1、2021 ANNUAL REPORTMORGUARD CORPORATIONTHINKING.FORWARD.A PORTFOLIO BUILT FOR THE FUTURE.The selected annual financial information in the 2021 Annual Report highlights certain key metrics for Morguard Corporation(the“Company”).As a result,this report should be read in conjunction with the Companys au
2、dited consolidated financial statements for the year ended December 31,2021,related Managements Discussion and Analysis(MD&A)and the Annual Information Form(AIF).These documents are available on the Companys website at .All continuous disclosure documents required by securities regulators are also f
3、iled on the System for Electronic Document Analysis and Retrieval(SEDAR)and can be accessed electronically at .SPECIFIED FINANCIAL MEASURES The Companys consolidated financial statements are prepared in accordance with International Financial Reporting Standards(IFRS).Specified financial measures ar
4、e categorized as non-GAAP financial measures,non-GAAP ratios,and other financial measures,which are capital management measures,supplementary financial measures,and total of segments measures.The following non-GAAP financial measures,funds from operations(FFO)and normalized FFO as well as other meas
5、ures discussed elsewhere in this Annual Report,do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries.The Company uses these measures to better assess the Companys underlyi
6、ng performance and financial position and provides these additional measures so that investors may do the same.Details on non-GAAP measures are set out in the Companys MD&A for the year ended December 31,2021 and are available on the Companys profile on SEDAR at .In real estate,it is prudent to thin