Morguard Corporation Announces 2014 Second Quarter Results and Regular Eligible Dividend

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[{"type":"text","content":"\n\n\nTSX: MRC\n\n\nMISSISSAUGA, ON, Aug. 13, 2014 /CNW/ - Morguard Corporation (\"Morguard\"\n or the \"Company\") (TSX: MRC) announced its financial results for the\n three months ended June 30, 2014.\n\n\nHIGHLIGHTS\n\n\n\nTotal revenue from real estate properties increased by 13.9% to $116.6\n million compared to $102.3 million in 2013.\n\n\nNormalized net operating income (\"Normalized NOI\"), which excludes the\n impact of IFRIC 21 and land rent arbitration expense, increased by\n 11.4% to $62.0 million compared to $55.6 million for the same period in\n 2013.\n\n\nNormalized funds from operations (\"Normalized FFO\"), which excludes\n non-recurring items, increased by 5.8% to $44.1 million for the quarter\n ended June 30, 2014 compared to $41.7 million for the same period in\n 2013.\n\n\nNet income increased to $32.3 million in 2014 compared to $23.2 million\n in 2013.\n\n\nOccupancy rates increased as compared to June 30, 2013.  Combined\n retail, office and industrial occupancy were 92.9% at June 30, 2014,\n compared to 92.7% at June 30, 2013.  Combined multi-unit residential\n occupancy was 96.1% at June 30, 2014, compared to 95.5% at June 30,\n 2013.\n\n\nStrong leasing activity at the Company's two developments: (1)\n Performance Court, Ottawa, Ontario is now 84% leased and tenant\n occupancies commenced in Q1 2014 and (2) The Heathview, Toronto,\n Ontario is now 32% leased (Phase 1) with tenant occupancies commencing\n in Q3 2014.\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\nThree months ended \nJune 30\n\n\nSix months ended \nJune 30\n\n\n\n\n(in thousands of dollars)\n\n\n2014\n\n\n2013\n\n\n2014\n\n\n2013\n\n\n\n\nRevenue from income producing properties\n\n\n$116,556\n\n\n$102,324\n\n\n$234,759\n\n\n$194,012\n\n\n\n\nManagement and advisory fees\n\n\n16,302\n\n\n15,929\n\n\n32,499\n\n\n32,156\n\n\n\n\nInterest and other\n\n\n2,983\n\n\n4,737\n\n\n7,290\n\n\n6,695\n\n\n\n\nSales of product and land\n\n\n1,231\n\n\n6,820\n\n\n2,516\n\n\n8,044\n\n\n\n\nTotal revenues\n\n\n137,072\n\n\n129,810\n\n\n277,064\n\n\n240,907\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue from income producing properties\n\n\n116,556\n\n\n102,324\n\n\n...

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