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Morguard Real Estate Investment Trust Announces 2018 Second Quarter Results
Morguard Real Estate Investment Trust Announces 2018 Second 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 Second 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: TOP; 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, Aug. 1, 2018\n\n\n\nMISSISSAUGA, ON, Aug. 1, 2018 /CNW/ - Morguard Real Estate Investment Trust (\"the Trust\") (TSX: MRT.UN) today is pleased to announce its financial results for the three and six months ended June 30, 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 June 30, 2018, was $43.4 million versus $52.4 million for the three months ended June 30, 2017.\n\nThe decrease of $9.0 million is largely the result of fair value changes.  Fair value gains for the three months ended June 30, 2018, were $22.1 million, versus an overall gain of $28.2 million for the three months ended June 30, 2017.\n\nIncome before fair value gains and net income from equity-accounted investment was $22.0 million for the three months ended June 30, 2018, compared to $23.2 million for the same period ended June 30, 2017.  The decrease of $1.3 million is largely the result of a decrease in net operating income.\n\nNet operating income was $36.9 million for the three months ended June 30, 2018, versus $38.0 million for the three months ended June 30, 2017.\n\nThe decrease in net operating income of $1.1 million is largely the result of increased vacancy and lower base rents in the Trust's office and retail portfolios.  In the retail portfolio, increased vacancy, including the impact of vacancy tied to the Sears Canada Inc. space (approximately $0.4 million), and reduced rental rates were partially offset by inc...