Good morning. My name is Rai Sahi and I will be your conference operator today. At this time, I would like to welcome everyone to the Morguard North American Residential REIT. Okay. Good morning everyone. I would like to welcome all unitholders, trustees, staff, and other attendees to our annual meeting today. My name is Rai Sahi, and I'm the Chairman of the Board and Chief Executive Officer of the trust. Thank you for joining us today by teleconference and by proxy. Here with me are Beverley Flynn, Secretary of the Company, and Chris Newman, Chief Financial Officer. The meeting now will come to order. I will act as your Chairman, and Ms. Flynn will act as the Secretary of the Meeting. I appoint Amy Kam and Connor Rasole of Computershare Trust Company of Canada to act as scrutineers.
The notice calling this meeting of unitholders was mailed on April 6th, 2020. I would ask the secretary to read out the report.
I can report there are present at the meeting two registered unitholders and proxy holders voting in person, holding a total of 38,504,694 units and special voting units, which represent 68.5% of the total outstanding units.
I propose to adopt the scrutineers report and declare this meeting regularly called and properly constituted for the transaction of the business. The secretary will annex the declaration of the mailing to the minutes. The first item of the business is to receive the financial statement. Will someone move the motion?
I move that the annual report of the trust containing the audited financial statements of the trust for the year ended December 31st, 2019, and the auditors report thereon as presented to this meeting be, and are hereby received.
I second the motion.
Thank you. You have heard the motion. All in favor?
Aye.
Contrary, if any? I declare the motion carried. The next item of business is the appointment of auditors.
I move that Ernst & Young LLP be, and they are hereby appointed auditor of the trust until the close of the next annual meeting of the unitholders or until their successors are duly appointed, and the trustees are hereby authorized to fix the auditors' remuneration.
I second the motion.
Thank you. You've heard the motion. All in favor?
Aye.
Contrary, if any? I declare the motion carried. We can now deal with the election of the Trustee. The meeting now open for the nomination. There are seven trustees to be elected by the unitholders at this time. I would ask a unitholder to nominate the person named in the management information circular.
I nominate Avtar Bains, Dino Chiesa, Mel Leiderman, Frank Munsters, Bruce Robertson, Rai Sahi, and William Wallace as trustees of the trust to hold office until the termination of the next annual meeting of unitholders or until their successors are duly elected or appointed, subject to the provisions of the Declaration of Trust.
Thank you. Are there any further nominations? If not, I declare the nominations closed. Is there a seconder for the motion?
I second the motion.
Thank you. You heard the motion. All in favor?
Aye.
Contrary, if any? I declare the motion carried, and all that person previously nominated have been properly elected as trustee for the ensuing year, subject to the Declaration of Trust of the trust. With all the formalities of meeting now concluded. I am pleased to share with you some of our strategy and accomplishment from 2019. A question and answer period will follow.
You may now resume.
I apologize. Apparently, if you were just on the teleconference and not the webcast, you were unable to hear the presentation. It will be posted on our website later today for those of you who are interested. We are now ready to open the floor to questions.
Thank you. Ladies and gentlemen we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touch-tone phone. You will hear a three-tone prompt acknowledging your request. Questions will be taken in the order received. Should you wish to withdraw your request, please press star followed by two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. As a reminder, please press star one if you have any questions.
There are no questions.
There are no questions on the phone. We will now go to any questions that may have arrived from the webcast.
We have no questions on the website.
Okay. With this, can I go to?
Wait. Sorry, one did just come in. Do we have any preliminary results for May 2020 rental receipts? From Jeff Roberts of Maplewest Capital Corporation.
Hi Jeff. It's Chris here. I think for May, it's a little bit too early to talk about totality of receipts. We did quite well in April, posting about 96%, which is in line with our historical collection rate. Right now, May might be a little too early to make any comments.
Thank you. Any other questions?
I don't see any other questions.
Well, if there are no further business, I declare the meeting terminated, and thank you for coming out today. Thank you.
This concludes the annual meeting of Morguard North American Residential REIT. After a short break, we will resume for the annual meeting of Morguard REIT at 9:45 A.M. Eastern Time.