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09.11.2017 23:05
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Morguard Corporation Announces 2017 Third Quarter Results and Regular Eligible Dividend
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MISSISSAUGA, ON, Nov. 9, 2017
MISSISSAUGA, ON, Nov. 9, 2017 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX:MRC) today announced its financial results for the three and nine months ended September 30, 2017.
Third Quarter Operational Highlights:
On September 15, 2017, the Company issued $200.0 million (net proceeds including closing costs - $198.8 million) of 4.333% Series C senior unsecured debentures due September 15, 2022.
On July 6, 2017, the Company acquired a residential property comprising 104 suites and approximately 33,000 square feet of commercial area located in Falls Church, Virginia, for a purchase price of $56.1 million (US$43.3 million), including closing costs.
On July 10, 2017, the Company acquired a residential property comprising 515 suites and approximately 20,000 square feet of commercial area located in Chicago, Illinois, for a purchase price of $291.7 million (US$226.3 million), including closing costs. The acquisition was partially financed by a new mortgage in the amount of $157.9 million (US$122.5 million) at an interest rate of 3.49% for a term of eight years. On October 2, 2017, the Company sold a 49% interest in the property to an institutional partner for $63.5 million (US$50.8 million).
On July 12, 2017, the Company sold four U.S. residential properties located in Mobile, Alabama, comprising 1,329 suites, for net proceeds of $88.7 million (US$69.3 million).
On August 3, 2017, the Company acquired an office property consisting of approximately 203,500 square feet of commercial area located in Markham, Ontario, for a purchase price of $67.9 million, including closing costs.
On August 17, 2017, the Company acquired an office property consisting of approximately 74,500 square feet of commercial area located in Oakville, Ontario, for a purchase price of $19.0 million, including closing costs.
On August 17, 2017, the Company acquired a residential property comprising 492 suites located in Rockville, Maryland, for a purchase price of $166.3 million (US$131.5 million), including closing costs.
On September 15, 2017, the Company sold the Holiday Inn Express, Sherwood Park, Alberta, for gross proceeds of $9.7 million.
On September 21, 2017, The Company acquired an office property consisting of approximately 106,500 square feet of commercial area located in Ottawa, Ontario, for a purchase price of $22.0 million, including closing costs.
Third Quarter Reporting Highlights
- Total revenue increased by $49.3 million to $279.6 million for the three months ended September 30, 2017, compared to $230.3 million for the same period in 2016.
- Net operating income ("NOI") increased by $18.5 million, or 15.4%, to $138.4 million for the three months ended September 30, 2017, compared to $119.9 million for the same period in 2016, primarily due to the consolidation of Temple commencing on January 1, 2017.
- Funds from operations ("FFO") increased by $1.9 million to $55.4 million, or $4.67 per share, for the three months ended September 30, 2017, compared to $53.5 million, or $4.49 per share, for the same period in 2016, representing a 3.6% increase.
- Normalized FFO increased by $1.8 million to $55.4 million for the three months ended September 30, 2017, compared to $53.6 million for the same period in 2016, representing a 3.3% increase.
- Shareholders' equity per common share (excluding non-controlling interest) increased to $250.10 compared to $239.98 as at December 31, 2016.
Financial Highlights
| | Three months ended | Nine months ended | ||
| (in thousands of dollars, except per common share) | 2017 | 2016 | 2017 | 2016 |
| Revenue from real estate | $195,167 | $192,730 | $586,107 | $580,391 |
| Revenue from hotel properties | 65,431 | 19,548 | 179,828 | 50,772 |
| Management and advisory fees | 15,728 | 15,262 | 50,060 | 49,846 |
| Interest and other income | 1,870 | 1,626 | 6,400 | 4,895 |
| Sales of product and land | 1,416 | 1,171 | 3,856 | 4,230 |
| Total revenues | $279,612 | $230,337 | $826,251 | $690,134 |
| | | | | |
| Revenue from real estate properties | $195,167 | $192,730 | $586,107 | $580,391 |
| Revenue from hotel properties | 65,431 | 19,548 | 179,828 | 50,772 |
| Property operating expenses | (78,408) | (78,656) | (262,386) | (262,066) |
| Hotel operating expenses | (43,816) | (13,760) | (129,345) | (38,757) |
| Net operating income | $138,374 | $119,862 | $374,204 | $330,340 |
| | | | | |
| Net income attributable to common shareholders | $27,552 | $63,403 | $194,820 | $138,051 |
| Net income per common share – basic and diluted | $2.33 | $5.31 | $16.37 | $11.56 |
| | | | | |
| Funds from operations | $55,448 | $53,545 | $156,476 | $160,215 |
| FFO per common share – basic and diluted | $4.67 | $4.49 | $13.15 | $13.41 |
| | | | | |
| Normalized funds from operations | $55,448 | $53,659 Werbung Mehr Nachrichten zur MORGUARD CORP. Aktie kostenlos abonnieren
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