Business
Morguard Real Estate Investment Trust Announces 2017 Third Quarter Results
Morguard Real Estate Investment Trust Announces 2017 Third Quarter Results Canada ...
About this update from Morguard Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nMorguard Real Estate Investment Trust Announces 2017 Third Quarter 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.prngen2{\nBORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, Nov. 1, 2017\n\n\n\n\n \n \n \n \n\n\n\nMISSISSAUGA, ON, Nov. 1, 2017 /CNW/ - Morguard Real Estate Investment Trust (\"the Trust\") (TSX: MRT.UN) today is pleased to announce its financial results for the three and nine months ended September 30, 2017.  These results have been prepared in accordance with International Financial Reporting Standards (\"IFRS\"). \n\nDuring the quarter ended September 30, 2017, the Trust completed five development projects, bringing an additional 127,500 square feet of leasable area onstream.\n\nThese projects include retail intensification at three of the Trust's community strip centres which increase leasable area by 25,500 square feet and the remerchandising of 102,000 square feet at two of the Trust's regional shopping centres.\n\nAll five of these projects are now generating revenue in addition to the three projects brought onstream during the second quarter.\n\nThe Trust's fully diluted FFO for the three months ended September 30, 2017, was $25.3 million ($0.36 per unit) versus $26.0 million ($0.39 per unit) for the same three months ended September 30, 2016. This represents a decrease of $0.8 million ($0.03 per unit).\n\nThe new convertible debenture issue in December 2016, impacted the number of diluted units outstanding quarter-over-quarter.  The impact of the higher number of diluted units outstanding was to decrease diluted FFO per unit by $0.01. The issue of these convertible debentures also has a negative impact on interest expense, as the Trust received an additional $25.0 million in proceeds. Interest expense related to convertible debentures...