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Morguard Real Estate Investment Trust Concludes Discussions with Obsidian Energy
Morguard Real Estate Investment Trust Concludes Discussions with Obsidian Energy C...
About this update from Morguard Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nMorguard Real Estate Investment Trust Concludes Discussions with Obsidian Energy\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, March 30, 2020\n\n\n\nMISSISSAUGA, ON, March 30, 2020 /CNW/ - Morguard Real Estate Investment Trust (\"the Trust\") (TSX: MRT.UN)  announced today that it has concluded formal discussions with Obsidian Energy Ltd (\"Obsidian\") regarding a lease amendment for its Penn West Plaza tenancy. \nThe Trust and Obsidian have agreed final terms and executed definitive documentation that is summarized as follows:\nObsidian will receive a rent abatement which adjusts their obligation to $833,333.33 per month starting February 1, 2020, net of sublease obligations; and The Trust will indemnify Obsidian in regard to the sublease income.It is estimated that this will represent an annual reduction in the Trust's net operating income in the range of $6.5 - $7.0 million.\nPenn West Plaza is a 636,500 square foot Class A office complex, consisting of two towers, located at 207 and 215 9th Avenue, Calgary, Alberta. Both office towers are fully leased to Obsidian Energy Ltd. until January 2025. \nAbout Morguard Real Estate Investment Trust\nMorguard Real Estate Investment Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 48 retail, office and industrial income producing properties in Canada, comprising approximately 8.5 million square feet of leasable space, with a value of $2.9 billion.\nForward-Looking Disclaimer\nStatements contained herein that are not based on historical or current fact, including without limitation, statements containing the words \"anticipate\", \"believe\", \"may\", \"continue\", \"estimate\", \"expects\", \"will\" and words of similar expression, constitute \"forward-looking statements\". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forw...