Stock Name: MRT.UN
Amount: CAD 0.96
Announcement Date: 27/02/2012
Record Date: 28/03/2012
Dividend Detail:
TSX: MRT.UN
MISSISSAUGA, ON, Feb. 27, 2012 /CNW/ - Morguard Real Estate Investment
Trust ("the Trust") (TSX: MRT.UN) today announced that net income for
the year ended December 31, 2011 was $158.3 million or $2.77 per unit,
compared with $174.4 million or $3.07 per unit in 2010. Net income for
the three months ended December 31, 2011 was $48.4 million or $0.84 per
unit, compared to $56.7 million or $1.00 per unit for the same period
in 2010.
Funds from operations ("FFO") for the year ended December 31, 2011 was
$79.5 million or $1.39 per unit ($1.35 per unit fully diluted),
compared to $71.8 million or $1.26 per unit ($1.22 per unit fully
diluted) in 2010. FFO for the three months ended December 31, 2011 was
$21.4 million or $0.36 per unit ($0.36 per unit fully diluted) compared
to $20.5 million or $0.36 per unit ($0.35 per unit fully diluted) for
the same period in 2010.
Net operating income for the year ended December 31, 2011 was $133.8
million, compared to $123.6 million in 2010. Net operating income for
the three months ended December 31, 2011 was $35.0 million, compared
with $34.4 million during the same period in 2010.
DISTRIBUTION INCREASE
The board of Trustees of Morguard REIT announced an increase in the
distribution paid to unitholders. The increase to $0.96 per unit per
annum (from $0.90 currently) will be effective for unitholders of
record at the close of business on March 30, 2012.
NET OPERATING INCOME, FFO
This press release and accompanying financial information make reference
to net operating income and funds from operations ("FFO") on a total
and per unit basis. Net operating income is defined as income from
property operations after operating expenses have been deducted, but
prior to deducting interest expense, general and administrative
expenses and fair value gains (losses). FFO is defined as net income
prior to extraordinary items, valuation adjustments, and certain other
non-cash items, if any.
Readers are cautioned that although the terms "Net Operating Income" and
"Funds from Operations" are commonly used to measure, compare and
explain the operating and financial performance of Canadian real estate
investment trusts and such terms are defined in the Management's
discussion and Analysis, such terms are not recognized terms under
IFRS. Such terms do not necessarily have a standardized meaning and
may not be comparable to similarly titled measures presented by the
other publicly traded entities.
FINANCIAL STATEMENTS AND MORGUARD'S DISCUSSION AND ANALYSIS
Morguard REIT's 2011 Consolidated Financial Statement and Management's
Discussion and Analysis along with its 2010 Annual Report are available
on Morguard REIT's website at www.morguardreit.com and have been filed with SEDAR at www.sedar.com
ABOUT MORGUARD REAL ESTATE INVESTMENT TRUST
Morguard REIT is a closed-end real estate investment trust, which owns a
diversified portfolio of 53 retail, office and mixed-use properties in
Canada with a book value of $2.1 billion and approximately 8.5 million
square feet of leaseable space.
Consolidated Balance Sheet
(In thousands of dollars, except per-unit amounts) | | 2011 | | | 2010 |
| | | | | |
Assets | | | | | |
Real estate properties | $ | 2,119,084 | | $ | 1,935,901 |
Amounts receivable | | 8,851 | | | 7,756 |
Other assets | | 1,321 | | | 981 |
Cash and cash equivalents | | 8,134 | | | 7,441 |
| $ | 2,137,390 | | $ | 1,952,079 |
| | | | | |
Liabilities | | | | | |
Mortgages and bonds payable | $ | 799,672 | | $ | 760,219 |
Convertible debentures payable | | 86,457 | | | 94,974 |
Accounts payable and other liabilities | | 34,496 | | | 34,300 |
Bank indebtedness | | 43,852 | | | 8,620 |
| | | | | |
Unitholders' Equity | | 1,172,913 | | | 1,053,966 |
| $ | 2,137,390 | | $ | 1,952,079 |
Consolidated Statements of Income and Comprehensive Income
Three months ended December 31, | Year ended December 31, | ||||||||
(In thousands of dollars, except per-unit amounts) | | 2011 | | 2010 | | 2011 | | 2010 | |
| | | | | | | | | |
Revenue from real estate properties | $ | 60,673 | $ | 60,052 | $ | 235,693 | $ | 220,301 | |
Property operating expenses | | 23,679 | | 23,764 | | 94,238 | | 89,479 | |
Property management fees | | 2,036 | | 1,925 | | 7,676 | | 7,237 | |
Net operating income | | 34,958 | | 34,363 | | 133,779 | | 123,585 | |
| | | | | | | | | |
Interest expense | | 12,692 | | 12,929 | | 50,833 | | 48,571 | |
General and administrative | | 954 | | 1,240 | | 4,538 | | 4,472 | |
Amortization expense | | 11 | | 19 | | 48 | | 79 | |
Other expenses / (income) | | 14 | | (3) | | 5 | | (40) | |
Income before fair value changes on real estate properties and loss on sale of real estate properties | | 21,287 | | 20,178 | | 78,355 | | 70,503 | |
| | | | | | | | | |
Fair value gains on real estate properties | | 27,086 | | 36,514 | | 79,947 | | 104,137 | |
Loss on sale of real estate properties | | | | (1) | | | | (276) | |
Net income for the year | $ | 48,373 | $ | 56,691 | $ | 158,302 | $ | 174,364 | |
| | | | | | | | | |
Other comprehensive income | | | | | | | | | |
Amortization - cash flow hedge | | 240 | | 234 | | 951 | | 930 | |
Comprehensive income | $ | 48,613 | $ | 56,925 | $ | 159,253 | $ | 175,294 | |
| | | | | | | | | |
Net income per-unit | | | | | | | | | |
Basic | $ | 0.84 | $ | 1.00 | $ | 2.77 | $ | 3.07 | |
Diluted | $ | 0.80 | $ | 0.92 | $ | 2.62 | $ | 2.85 | |
Reconciliation of Net Income to Funds from Operations
Three months ended December 31, | Year ended December 31, | |||||||||
(In thousands of dollars, except per-unit amounts) | | 2011 | | 2010 | | 2011 | | 2010 | ||
| | | | | | | | | ||
Net income for the year | $ | 48,373 | $ | 56,691 | $ | 158,302 | $ | 174,364 | ||
| | | | | | | | | ||
Add / (deduct): | | | | | | | | | ||
Accretion of convertible debentures | | 80 | | 357 | | 1,121 | | 1,250 | ||
Fair value gains on real estate properties | | (27,086) | | (36,514) | | (79,947) | | (104,137) | ||
Loss on sale of real estate properties | | | | 1 | | | | 276 | ||
Funds from operations | $ | 21,367 | $ | 20,535 | $ | 79,476 | $ | 71,753 | ||
| | | | | | | | | ||
Funds from operations per-unit | | | | | | | | | ||
Basic | $ | 0.36 | $ | 0.36 | $ | 1.39 | $ | 1.26 | ||
Diluted | $ | 0.36 | $ | 0.35 | $ | 1.35 | $ | 1.22 | ||
For further information:
K. (Rai) Sahi, President and Chief Executive Officer, Tel: 905.281.4800, or;
Tim Walker, Vice President and Chief Financial Officer, Tel: 905.281.4800
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