Morguard Real Estate Investment Trust Announces 2024 Third Quarter Results
MISSISSAUGA, ON, Oct. 30, 2024 /CNW/ - Morguard Real Estate Investment Trust ("the Trust") (TSX:MRT) today is pleased to announce its 2024 Third Quarter Results.
In thousands of dollars, except per-unitamounts
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue from real estate properties
$63,293
$62,512
$191,737
$189,219
Net operating income
32,248
30,551
94,985
92,564
Fair value gains/(losses) on real estate properties
868
(52,047)
(65,597)
(88,885)
Net income/(loss)
15,571
(39,665)
(23,430)
(46,650)
Funds from operations 1
14,917
13,957
42,444
45,211
Adjusted funds from operations 1,2
8,750
7,889
24,192
27,295
Amounts presented on a per unit basis
Net income/(loss), basic
$0.24
($0.62)
($0.36)
($0.73)
Net income/(loss), diluted
$0.19
($0.62)
($0.36)
($0.73)
Funds from operations, basic 1
$0.23
$0.22
$0.66
$0.70
Funds from operations, diluted 1
$0.20
$0.19
$0.58
$0.61
Adjusted funds from operations, basic 1,2
$0.14
$0.12
$0.38
$0.42
Adjusted funds from operations, diluted 1,2
$0.13
$0.12
$0.36
$0.40
1.
The following represents a non-GAAP financial measure/ratio that does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries. This measure should be considered as supplemental in nature and not as substitutes for related financial information prepared in accordance with IFRS. Additional information on this non-GAAP financial measure/ratio can be found under the MD&A section Part I, "Specified Financial Measures".
2.
The Trust uses normalized productive capacity maintenance expenditures to calculate adjusted funds from operations.
SELECTED FINANCIAL INFORMATION
The table below sets forth selected financial data relating to the Trust's fiscal three and nine months ended September 30, 2024, and 2023. This financial data is derived from the Trust's condensed consolidated statements which are prepared in accordance with IFRS.
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
% Change
2024
2023
% Change
Revenue from real estate properties
$63,293
$62,512
1.2 %
$191,737
$189,219
1.3 %
Property operating expenses
(16,593)
(17,714)
(6.3 %)
(52,941)
(53,774)
(1.5 %)
Property taxes
(12,309)
(12,122)
1.5 %
(37,255)
(36,400)
2.3 %
Property management fees
(2,143)
(2,125)
0.8 %
(6,556)
(6,481)
1.2 %
Net operating income
32,248
30,551
5.6 %
94,985
92,564
2.6 %
Interest expense
(16,839)
(16,072)
4.8 %
(50,958)
(45,672)
11.6 %
General and administrative
(875)
(911)
(4.0 %)
(2,821)
(2,970)
(5.0 %)
Other items
(60)
(16)
275.0 %
(60)
(57)
5.3 %
Fair value gains/(losses) on real estate properties
868
(52,047)
(101.7 %)
(65,597)
(88,885)
(26.2 %)
Net income/(loss) from equity-accounted investment
229
(1,170)
(119.6 %)
1,021
(1,630)
(162.6 %)
Net income/(loss)
$15,571
($39,665)
(139.3 %)
($23,430)
($46,650)
(49.8 %)
CONSOLIDATED OPERATING HIGHLIGHTS
The following is an analysis of net operating income by asset type:
Three Months Ended September 30,
Nine Months Ended September 30,
