Business
Morguard Corporation Announces 2014 First Quarter Results and Regular Eligible Dividend
TSX: MRC MISSISSAUGA, ON , May 13, 2014 /CNW/ - Morguard Corporation ("Morguard" o...
About this update from Morguard Corporation
[{"type":"text","content":"\n\n\nTSX: MRC\n\n\nMISSISSAUGA, ON, May 13, 2014 /CNW/ - Morguard Corporation (\"Morguard\"\n or the \"Company\") (TSX: MRC) announced its financial results for the\n three months ended March 31, 2014.\n\n\nHIGHLIGHTS\n\n\n\nTotal revenues increased by 25.6% to $140.0 million compared to $111.4\n million in 2013.\n\n\nNormalized net operating income (\"Normalized NOI\"), which excludes the\n impact of IFRIC 21 and the land rent arbitration expense, increased by\n 29.4% to $61.8 million compared to $47.8 million for the same period in\n 2013.\n\n\nNormalized funds from operations (\"Normalized FFO\"), which excludes\n non-recurring items, increased by 14.4% to $45.1 million for the\n quarter ended March 31, 2014 compared to $39.4 million for the same\n period in 2013.\n\n\nNet income decreased to $26.6 million in 2014 compared to $100.0 million\n in 2013.\n\n\nOccupancy rates remained steady as compared to March 31, 2013.  Combined\n retail, office and industrial occupancy were 92.6% at March 31, 2014,\n compared to 92.8% at March 31, 2013.  Combined multi-unit residential\n occupancy was 95.3% at March 31, 2014, compared to 95.6% at March 31,\n 2013.\n\n\nOccupancy commenced at Performance Court, a 21-storey, 361,000\n square-foot office development in Ottawa, Ontario.  During Q1 2014\n Performance Court's anchor tenant, occupying approximately 23% of the\n building's GLA, took possession of its premises and commenced paying\n rent.\n\n\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\nThree months ended March 31,\n\n \n\n \n\n\n\n\n(in thousands of dollars)\n\n \n\n2014\n\n \n\n2013\n\n\n\n\nRevenue from income producing properties\n\n \n\n$118,203\n\n \n\n$92,038\n\n\n\n\nManagement and advisory fees\n\n \n\n16,197\n\n \n\n16,227\n\n\n\n\nInterest and other\n\n \n\n4,307\n\n \n\n1,958\n\n\n\n\nSales of product and land\n\n \n\n1,285\n\n \n\n1,224\n\n\n\n\nTotal revenues\n\n \n\n139,992\n\n \n\n111,447\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n\n\n\nRevenue from income producing properties\n\n \n\n118,203\n\n \n\n92,038\n\n\n\n\nProperty operating costs and realty tax expense\n\n\n \n\n\n(7...