AGM 2020

May 6, 2020

Good morning. My name is Ray Sahi, and I will be your I'm the conference operator today. At this time, I would like to welcome everyone to the Morgant North American Residential League. Okay. I'm going to go to good morning, everyone. I would like to welcome all unitholders, trustees, staff and other attendees to order and will meet today. My name is Ray 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 webcast. Here with me are Beverly Flayman, Secretary of the Company Chris Newman, Chief Financial Officer. The meeting now will come to order. I will act as the Chairman and Ms. Flynn will act as the Secretary of the meeting. I appoint Amy Cam and Conor Brezo of Computershare Trust Company of Canada to act as scrutineers. The notice calling this meeting of unitholder was mailed on April 6, 2020. I would ask the Secretary to read out the report. I can report there are present at the meeting 2 registered unitholders and proxy holders voting in person, holding a total of 38,504,694 units and special voting units, which represent 68.5 percent of the total outstanding units. Klein proposed to adopt the scrutine's report and declare this meeting as accurately called and properly constituted for the transaction of the business. The SEC will annex the declaration of the mailing to the merits. 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 31, 2019, and the auditors' report thereon as presented to this meeting be and are hereby received. I second the motion. Thank you. You heard the motion. All in favor? Aye. Contra, any? I declare the motion carried. The next item of the business is the appointment of auditors. I move that Ernst and Young LLP be 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 to 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 7 trustees to be elected by the unitholders at this time. I would ask the unitholders to nominate the person named in the management information circle. I nominate Avtar Bane, Dino Chiesa, Mel Lederman, Frank Munsters, Bruce Robertson, Ray Saughey 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 trust declaration of trust. Thank you. Are there any further nomination? If not, I declare the nomination close. Is there a secondary 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 years subject to the trust declaration of the trust. With all the formalities of the meeting now concluded, I'm pleased to share with you some of our strategy and accomplishments from 2019. A question and answer period will follow-up. You may now resume. Hi, 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. 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. Can I go to the Wait? So sorry, one did just come in. Do we have any preliminary results for May 2020 rental receipts? From Jeff Roberts of Maple West Capital. 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. So right now, it might be a little too early to make any comments. Thank you. Any other questions? I don't see any other questions. Okay. 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 am Eastern Time.