Top-News
Freitag,
11.11.2016 22:45
von
PR Newswire
| Aufrufe: 25
Morguard Corporation Announces 2016 Third Quarter Results and Regular Eligible Dividend
pixabay.com
Canada NewsWire
MISSISSAUGA, ON, Nov. 11, 2016
MISSISSAUGA, ON, Nov. 11, 2016 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX:MRC) today announced its financial results for the three and nine months ended September 30, 2016.
Reporting Highlights:
- Funds from operations ("FFO") increased by $13.7 million to $53.5 million for the three months ended September 30, 2016, compared to $39.8 million for the same period in 2015, representing a 34.4% increase.
- On a per common share basis, FFO increased to $4.49 for the three months ended September 30, 2016, compared to $3.28 in 2015, representing an increase of 36.9%.
- Normalized FFO for the three months ended September 30, 2016, was $53.7 million, or $4.50 per common share, versus $44.7 million, or $3.67 per common share, for the same period in 2015, which represents an increase of $9.0 million or 20.2%.
- Total revenue increased by $8.9 million to $230.3 million compared to $221.4 million for the same period in 2015.
- Adjusted NOI increased by $3.8 million, or 3.5%, to $114.0 million compared to $110.2 million for the same period in 2015.
- Shareholders' equity per common share (excluding non-controlling interest) increased to $234.12 compared to $224.94 as at December 31, 2015.
- On September 30, 2016, the Company completed the refinancing of 10 multi-suite residential properties located in Louisiana and Florida in the amount of US$95.1 million at a weighted average interest rate of 3.47% and a weighted average term of 8.7 years. The refinancing resulted in US$19.4 million of upfinancing mortgage proceeds on the maturing loans which had a weighted average contractual interest rate of 5.60%.
Financial Highlights
| | Three months ended | Nine months ended | ||
| (in thousands of dollars, except per common share) | 2016 | 2015 | 2016 | 2015 |
| Revenue from real estate properties | $212,278 | $202,763 | $631,163 | $598,650 |
| Management and advisory fees | 15,262 | 15,935 | 49,846 | 46,084 |
| Interest and other income | 1,626 | 1,453 | 4,895 | 6,314 |
| Sales of product and land | 1,171 | 1,251 | 4,230 | 6,361 |
| Total revenues | $230,337 | $221,402 | $690,134 | $657,409 |
| | | | | |
| Revenue from real estate properties | $212,278 | $202,763 | $631,163 | $598,650 |
| Property operating expenses | (92,416) | (86,685) | (300,823) | (281,579) |
| Net operating income | $119,862 | $116,078 | $330,340 | $317,071 |
| | | | | |
| Funds from operations | $53,545 | $39,840 | $160,215 | $127,069 |
| FFO per common share – basic and diluted | $4.49 | $3.28 | $13.41 | $10.36 |
Net Income
Net income for the three months ended September 30, 2016, was $70.5 million compared to $51.6 million for the same period in 2015. The increase in net income of $18.9 million for the three months ended September 30, 2016, was primarily due to the following:
- An increase in net operating income of $3.8 million;
- A decrease in management and advisory fees of $0.7 million;
- An increase in interest expense of $0.4 million;
- An increase in property management and corporate expense of $3.9 million;
- An increase in net fair value gain of $18.8 million;
- An increase in equity income from investments of $1.8 million;
- A decrease in other expense of $1.6 million; and
- An increase in income taxes (current and deferred) of $2.0 million.
Net Operating Income ("NOI")
NOI increased by $3.8 million, or 3.3%, during the three months ended September 30, 2016, to $119.9 million, compared to $116.1 million generated in 2015, and is further analyzed by asset type below.
| | Three months ended | Nine months ended | |||
| (in thousands of dollars) | 2016 | 2015 | 2016 | 2015 | |
| Multi-suite residential | $42,497 | $39,076 | $125,539 | $110,114 | |
| Retail | 34,416 | 35,527 | 104,425 | 108,561 | |
| Office | 29,471 | 30,802 | 89,990 | 90,795 | |
| Industrial and hotels | 7,573 | 4,749 | 17,327 | 12,579 | |
| Adjusted NOI | 113,957 | 110,154 | 337,281 | 322,049 | |
| IFRIC 21 adjustment – multi-suite residential Werbung Mehr Nachrichten zur MORGUARD CORP. Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | |||||
