jim Curran, Abbas Syed,
This same message was also reinforced to our                Jennifer Hamilton, Rose Umakantha, Ginny Ellis, Mike
management team at the Management Conference held           Swinerd and Sharan Kaur (“Bingo!) do their best to
in Mexico over the first weekend of April. We discussed     make Tim Walker look good. We also very much
our strategic vision for the Morguard Group of              appreciate the endless help we get from the MIL
Companies and ways to improve the way we work               accounting staff, even though we may not appear to at
together – emphasizing a culture that is characterized by   times!
boldness, discipline, creativity and adept deal-making
skills. Our keynote speaker to close the Conference was     We’re looking forward to co-sponsoring again this year
Mike Lipkin, a noted author on leadership skills (please    the Morguard Golf Tournament (just don’t ask me to
see the article included in this edition). Hopefully the    play, please) and the Canadian Real REIT conference
energy and messages from the Conference have been           held in Toronto a little later on in the year.
brought home to each of you by the managers who were
in attendance.                                              Thanks again to all who contribute to our success. You
                                                            do make a difference!
I hope that you enjoy this edition of the Newsletter –
and in particular the opportunity to learn more about the   Bill
Morguard REIT through the article by Bill Kennedy.
Again, your comments and input on the Newsletter (and
on the Company in general) are always welcome. Thank
you for all your efforts on Morguard’s behalf so far in


                                           NEWS                                                               2005

       About Employees……
                                                              ELECTRONIC PAY STATEMENTS.

                                                              In a continuing effort to automate procedures in the
HR News & Policies                                            department we are introducing a web-based feature,
                                                              Statement Self Service.
SUMMER IS HERE! Well, almost here… kick start
the season, Morguard is pleased to announce that the          Some locations have already been registered for this
Summer Hours program will be offered once again this          service. Others will follow shortly – stay tuned!
                                                              Statement Self Service offers an efficient, secure, and
The summer hours program was designed to provide
                                                              cost-effective alternative to the manual handling and
employees with the benefit of extended weekend activities
                                                              delivery of pay statements. This new feature allows you to
during the summer months. In order to achieve this, the
                                                              view and print your pay statements over the Internet. You
normal daily working hours have been extended, which
                                                              can be confident that your data is secure since multi-level
provides for a shorter workday on Fridays.
                                                              security measures are incorporated, including the
The summer hours program will take effect the week of the     encryption of data.
Victoria Day weekend in May, and will remain in effect
until the Labour Day weekend in September.                    The benefit of this service is that on line pay statements are
                                                              always available. You can view and print your current
Employees participating in the extended hours program         statement and any of your historical pay statements. No
will be required to work an additional 1/2 hour per day       more misplaced pay statements!
from Monday to Thursday, allowing for a shorter workday
on Fridays.

    For example…
                           Normal Hours Extended
    Monday – Thursday      8:30 – 4:30      8:30 – 5:00
    Friday – work till                      8:30 – 1:30

    Monday – Thursday      9:00 – 5:00      9:00 – 5:30
    Friday – work till                      9:00 – 2:00

Regional Offices will be responsible for monitoring their
own program.
It will be the responsibility of the Department Manager to
ensure that proper coverage is provided in all departments.
Reception coverage at Head Office will be maintained
from 8:30 to 5:00 p.m. Monday to Friday.

