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Morguard North American Residential REIT Announces 2017 Second Quarter Results

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Canada NewsWire

MISSISSAUGA, ON, Aug. 1, 2017

MISSISSAUGA, ON, Aug. 1, 2017 /CNW/ - Morguard North American Residential REIT (the "REIT") (TSX: MRG.UN) today announced its financial results for the three and six months ended June 30, 2017.

Second Quarter Highlights

On May 15, 2017, the REIT acquired a newly-constructed property comprising 60 rental townhomes located in Toronto, Ontario, for a purchase price of $16.7 million, including closing costs.

The REIT is reporting performance of:

Adjusted net operating income ("Adjusted NOI") of $31.0 million for the three months ended June 30, 2017, an increase of $2.8 million, or 10.1% compared to 2016.
Basic funds from operations ("FFO") of $16.3 million for the three months ended June 30, 2017, an increase of $2.4 million, or 17.4% over the same period in 2016.
Basic FFO of $0.32 per Unit for the three months ended June 30, 2017, a 6.7% increase as compared to the $0.30 per Unit for the second quarter of 2016.
FFO payout ratio for the three months ended June 30, 2017 of 49.9%.
During second quarter, the REIT completed $81.3 million (US$60.9 million) of refinancing secured by three residential properties located in Colorado, Georgia and Florida, at a weighted average interest rate of 3.84% and a weighted average term of 10 years. The refinancing resulted in $26.6 million (US$20.0 million) of additional mortgage proceeds on the maturing loans which had a weighted average interest rate of 4.46%. The REIT has now completed financing arrangements on all mortgages scheduled to mature during 2017.

Financial and Operational Highlights

As at

June 30,

ARIVA.DE Börsen-Geflüster

Kurse

MORGUARD NA RESIDENTIAL REIT UNITS

11,72 $

+4,41%

MORGUARD NA RESIDENTIAL REIT UNITS Chart

December 31,

June 30,

(In thousands of dollars, except as noted otherwise)

2017

2016

Operational Information

Number of properties

Total suites

13,532

13,472

Occupancy percentage

95.7%

95.2%

95.6%

Average monthly rent - Canada (in actual dollars)

$1,308

$1,296

$1,279

Average monthly rent - U.S. (in actual U.S. dollars)

US$1,052

US$1,038

US$1,020

Summary of Financial Information

Gross book value

$2,354,943

$2,285,727

$2,151,617

Indebtedness

$1,172,213

$1,237,613

$1,196,995

Indebtedness to gross book value ratio

50%

54%

56%

Weighted average mortgage interest rate

3.5%

3.6%

3.7%

Weighted average term to maturity on mortgages payable (years)

6.1

5.7

5.3

Exchange rates - Canadian dollar to United States dollar

$0.77

$0.74

$0.77

Exchange rates - United States dollar to Canadian dollar

$1.30

$1.34

$1.29

Three months ended

Six months ended

June 30

(In thousands of dollars, except per Unit amounts)

2017

2016

2017

2016

Summary of Financial Information

Interest coverage ratio

2.38

2.00

2.32

1.99

Indebtedness coverage ratio

1.64

1.36

1.58

1.36

Revenue from income producing properties

$57,201

$53,586

$112,822

$107,940

NOI

$35,165

$31,988

$52,082

$48,260

Adjusted NOI

$31,021

$28,185

$60,447

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