Business
Morguard Corporation Announces 2013 Results and Regular Eligible Dividend
TSX: MRC MISSISSAUGA, ON , March 6, 2014 /CNW/ - Morguard Corporation ("Morguard" ...
About this update from Morguard Corporation
[{"type":"text","content":"\n\n\nTSX: MRC\n\n\nMISSISSAUGA, ON, March 6, 2014 /CNW/ - Morguard Corporation (\"Morguard\"\n or the \"Company\") (TSX: MRC) announced its financial results for the\n year ended December 31, 2013.\n\n\nHIGHLIGHTS\n\n\n\nConsolidated funds from operations increased by 14.0% to $170.3 million\n for the year ended December 31, 2013 compared to $149.4 million for the\n same period in 2012.  On a per share basis, consolidated FFO increased\n 15.5% to $13.43 per share from $11.63 per share for the same period in\n 2012\n\n\nMorguard acquired 18 properties in Canada and the US aggregating 3,989\n multi-unit residential suites and 796 hotel suites for an aggregate\n purchase price of approximately $600.1 million\n\n\nAs at December 31, 2013, real estate assets owned and managed were\n valued at $15.1 billion (2012 - $13.0 billion)\n\n\nOccupancy rates remained steady.  Combined retail, office and industrial\n occupancy was 93.7% at December 31, 2013, compared to 92.4% at December\n 31, 2012.  Combined multi-unit residential  occupancy was 95.6% at\n December 31, 2013, compared to 95.9% at December 31, 2012\n\n\nMorguard completed $498.6 million of mortgage financings which helped\n lower the overall, weighted average interest rate at December 13, 2013\n to 4.47%, compared with 4.70% as at December 31, 2012\n\n\nMorguard completed one development during 2013, a 282,314 square foot\n refrigerated warehouse and distribution facility. As at December 31,\n 2013, Morguard has two properties under development aggregating 361,000\n square feet of office GLA (Morguard's share - 180,500 square feet) and\n 596 multi-unit residential suites\n\n\nDuring 2013, Morguard was assigned an investment grade credit rating of\n BBB (low) with a Stable trend by DBRS and successfully completed a $135\n million offering of senior unsecured debentures\n\n\n\nAll amounts in thousands of Canadian dollars, except for per share\n amounts, unless otherwise noted.\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nYear ended December 31,       \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n(in thousands of dollars)\n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n\n\nRevenue from income producing properties\n\n\n \n\n\n$417,376\n\n\n \n\n\n$315,590\...