                                            NEWS                                                      2005

      About Employees……

Morguard Welcomes aboard……
All the summer students, across the country!!!
Morguard Investments…..
Alisa Clunis, Internal Audit, HO
Karen Feeley, Sr Internal Auditor, HO
David Friske, Maintenance, Lawson Heights
Paul Hunter, Building Superintendent, Coquitlam Centre    Bob McDougall, Operations Department, Sevenoaks
John MacKinlay, Maintenance, Victoria Shopping Centre     Shopping Centre couldn’t be a prouder dad!!! His
Robert McFarlane, VP Internal Audit, HO                   daughter Stephanie, has earned the right to join the
James Moller, Shopping Centre Manager, Coquitlam Centre   Canadian National Paralympic Team. She is a SWAD
David Sanghera, Maintenance Engineer, Vancouver           swimmer, a swimmer with a disability. Stephanie was
Amber Youngson, Branch Accountant, Vancouver              born with Spina Bifida, she’s 17 and the youngest
                                                          member of the team. Stephanie is classified in the SB6
Morguard Residential……                                    S7 category, which is based on physical strength and
                                                          movement ranges, and uses just her arms to propel
Jackie Covey, Superintendent, Kitchener                   herself through the water. Currently she holds the
Randal Gorrie, Superintendent, Brandywine                 fastest Canadian time for the 100 meter breaststroke.
Susan Gorrie, Superintendent, Brandywine
Andre Pigeau, Superintendent, Kitchener                   May 1 to 9, 2005 Stephanie will be in Sheffield,
                                                          England competing for Canada in a World Class event.
                                                          Her next adventure will be the trials in Prince George,
                                                          BC, which will entitle her to be in the Canada Games in
Congratulations……                                         Regina, SK. Her long-term goal is to compete in the
                                                          2008 Paralympic Games hosted in Beijing, China.
                Lisa Loewen, Customer Service
                Representative, Sevenoaks Shopping        Bob will keep us posted as these events come along. If
                Centre received “The Royal Treatment”     anyone is interested in learning more about SWAD
                pin award by the Abbotsford Chamber       swimming for a child, or adult, with any form of physical
                of Commerce in recognition for            disabilities, please contact Bob @ (604) 557-1648. You
                providing exceptional customer service.   can also contact your local swimming club.
                Karen Corbell, Marketing Director
                states, “Sevenoaks believes that
                exceptional customer service is one of
                the greatest assets a business can
                possess”. Congratulations Lisa on
                receiving this award!

                               NEWS                                                          2005

                                               On Friday April 22nd 2005 in response to Mayor Miller's
                                               declaration of a 20 minute Toronto Makeover, staff from
    About Employees……                          Leaside Towers, 65 Overlea and Residents rallied to the

                                                                                   Although the timing
                                                                                   was off, at 2:00 pm
                                                                                   when most residents
                                                                                   were at work, we had a
                                                                                   very good turnout.

                                               Present at the gathering was Local Councillor Mrs. Jane
                                               Pitfield, Director of The Greater Toronto Apartment
                                               Association Mr. Brad Butt and Mr. Paul Miatello, VP
                                               Morguard Residential Inc.

                                               The enthusiastic volunteers were issued gloves and garbage
                                               bags donated by Pizza Pizza and the Beer Store and
                                               commenced the cleaning of the ravine on the south side of
                                               the Property. Assistance was provided by Morguard
                                               Technical Services with the use of a truck to dispose of the
         In the March 17th edition of the      garbage.
         Wheat City Journal, our very own      Roger Palmer the District Manager for Leaside thanked all
         Kim Lewarne of Shoppers Mall          the volunteers for their efforts and hopes to encourage this
         was interviewed. Kim chatted with     type of activity on a more regular basis.
         Bruce Penton about her job, her
         volunteer activities and why she
         does what she does.

         To view the entire interview, go to

                                        NEWS                                                  2005

     About Employees……                                In our last issue we told you that Susanne Poltrok,
                                                      Nancy Trembath and Liz Coelho here at HO were
                                                      waiting and waiting …..

                                                      Well, the wait is over for
                                                      Susanne, hubby Stacey and
                       Announcements                  big sister Rachel. Jacqueline
                                                      Sara joined the family Feb 22
                                                      at 11:20 pm, weighing in at 6
                                                      lbs 1 oz

Eying his big brother
Christian, Chance joined the
O’Leary family December
                                                                   As well, the wait is over for Nancy -
7th, 2004 weighing in at 7 lbs
                                                                   Mason Albert joined the Trembath
13 oz. Proud parents, Cari &
                                                                   family April 23 at 6:50 am, weighing in
Joe have been the Resident
                                                                   at 8 lbs 8 oz…….
Manager’s at the Manors of
Brandywine since November

                           Shelly Carr, here at
                                                      But Liz, is still waiting…….
                           Head Office welcomed
                           her first on January 30
                                                      On April 29, we here at HO held a baby shower for
                           at 10:29 am. Deanna is
                                                      Liz. We all oooooed and ahhhhhed as she opened
                           settling right in and
                                                      her gifts!
                           ready to rumble!

