Mr. Rai Sahi reports
MORGUARD REAL ESTATE INVESTMENT TRUST ANNOUNCES 2012 FIRST QUARTER RESULTS
Morguard Real Estate Investment
Trust (REIT) has released its financial results
for the three months ended March 31, 2012.
Net income for the first quarter of 2012 increased to $44-million or 76 cents per unit
(72 cents per unit fully diluted), compared with $23.3-million or 41 cents
per unit (40 cents per unit fully diluted) for the same period in 2011.
Funds from operations (FFO) for Q1 2012 totalled $19.6-million or
34 cents per unit (33 cents per unit fully diluted), compared with $19.6-million or 35 cents per unit (33 cents 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.
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 and have been filed with SEDAR.
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 properties (24,696) (4,039)
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
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