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Morguard Real Estate Investment Trust Announces 2017 Annual Results
Morguard Real Estate Investment Trust Announces 2017 Annual Results Canada NewsWir...
About this update from Morguard Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nMorguard Real Estate Investment Trust Announces 2017 Annual Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, Feb. 14, 2018\n\n\n\nMISSISSAUGA, ON, Feb. 14, 2018 /CNW/ - Morguard Real Estate Investment Trust (\"the Trust\") (TSX: MRT.UN) today is pleased to announce its 2017 annual financial results.  These results have been prepared in accordance with International Financial Reporting Standards (\"IFRS\"). \n\nDuring the quarter ended December 31, 2017, the Trust completed an additional two development projects, increasing revenue generating gross leasable area by 26,200 square feet.\n\nThe two projects include retail intensification at one of the Trust's community strip centres and the remerchandising of space at one of the Trust's enclosed regional centres.\n\nBoth of these projects are fully leased and revenue generating.\n\nDuring 2017, the Trust has completed 10 projects adding or reactivating over 290,000 square feet for leasable area.  For the three months ended December 31, 2017, these projects contributed $1.2 million to net operating income.\n\nThe Trust's fully diluted FFO for the three months ended December 31, 2017, was $29.6 million ($0.43 per unit) versus $29.3 million ($0.44 per unit) for the same three months ended December 31, 2016.  This represents a decrease of $0.3 million ($0.01 per unit).\n\nNet operating income for the three months ended December 31, 2017, was $41.6 million, versus $42.7 million for the same three months ended December 31, 2016.  This is a decrease of $1.1 million ($0.02/unit).  This decrease was largely the result of temporary deal restructuring/abatements, increased vacancy costs and decreases in basic rent in a number of the Trust's enclosed regional centres ($1.2 million).  During the quarter, the Trust decided not to proceed with the development of the former Everest College space at St. Laurent Centre.  As a result, the Trust decreased the area under development and total gross leasable area relating to this space (32,000 squ...