Congratulations Zelia Farias
(Pointe-Claire office) who
welcomed her first - Jeremy
on March the 29th!

                                                     Congratulations to all!!

                                                 NEWS                                                           2005

       About Business……

In the News
CREATIVE GROWTH – US Business Review,
December 2004. Morguard Corp says significant growth in
the Canadian real estate market has allowed it to concentrate on
innovative ways of managing its clients’ properties.               REITs face challenge as property prices rise –
                                                                   National Post, March 2005. “Rai Sahi, chief
Steve Taylor was interviewed by Joanna Miller of US                executive of Morguard REIT, is committed to real estate
Business Review and discusses the Morguard Group of                despite ever-increasing prices.
Companies. For the complete story go to                                                      While attending the 10th Annual North American Real
                                                                   Estate Conference in Toronto, Mr Sahi was quoted as
                                                                   saying “It is getting challenging for REITs, at least for
                                                                   us, to raise money and to acquire assets on an accretive
                                                                   basis”. For the complete story go to

                                             NEWS                                                      2005

        About IT Business…

                                                          5….. As an environmentalist and for the good of the
 10… I just came back from vacation and the word          planet, we should be allowed to recycle our passwords,
"Margarita" is all I remember                             who knew we couldn't use the same password again
9….. I swear to you, I followed the instructions on       4….. I asked Archie McPherson (HO) to help me change
HOW TO change my password and now I'm locked out          my password, never again
8….. I wrote my password down on a yellow posted          3….. I was prompted to change my password, so I did. I
note and now I can't find it                              made it "REDCLIFF" and then it locked me out
7….. I had a fight last night with my significant other   2….. Ken Hack found out I told my password to a co-
and I refuse to type their name                           worker and he locked my account
6….. But I changed my HOTMAIL password yesterday          1….. Any excuse to talk to Liz Mancuso in the Call Centre
and I thought all my passwords would have                 (who’s still waiting!)

