Morguard Real Estate Investment Trust announces 2012 first quarter results
May 07 2012 - 4:00PM
PR Newswire (Canada)
TSX: MRT.UN MISSISSAUGA, ON, May 7, 2012 /CNW/ - Morguard Real
Estate Investment Trust ("the Trust") today announced its financial
results for the three months ended March 31, 2012 ("Q1"). Net
income for Q1 2012, increased to $44.0 million or $0.76 per unit
($0.72 per unit fully diluted), compared with $23.3 million or
$0.41 per unit ($0.40 per unit fully diluted) for the same period
in 2011. Funds from operations ("FFO") for Q1 2012, totalled $19.6
million or $0.34 per unit ($0.33 per unit fully diluted), compared
to $19.6 million or $0.35 per unit ($0.33 per unit fully diluted)
for the same period in 2011. Net operating income for Q1 2012,
increased to $33.8 million, compared with $33.2 million for the
same period in 2011. 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
Q1 2012 Consolidated Financial Statement and Management's
Discussion and Analysis along with its 2011 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 As at March 31, December 31, (In
thousands of dollars) 2012 2011 Assets Real estate properties $
2,149,096 $ 2,119,084 Amounts receivable 9,251 8,851 Other assets
6,763 1,321 Cash and cash equivalents 8,452 8,134 $ 2,173,562 $
2,137,390 Liabilities Mortgages and bonds payable $ 797,828 $
799,672 Convertible debentures payable 86,529 86,457 Accounts
payable and other liabilities 43,335 34,496 Bank indebtedness
41,439 43,852 969,131 964,477 Unitholders' Equity 1,204,431
1,172,913 $ 2,173,562 $ 2,137,390 Consolidated Statements of Income
and Comprehensive Income (In thousands of Canadian dollars, except
per-unit amounts) For the three months ended March 31 2012 2011
Revenue from real estate properties $ 61,521 $ 59,067 Property
operating expenses 25,734 24,020 Property management fees 1,998
1,883 Net operating income 33,789 33,164 Interest expense 13,210
12,651 General and administrative 1,315 1,216 Amortization expense
12 9 Other income (38) — Fair value gains on real estate (24,696)
(4,039) properties Net income for the period $ 43,986 $ 23,327
Amortization - cash flow hedge 241 236 Comprehensive income $
44,227 $ 23,563 Net income per unit Basic $ 0.76 $ 0.41 Diluted $
0.72 $ 0.40 Reconciliation of Net Income to Funds from Operations
(In thousands of Canadian dollars, except per-unit amounts) For the
three months ended March 2012 2011 31 Net income for the period $
43,986 $ 23,327 Add/(deduct) items not affecting cash: Accretion of
convertible 327 349 debentures Fair value gains on real estate
(24,696) (4,039) properties Funds from operations $ 19,617 $ 19,637
Funds from operations per unit Basic $0.34 $0.35 Diluted $0.33
$0.33 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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