Business
Morguard Corporation Announces 2013 Third Quarter Results and Regular Eligible Dividend
TSX: MRC MISSISSAUGA, ON , Nov. 7, 2013 /CNW/ - Morguard Corporation ("Morguard" or ...
About this update from Morguard Corporation
[{"type":"text","content":"\n\n\nTSX: MRC\n\n\nMISSISSAUGA, ON, Nov. 7, 2013 /CNW/ - Morguard Corporation (\"Morguard\"\n or the \"Company\") (TSX: MRC) announced its financial results for the\n three months ended September 30, 2013.\n\n\nHIGHLIGHTS\n\n\n\nCompleted an industrial development project, in which the Company has a\n 68.8% economic interest, of a single tenant, refrigerated distribution\n centre, consisting of 282,134 square feet (100%) of rentable area and\n is fully leased on a triple net basis for a term of 15 years.  The\n tenant, a major Canadian food manufacturer, will utilize this facility\n as its distribution centre for Eastern Canada;\n\n\nThe Company's other development projects continue to progress on\n budget.  A further $22.0 million (Morguard's share) was invested in\n properties under development during Q3 2013;\n\n\nThe Company benefited from strong occupancy rates. Multi-unit\n residential (Canada and U.S.) occupancy was 96.1% (Q3 2012 - 96.0%) and\n commercial occupancy (Canada and U.S., all commercial asset classes)\n was 93.0% (Q3 2012 - 91.4%);\n\n\nReflecting significant acquisition activity that occurred in late 2012\n and in the first half of 2013:\n\n\n\nTotal revenues increased by 27.7% to $135.9 million compared to $106.4\n million in 2012;\n\n\nNet operating income (\"NOI\") increased by 28.3% to $55.6 million as\n compared to $43.4 million in 2012;\n\n\nConsolidated funds from operations increased by 31.2% to $51.7 million,\n or $4.08 per share, compared to $39.4 million, or $3.07 per share in\n 2012; and\n\n\nTotal assets as at September 30, 2013 were $5.2 billion, a 17.3%\n increase over December 31, 2012.\n\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\nThree months ended \nSeptember 30,\n\n\nNine months ended \nSeptember 30,\n\n\n\n\n(In thousands of dollars)\n\n\n2013\n\n\n2012\n\n\n  2013\n\n\n  2012\n\n\n\n\nRevenue from income producing properties\n\n\n$111,199\n\n\n$79,341\n\n\n  $305,211\n\n\n  $233,565\n\n\n\n\nManagement and advisory fees\n\n\n18,953\n\n\n21,491\n\n\n  51,109\n\n\n  56,079\n\n\n\n\nInterest and other\n\n\n2,528\n\n\n4,213\n\n\n  9,223\n\n\n  12,153\n\n\n\n\nSales of product and land\n\n\n3,174\n\n\n1,3...