                                              NEWS                                                               2005

                                                               The History

      About Business……                                         Coquitlam Centre recently underwent a major expansion and
                                                               renovation, after which the new marketing strategy was
                                                               created and launched. The strategy branded the centre as
                                                               “really comfortable shopping” and one of the key
                                                               philosophies chosen to establish this brand was to enhance the
                                                               customer’s experience within the centre through upgraded and
Awards                                                         improved customer service. As a critical component of this
                                                               strategy, a significant goal was to improve community
                                                               involvement and develop the centre into a true community
Coquitlam Centre receives “Outstanding                         gathering place.
Business of the Year” Award                                    Phase I of the program comprised the upgrading of physical
                                                               amenities within the centre and Phase II of the program was
Each year the Tri-Cities Chamber of Commerce sponsors a        to become an integral part of the community outside of the
series of Business Excellence Awards to acknowledge            centre. The Shopping Centre General Manager and Marketing
individuals and businesses in the Tri-Cities area that have    Director sat on numerous local committees including: the
made a significant positive impact in the community over the   Chamber of Commerce Board of Directors, the Eagle Ridge
previous year. So when the editor of the Tri-city news was     Hospital Foundation, the City of Coquitlam Olympic
thinking of who to nominate for Outstanding Business of the    Committee, the Mayor’s Charity Golf Classic (this one wasn’t
Year, the Coquitlam Centre immediately came to mind.           all that tough!), the City’s Transportation Study group, and the
                                                               Riverview Hospital Foundation. In conjunction with
Coquitlam Centre is a 915,000 square foot super regional       supporting the various community organizations and
shopping centre located in the City of Coquitlam, suburb of    committees, the centre became more visibly involved with
Vancouver, B.C. The market Coquitlam Centre serves is          community events. Coquitlam Centre sponsored a number of
known as the Tri-Cities area and is comprised of Coquitlam,    festivals, charity events and golf tournaments, supporting
Port Coquitlam and Port Moody.                                 these initiatives with staff participation as well as with direct
                                                                                                         funds.     The mall’s
At a gala awards dinner held in late January 2005, Coquitlam                                             Comfy Cruiser, a
Centre was named winner of the Outstanding Business of the                                               bright pink Mini
Year Award based on the centre’s dramatic improvement in                                                 Cooper, along with
community commitment and involvement.                                                                    the Comfort Crew
                                                                                                         (attending mall staff),
The Team                                                                                                 were regularly seen
                                                                                                         throughout the Tri-
General Manager, Steve Campbell led the Coquitlam Centre                                                 City area holding
team including Marketing Director Cheryl Achterholt with                                                 games and activities at
strong support from Neena Arora, Lindsay Donaldson, Cyril                                                events such as the
Wright, Liz Witchell, Subby Grewal, Cameron Crook and                                                    Rick Hansen Wheels
Kathryn Takacs from Marketing, Security, Engineering and       in Motion tour (which kicked off at the centre), the Canadian
Administration. Thanks also goes to Barbara Hellinga and the   Cancer Society’s Relay for Life, the Eagle Ridge Hospital
Customer Service crew. Steve and his staff’s commitment        Charity Golf Tournament, Volunteerfest (held at the centre),
were the key contributing factor to this program’s ultimate    the Coquitlam Town Parade, the local Highland Games, and
success, measured in part by the Chamber of Commerce           Golden Spike Days. In addition, Coquitlam Centre supported
award. Subsequent to the win, Steve joined the Morguard        over 100 associations and schools with funds, door prizes and
Mississauga retail team as an Asset Manager, overseeing the    gift certificates. The Community Partnership Program
Revenue Properties Portfolio.                                  provided major sponsorship dollars, as well as door prizes, to
                                                               organizations in the community, including significant
                                                               contributions to support the Eagle Ridge Hospital Foundation
                                                               and the Coquitlam Foundation.

                                               NEWS                                                            2005

      About Business……                                          A major addition to the Edmonton portfolio is the
                                                                purchase of the WAM Development Group properties,
                                                                which closed in February at an initial price of $62,400,000.
                                                                The portfolio consists of 3 suburban office buildings and 3
                                                                new industrial buildings with 121 tenants in total along with
Acquisitions                                                    21.3 acres of future development land. The 3 suburban
                                                                office buildings include the Whitemud Business Park,
2005 is off to a great start for our Acquisitions group with    Greystone Business Park and Capital Place that were built
closings of $82 million in the first quarter on a total of 9    in 1980-81. They range in size from 104,000 to 133,000
properties in Winnipeg, Calgary and Edmonton on behalf          square feet. The 3 industrial buildings consist of a 40,000
of our Pensionfund clients. In total over 900,000 square        square foot single tenant building and two 160,000 and
feet was added to the portfolio and a further 1.1 million       211,000 square foot multi –tenant buildings, built from
square feet of industrial space will be built on the new        2001 to 2004. The development land will add a further
development land over time.                                     387,000 square feet of industrial space over the next few
                                                                years as the market dictates. The properties were purchased
                Century Park Place in Calgary is an 11          by Morguard Investments on behalf of Greystone
                storey, 75,675 square foot Class “B” office     Investments and Morguard will provide property and asset
                building located in the western core of the     management services.
                CBD in downtown Calgary. The building
                has 10 tenants with the Alberta                 As if they don’t have their hands full already, Phase 1 of the
                Government occupying 66% of the rentable        Gateway Lands in Edmonton closed in March which is
                area on seven floors.                           an 8.9 acre land parcel to be developed with a 135,000
The building was purchased in January by Morguard               square foot industrial building. The total development site
Investments on behalf of Hydro Quebec for a price of            is 35 acres that will ultimately be built with about 722,000
$11,750,000 or $155 per square foot.              Morguard      square feet of industrial buildings from now until 2007.
Investments provides both asset and property management         Morguard has entered into a Development Agreement with
services for the property.                                      WAM to build the properties. The Gateway Lands are
                                                                located on the Southside, just south of South Edmonton
                                                                Common and close to the proposed new CPR Intermodal
                      Westview Place in Winnipeg is a 2         Facility. This property was also purchased by Morguard
                      building, 92,355 square foot multi-       Investments on behalf of Greystone Investments.
                      tenant, industrial building located in
                      the St. James Industrial area, in close
                      proximity to the airport. Morguard
REIT was the Vendor and it was offered to the market
through a broker and purchased by Morguard Investments
on behalf of Greystone Investments, one of our
Pensionfund clients. The purchase price was $4,625,000
and the deal closed in January. Morguard Investments will
continue to provide property management and leasing
services for the property and has taken on the asset
management also.

