Morguard Real Estate Investment Trust announces fourth quarter and 2011 annual results and increase in distributions
February 23 2012 - 11:59PM
PR Newswire (Canada)
TSX: MRT.UN MISSISSAUGA, ON, Feb. 27, 2012 /CNW/ - Morguard Real
Estate Investment Trust ("the Trust") today announced that net
income for the year ended December 31, 2011 was $158.3 million or
$2.77 per unit, compared with $174.4 million or $3.07 per unit in
2010. Net income for the three months ended December 31, 2011
was $48.4 million or $0.84 per unit, compared to $56.7 million or
$1.00 per unit for the same period in 2010. Funds from operations
("FFO") for the year ended December 31, 2011 was $79.5 million or
$1.39 per unit ($1.35 per unit fully diluted), compared to $71.8
million or $1.26 per unit ($1.22 per unit fully diluted) in
2010. FFO for the three months ended December 31, 2011 was
$21.4 million or $0.36 per unit ($0.36 per unit fully diluted)
compared to $20.5 million or $0.36 per unit ($0.35 per unit fully
diluted) for the same period in 2010. Net operating income for the
year ended December 31, 2011 was $133.8 million, compared to $123.6
million in 2010. Net operating income for the three months
ended December 31, 2011 was $35.0 million, compared with $34.4
million during the same period in 2010. DISTRIBUTION INCREASE The
board of Trustees of Morguard REIT announced an increase in the
distribution paid to unitholders. The increase to $0.96 per
unit per annum (from $0.90 currently) will be effective for
unitholders of record at the close of business on March 30, 2012.
NET OPERATING INCOME, FFO This press release and accompanying
financial information make reference to net operating income and
funds from operations ("FFO") on a total and per unit basis.
Net operating income is defined as income from property operations
after operating expenses have been deducted, but prior to deducting
interest expense, general and administrative expenses and fair
value gains (losses). FFO is defined as net income prior to
extraordinary items, valuation adjustments, and certain other
non-cash items, if any. Readers are cautioned that although the
terms "Net Operating Income" and "Funds from Operations" are
commonly used to measure, compare and explain the operating and
financial performance of Canadian real estate investment trusts and
such terms are defined in the Management's discussion and Analysis,
such terms are not recognized terms under IFRS. Such terms do
not necessarily have a standardized meaning and may not be
comparable to similarly titled measures presented by the other
publicly traded entities. FINANCIAL STATEMENTS AND MORGUARD'S
DISCUSSION AND ANALYSIS Morguard REIT's 2011 Consolidated Financial
Statement and Management's Discussion and Analysis along with its
2010 Annual Report are available on Morguard REIT's website at
www.morguardreit.com and have been filed with SEDAR at
www.sedar.com ABOUT MORGUARD REAL ESTATE INVESTMENT TRUST Morguard
REIT is a closed-end real estate investment trust, which owns a
diversified portfolio of 53 retail, office and mixed-use properties
in Canada with a book value of $2.1 billion and approximately 8.5
million square feet of leaseable space. Consolidated Balance Sheet
(In thousands of dollars, except 2011 2010 per-unit amounts) Assets
Real estate properties $ 2,119,084 $ 1,935,901 Amounts receivable
8,851 7,756 Other assets 1,321 981 Cash and cash equivalents 8,134
7,441 $ 2,137,390 $ 1,952,079 Liabilities Mortgages and bonds
payable $ 799,672 $ 760,219 Convertible debentures payable 86,457
94,974 Accounts payable and other 34,496 34,300 liabilities Bank
indebtedness 43,852 8,620 Unitholders' Equity 1,172,913 1,053,966 $
2,137,390 $ 1,952,079 Consolidated Statements of Income and
Comprehensive Income Three months ended December 31, Year ended
December31, (In thousands 2011 2010 2011 2010 of dollars, except
per-unit amounts) Revenue from $ $ $ 235,693 $ 220,301 real estate
60,673 60,052 properties Property 23,679 23,764 94,238 89,479
operating expenses Property 2,036 1,925 7,676 7,237 management fees
Net operating 34,958 34,363 133,779 123,585 income Interest 12,692
12,929 50,833 48,571 expense General and 954 1,240 4,538 4,472
administrative Amortization 11 19 48 79 expense Other expenses 14
(3) 5 (40) / (income) Income before fair value changes on real
estate properties and loss on sale of real estate properties 21,287
20,178 78,355 70,503 Fair value 27,086 36,514 79,947 104,137 gains
on real estate properties Loss on sale — (1) — (276) of real estate
properties Net income for $ 48,373 $ $ 158,302 $ 174,364 the year
56,691 Other comprehensive income Amortization - 240 234 951 930
cash flow hedge Comprehensive $ 48,613 $ $ 159,253 $ 175,294 income
56,925 Net income per-unit Basic $ 0.84 $ $ $ 1.00 2.77 3.07
Diluted $ 0.80 $ $ $ 0.92 2.62 2.85 Reconciliation of Net Income to
Funds from Operations Three months ended December31, Year ended
December31, (In thousands 2011 2010 2011 2010 of dollars, except
per-unit amounts) Net income $ 48,373 $ 56,691 $ 158,302 $ 174,364
for the year Add / (deduct): Accretion of 80 357 1,121 1,250
convertible debentures Fair value (27,086) (36,514) (79,947)
(104,137) gains on real estate properties Loss on sale — 1 — 276 of
real estate properties Funds from $ 21,367 $ 20,535 $ 79,476 $
71,753 operations Funds from operations per-unit Basic $ 0.36 $
0.36 $ 1.39 $ 1.26 Diluted $ 0.36 $ 0.35 $ $ 1.22 1.35
Morguard Real Estate Investment Trust CONTACT: K. (Rai) Sahi,
President and Chief Executive Officer, Tel:905.281.4800, or;Tim
Walker, Vice President and Chief Financial Officer,
Tel:905.281.4800
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