Business
Morguard Corporation Announces 2014 Third Quarter Results and Regular Eligible Dividend
TSX: MRC MISSISSAUGA, ON , Nov. 12, 2014 /CNW/ - Morguard Corporation ("Morguard" or ...
About this update from Morguard Corporation
[{"type":"text","content":"\n\nTSX: MRC\n\n\n\nMISSISSAUGA, ON, Nov. 12, 2014 /CNW/ - Morguard Corporation (\"Morguard\" or the \"Company\") (TSX: MRC) announced its financial results for the three months ended September 30, 2014.\n\nHIGHLIGHTS\n\n\nTotal revenue from real estate properties increased by 4.8% to $116.5 million compared to $111.2 million in 2013. \nNormalized net operating income (\"Normalized NOI\"), which excludes the impact of IFRIC 21 and land rent arbitration expense, increased by 6.6% to $61.5 million compared to $57.7 million for the same period in 2013. \nNormalized funds from operations (\"Normalized FFO\"), which excludes non-recurring items, increased by 5.3% to $48.4 million for the quarter ended September 30, 2014 compared to $45.9 million for the same period in 2013. \nOccupancy rates remained relatively steady as compared to September 30, 2013. Combined retail, office and industrial occupancy were 92.2% at September 30, 2014, compared to 93.0% at September 30, 2013. Combined multi-unit residential occupancy was 96.6% at September 30, 2014, compared to 96.1% at September 30, 2013. \nOccupancy commenced at one building (the \"North Tower\") at The Heathview, a twin-tower, 30 storey, 587 suite residential rental development in Toronto, Ontario. \nStrong leasing activity at the Company's two developments: (1) Performance Court, Ottawa, Ontario is now 83% leased and (2) The Heathview's North Tower is now 46% leased.   \nMorguard entered into a binding agreement to purchase from Morguard REIT the remaining 50% interest it does not already own in a mixed-use office and hotel property located at 350 Sparks Street and 361 Queen Street, Ottawa, Ontario for a purchase price of $37,692. The acquisition is anticipated to close in the fourth quarter of 2014.\nAll amounts in thousands of Canadian dollars, except for per share amounts, unless otherwise noted.\n\nFINANCIAL HIGHLIGHTS\n\n\n\n\n\n\n\n\n\nThree months ended\n\nSeptember 30\n\n\nNine months ended \n\nSeptember 30\n\n\n\n(in thousands of dollars)\n\n\n2014\n\n\n2013\n\n\n2014\n\n\n2013\n\n\n\nRevenue from income producing properties \n\n\n$116,533\n\n\n$111,199\n\n\n$351,292\n\n\n$305,211\n\n\n\nManagement and advisory fees\n\n\n21,315\n\n\n18,953\n\n\n53,814\n\n\n51,109\n\n\n\nInterest and other\n\n\n3,404\n\n\n2,528\n\n\n10,694\n\n\n9,223\n\n\n\nSales of prod...