                                              NEWS                                                          2005

                                                                 Developments – Morguard Residential
      About Business……
                                                                      The Bay Club Is Now Open!
                                                                                             Morguard        Residential’s
                                                                                             newest rental building,
Developments – Morguard Investments                                                          THE BAY CLUB, is
                                                                                             NOW OPEN! This 32
            Bramalea City Centre                                                             storey, 292 suite luxury
                                                                                             building at the corner of
               Gets A Facelift                                                               Bay and Wellesley Streets
                                                                                             in downtown Toronto, is
With the re-invention of the common area it was time to                                      right across the street from
re-invent the food court. Renovations started in January                                     the Sutton Place Hotel, 4
of this year, and in March the new skylight for the food                                     blocks to Bloor Street and
court was installed with a little help from the Sikorsky                                     steps to the Yonge Street
helicopter. The last time Sikorsky was in Canada was to                                      subway. The suites have
install the final pieces of the CN Tower! The new                                            condo-quality       finishes,
skylight will replace two existing skylights to create a                                     including 6 appliances
dramatic focal point in the new design of the food court.                                    (ensuite laundry), laminate
The food court will continue to undergo its                                                  hardwood flooring, granite
transformation which includes new flooring, ceiling,                                         countertops in the kitchens
furniture, lighting, plants, and of course the new skylight,                                 and blinds.
which is scheduled to open June 2005.
                                                               Building amenities include: The Bay Fitness Club, with
                                                               cardio and aerobics rooms, change rooms with saunas and
                                                               an outdoor sundeck; a business center with computers,
                                                               high-speed internet access, photocopier and fax machine;
                                                               home theatre; billiards room; lounge and party room.

                                                               The response has been great and the first occupants
                                                               started to move in at the end of April.

                                                               Check out our website at!

                                            NEWS                                                             2005

      About Business……                                       The policy looks to crystallize many of our existing
                                                             operating procedures and provides guidelines to create or
                                                             modify other required procedures into a comprehensive
                                                             plan that when completed and maintained will allow the
                                                             property to be branded as Morguard Green as well as to
                                                             be BOMA GO GREEN certified. Morguard Green Link
Operations                                                   is most applicable to our office properties as many
                                                             sophisticated tenants are already querying us on our
The latest initiative from the Morguard operations group     sustainable building operating procedures, but we hope the
is Morguard Green Link, which is in the process of           principles of the policy will be applicable to all real estate
being developed into a framework for branding our            managed by Morguard.
buildings as MORGUARD GREEN. The framework is
based on BOMA (Building Owners and Managers
Association) GO GREEN, which BOMA Canada has
adopted as the national platform for recognizing and
certifying buildings with sustainable (“GREEN”)                                    GREEN
building operations. Morguard is enhancing this program
to distinguish us as an industry leader in sustainable
building operations. Morguard Green Link is based on
the following 6 principles:

