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02.05.2017 22:45
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Morguard North American Residential REIT Announces 2017 First Quarter Results
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Canada NewsWire
MISSISSAUGA, ON, May 2, 2017
MISSISSAUGA, ON, May 2, 2017 /CNW/ - Morguard North American Residential REIT (the "REIT") (TSX: MRG.UN) today announced its financial results for the three months ended March 31, 2017.
First Quarter Highlights
The REIT is reporting performance of:
- Adjusted net operating income ("Adjusted NOI") of $29.4 million for the three months ended March 31, 2017, an increase of $0.9 million, or 3.3% compared to 2016.
- Basic funds from operations ("FFO") of $15.3 million for the three months ended March 31, 2017, an increase of $1.3 million, or 9.0% over the same period in 2016.
- Basic FFO of $0.30 per Unit for the three months ended March 31, 2017 and 2016.
- FFO payout ratio for the three months ended March 31, 2017 of 52.9%.
On January 9, 2017, the REIT completed an offering for 4,370,000 Units sold for a price of $13.75 per Unit for aggregate gross proceeds of $60.1 million.
On February 1, 2017, the REIT repaid on maturity, four mortgages in the amount of $59.3 million (US$45.3 million) secured by four multi-suite residential properties located in Mobile, Alabama.
Financial and Operational Highlights
| As at | March 31, | December 31, | March 31, |
| (In thousands of dollars, except as noted otherwise) | 2017 | 2016 | 2016 |
| Operational Information | | | |
| Number of properties | 46 | 46 | 46 |
| Total suites | 13,472 | 13,472 | 13,472 |
| Occupancy percentage | 95.6% | 95.2% | 95.0% |
| Average monthly rent - Canada (in actual dollars) | $1,301 | $1,296 | $1,273 |
| Average monthly rent - U.S. (in actual U.S. dollars) | US$1,043 | US$1,038 | US$1,011 |
| | | | |
| Summary of Financial Information | | | |
| Gross book value | $2,293,570 | $2,285,727 | $2,141,201 |
| Indebtedness | $1,165,776 | $1,237,613 | $1,199,692 |
| Indebtedness to gross book value ratio | 51% | 54% | 56% |
| Weighted average mortgage interest rate | 3.6% | 3.6% | 3.7% |
| Weighted average term to maturity on mortgages payable (years) | 5.7 | 5.7 | 5.3 |
| Exchange rates - Canadian dollar to United States dollar | $0.75 | $0.74 | $0.77 |
| Exchange rates - United States dollar to Canadian dollar | $1.33 | $1.34 | $1.30 |
| For the three months ended March 31 | | |
| (In thousands of dollars, except per Unit amounts) | 2017 | 2016 |
| Summary of Financial Information | | |
| Interest coverage ratio | 2.25 | 1.97 |
| Indebtedness coverage ratio | 1.53 | 1.36 |
| Revenue from income producing properties | $55,621 | $54,354 |
| NOI | $16,917 | $16,272 |
| Adjusted NOI | $29,426 | $28,482 |
| Same Property Adjusted NOI | $28,659 | $28,020 |
| Net operating margin | 53% | 52% |
| FFO - basic | $15,277 | $14,019 |
| FFO - diluted | $15,965 | $14,713 |
| FFO per Unit - basic Werbung Mehr Nachrichten zur MORGUARD NA RESIDENTIAL REIT UNITS Aktie kostenlos abonnieren
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