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Morguard Real Estate Investment Trust Announces 2018 First Quarter Results
Morguard Real Estate Investment Trust Announces 2018 First Quarter Results Canada ...
About this update from Morguard Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nMorguard Real Estate Investment Trust Announces 2018 First 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-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\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, May 2, 2018\n\n\n\nMISSISSAUGA, ON, May 2, 2018 /CNW/ - Morguard Real Estate Investment Trust (\"the Trust\") (TSX: MRT.UN) today is pleased to announce its financial results for the three months ended March 31, 2018. These results have been prepared in accordance with International Financial Reporting Standards (\"IFRS\"). \n\nThe Trust's net income and comprehensive income for the three months ended March 31, 2018, was $17.6 million versus $37.9 million for the three months ended March 31, 2017.\n\nThe decrease of $20.3 million is largely the result of fair value changes. Fair value losses for the three months ended March 31, 2018, were $6.0 million, versus an overall gain of $12.0 million for the three months ended March 31, 2017.\n\nRevenue from real estate properties was $69.3 million for the three months ended March 31, 2018, versus $71.3 million for the three months ended March 31, 2017.\n\nThe decrease in revenue of $2.0 million is largely the result of increased vacancy and lower base rents in the Trust's office portfolio.  In 2017, the office portfolio benefited from one-time lease cancellation fees of approximately $0.9 million.  Performance in the retail portfolio was generally flat.  Increased vacancy, including the impact of vacancy tied to the Sears Canada Inc. space (approximately $0.5 million), and reduced rental rates were offset by increased revenue from the Trust's development program.  During 2017, 290,700 square feet of development activity became income producing.  These projects contributed $1.4 m...