• Resource Efficiency – reduce resource consumption
  (electricity, gas and water) by ensuring systems are
  operating at optimum efficiencies and making required
  upgrades where applicable
• Waste Reduction – reduce waste production by
  ensuring all recyclables and reusables are diverted form
  landfill and minimizing inputs through systematic
• Interior Environment – improve air quality and
  comfort by ensuring systems are operating as
  designed, upgraded where necessary and minimizing
  the introduction to the property of those products
  detrimental to the interior environment
• Value Creation – through reduced operating costs,
  improved building environment and tenant retention
• Continuous Improvement – improve performance
  through monitoring, review and updating plans
• Communication – educate stakeholders (employees,
  tenants and investors) as to value of policy

                                             NEWS                                                                     2005

       About Our Brand…
       Bold, Disciplined, Deal-making, Creative

March 8th External Launch
A well-respected advisor to Woodrow Wilson once said:

"Destiny is NOT a matter of CHANCE. It is a matter
of CHOICE. It is NOT to be waited for.... IT IS TO BE

Those sentiments reflect the essence of what Morguard            From left to right – Paul Miatello, Tony Stephens, Bill Kennedy,
                                                                 Rai Sahi, Steve Taylor & Charles Dillingham
is all about.

We are NOT a company that remains static.                       Other key Brand launch initiatives coinciding with the
                                                                reception, included the newly designed Web sites for all
We are a company that ACTS.                                     6 companies and new “For Lease” signs erected across
We are a company that THINKS.                                   the country on March 8th. A promotional mailer “the
We are a company that STRIVES TO BE THE BEST!                   new Morguard and what it means to you”, along with
                                                                the new “Powerful Thinking” MIL Brochure and Fact
                             This is one of the key messages    Sheets can be found in AGORA under the Branding tab.
                             that was communicated on           Check it out! The mailer was sent to 3,000 industry
                             March 8th to approximately 200     professionals across the country. In a few weeks our
                             senior real estate executives at   Research groups most recent paper, “Is there an optimal
                             the Art Gallery of Ontario in      real estate portfolio approach?” will be sent to the same
                             Toronto.      Rai Sahi, Steve      3,000 professionals to reinforce our “Powerful
                             Taylor and Bill Kennedy            Thinking” brand promise. If you are interested in
                             addressed the audience to tell     reading the Research groups’ paper, it is available on the
                             our story of the outstanding web site – click on the title in the left
                             growth achieved in such a          navigation of the home page to get a soft copy of the
                             short period of time.         In   paper.
                             attendance were pension fund
Rai Sahi & Hazel McCallion   clients, stock analysts, bankers
Mayor of Mississauga
                             and top producing brokers.
It was a “Who’s Who” in real estate evening, where we
overheard comments like, “I haven’t seen this many heavy
hitters in one place in several years.”, “It’s about time
Morguard started to do some bragging.” and “I didn’t
realize Morguard was involved in so many different areas
of real estate – I didn’t know they were such a diversified

                                           NEWS                                                    2005

          New Web Site……

What makes us distinct? We are bold, disciplined,
creative…… we are a deal making company and now we
have a new web site.

The new Morguard web site launched on March 8th
combines 6 different Morguard companies that can be
accessed individually or through the “Morguard Main”
page, which provides information about the group as a
whole. The new design features clean lines and a fresh
new look to support our new contemporary image and

                         Functionality has been updated    The new signs were erected across the country at all
                         to improve navigation, to         office and industrial properties March 8th.
                         provide leasing search engines
                         and a link to our new online      New “For Lease” Signs
tenant service program – Service Link.

Future improvements in the works include dynamic links
to our accounting systems and Propidex to ensure all
leasing and building information remains current. When
complete, changes to the website will be made by our
regional staff who will have the ability to post the
information live without having to send all changes to
head office. There will also be an updated HR section, a
dynamic contact search and portfolio & leasing search
engines.                                                                        Old “For Lease” Sign

If you haven’t seen the site yet, check it out at     And stay tuned for more

                                                NEWS                                                                  2005

                                                                    Mike Lipkin, a motivational speaker, challenged us to learn
                                                                    what it means to work at Morguard and taught us how to
      Management Conference…                                        always work and play at our personal best.

                                                                    With a little research Mike learned that Morguard’s personality
                                                                    is bold, disciplined, deal-making and creative. At Morguard
                                                                    we are visionary and unafraid of acting on opportunity. We
It all starts with people. We have the best. It’s that simple.      have opinions and state them clearly. We believe deeply in
We combine an understanding of where the market has been            process and due diligence. We ensure that our transactions
and where it’s going. We are creative thinkers, relentlessly in     are transparent and well-structured before they are made. We
pursuit of opportunity. We work together and we work                act honestly and with integrity. We have a well-developed
intelligently.                                                      instinct for real estate that minimizes exposure and maximizes
                                                                    returns. And we make innovation a priority – the way a
This is why every three years Morguard holds a management           problem is solved or a solution created, the ingenuity applied,
conference - to discuss business issues, to develop the team        always has the potential to improve the long-term benefits.
and to ensure that we are all pulling in the same direction.
This year’s conference was a tremendous success as the senior       Mike Lipkin was “On Fire” when he spoke to us about the art
Morguard team learned more about the different Morguard             of personal consistency.  Mike has developed six steps to
companies and held discussions to ensure that Morguard              always be on when it counts – to ensure outstanding
continues to be an industry leader .                                performance.
                                                                    1. Focus – Live in the sweet spot of What, Why & How.
                                                                    2. Expect More – See more. Have more. Be more.
                                                                    3. Be You – Be real. Be courageous. Be idealistic.
                                                                    4. Play Full Out – Leave nothing behind. Be worthy of your
                                                                    5. Make World-Class Friends – Be relationship centric.
                                                                       Listen with your third ear. Make others salivate.
                                                                    6. Learn and Let Go – Adopt a beginner’s mind. Get better.
                                                                       Travel light.
                                                                  But mostly Mike inspired us to move forward in our lives every
                                                                  day –not in huge leaps but by one fifth of one percent. If you let
                                                                  everything that you do move you forward by one fifth of one
                                                                  percent every day then you will reach you goals and attain your
                                                                  success-whatever that means to you.

                                                                  Mike finished with his favourite Irish Blessing:

                                                                  May the road always rise to greet you,
                                                                  May the wind always be at your back,
                                                                  May the sun shine gently on your face,
                                                                  May the rain fall lightly on your fields,
                                                                  And, until we meet again, may God hold you softly in the palm
                                                                  of his hands,
                                                                  And may you get to Heaven half an hour before the Devil
                                                                  knows you’re dead.

                                                    NEWS                                        2005


Contest you say……….

The Morguard News is adopting a contest idea, which
was held by a company in the states, in which employees
were asked to come up with the most outrageous
excuses for missing a day’s work. The winner actually
got a day off.

Not to be out done by an employer in the states, the
Morguard Newsletter team approached Management
with the idea and as a result of careful negotiations the
Newsletter team were able to come away with a “YES”
the prize will be “A DAY OFF”!!!                                             ALWAYS THINKING
Some of the responses that came back:                                   About Employees…… 3
                                                                        HR- -News & Policies
  I set half the clocks in my house ahead an hour and the other         Who’s New
  half back an hour Saturday, and spent 18 hours in some kind           Achievements
  of space-time continuum loop, reliving Sunday (right up until         Announcements
  the explosion). I was able to exit the loop only by reversing the
  polarity of the power source exactly e*log(pi) clocks in the house
  while simultaneously rapping my dog on the snout with a rolled        About Business…… 7
  up Times. Accordingly, I will be in late, or early........or not at
  all.                                                                  In the News
  I am stuck in the blood pressure machine down at Wal-Mart             Awards
  I just found out that I was switched at birth. Legally, I             Developments
  shouldn't come to work knowing my employee records may now            Operations
  contain false information.

You’ll have until May 31st to submit your entries to                    About Our Brand…… 13
                                                                        External Launch
The Morguard Newsletter team will then take a few days                  New Web Site
to review all entries and will announce the winner June
6th.                                                                    Comments can be sent to:


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