Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Hamburger menu
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

Morguard Corporation Announces 2014 Results and Regular Eligible Dividend


News provided by

Morguard Corporation

Mar 06, 2015, 15:40 ET

Share this article

Share toX

Share this article

Share toX

TSX: MRC

MISSISSAUGA, ON, March 6, 2015 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX: MRC) announced its financial results for the year ended December 31, 2014.

HIGHLIGHTS

  • Total revenue from real estate properties increased by 9.6% to $566 million compared to $517 million in 2013.
  • Normalized net operating income ("Normalized NOI"), which excludes the impact of IFRIC 21 and land rent arbitration expense, increased by 12.0% to $250 million compared to $223 million for the same period in 2013.
  • Consolidated funds from operations ("Consolidated FFO"), increased by 3.1% to $175 million for the year ended December 31, 2014 compared to $170 million for the same period in 2013.
  • The Company refinanced $468 million of maturing mortgage debt, and in doing so, lowered its weighted average interest rate at December 31, 2014 to 4.17% (December 31, 2013 – 4.47%) and extended its weighted average term to maturity to 5.7 years (December 31, 2103 – 4.8 years).
  • The Company repurchased 233,232 of its common shares for total consideration of $32 million, representing an average price of $137.88 per common share.
  • Strong leasing activity at the Company's two developments: (1) Performance Court, Ottawa, Ontario is now 95% leased (2) The Heathview's North Tower is now 55% leased and (3) The Heathview's South Tower commenced leasing in early 2015 and is 21% leased.
  • On December 31, 2014, the Company commenced consolidating its investment in Morguard REIT. This accounting change had a significant impact on the Company's year end balance sheet. The 2014 statement of income was only impacted through the recognition of a $16 million non-cash loss resulting from the consolidation.

All amounts in thousands of Canadian dollars, except for per share amounts, unless otherwise noted.

FINANCIAL HIGHLIGHTS








Years ended December 31,








(in thousands of dollars)




2014



2013

Revenue from income producing properties




$472,808



$417,376

Management and advisory fees




73,440



74,641

Interest and other




14,970



12,117

Sales of product and land




5,108



12,748

Total revenues




$566,326



$516,882









Revenue from income producing properties




$472,808



$417,376

Property operating costs




(223,431)



(190,789)

Land lease arbitration expense




(8,184)



(25,091)

Net operating income




$241,193



$201,496









Consolidated funds from operations (FFO)




$174,988



$169,782

Consolidated FFO per share – basic and diluted




$13.98



$13.39









Net income attributable to common shareholders




$136,703



$286,392









Net income per share – basic and diluted




$10.92



$22.58

NET INCOME
Net income attributable to Morguard shareholders for the year ended December 31, 2014, was $136.7 million ($10.92 per share), compared to $286.4 million ($22.58 per share) in 2013. The decrease in net income of $149.7 million for the year ended December 31, 2014, was primarily due to a decrease in equity income from investments of $43.4 million, a decrease in other income of $20.9 million, a decrease in net fair value gains of $82.9 million, a loss on business combination of $16.3 million, an increase in interest expense of $12.1 million and an increase in income taxes of $10.0 million. These items were partially offset by an increase in net operating income of $39.7 million.

NET OPERATING INCOME


























Years ended December 31


2014


2013

(In thousands of dollars)


NOI


Adjustments


Normalized
NOI


NOI


Adjustments


Normalized
NOI

Net operating income -
Canadian properties













Multi-unit residential


$55,775


$1,064


$56,839


$52,505


$3,263


$55,768

Retail


28,760


6,956


35,716


14,157


21,327


35,484

Office and industrial


46,830


164


46,994


40,090


501


40,591

Hotel


9,240


-


9,240


9,144


-


9,144



140,605


8,184


148,789


115,896


25,091


140,987

Net operating income – U.S.
properties in U.S. dollars













Multi-unit residential


67,019


-


67,019


59,496


(3,789)


55,707

Retail


24,006


-


24,006


23,437


-


23,437



91,025


-


91,025


82,933


(3,789)


79,144

Exchange amount to Canadian dollars


9,563


-


9,563


2,667


(189)


2,478

Net operating income – U.S. properties in Canadian dollars


100,588


-


100,588


85,600


(3,978)


81,622

Net operating income


$241,193


$8,184


$249,377


$201,496


($21,113)


$222,609

Normalized NOI for the year ended December 31, 2014, increased by $26.8 million to $249.4 million compared to $222.6 million in 2013, representing an increase of 12.0%. The increase was predominantly the result of the acquisition of 12 U.S. multi-unit residential properties in 2013 of $11.8 million, lease cancellation fees of $5.0 million, two acquisitions completed in Canada during 2013 of $4.8 million (a multi-unit residential property - $1.6 million and five hotel properties - $3.2 million), the completion of the Performance Court development project in 2014 of $1.5 million and an industrial development project completed in 2013 of $1.3 million. These items were partially offset by a decrease in NOI of $3.2 million at the Company's hotel in Ottawa, Ontario as a result of the lessee terminating the lease during the fourth quarter of 2013.  The change in the foreign exchange rate increased Normalized NOI in 2014 by $7.0 million.

CONSOLIDATED FUNDS FROM OPERATIONS
For the year ended December 31, 2014, the Company recorded Consolidated FFO of $175.0 million ($13.98 per share), compared to $169.8 million ($13.39 per share) in 2013. The increase in Consolidated FFO of $5.2 million is mainly due to an increase in net operating income excluding the impact of IFRIC 21 of $43.7 million, an increase in interest and other income of $2.9 million, an increase in Morguard REIT's equity-accounted FFO of $3.7 million and a decrease in current taxes of $0.9 million. These items were partially offset by an increase in interest expense of $12.1 million, a net loss of $7.9 million incurred on the disposition of the marketable securities, a non-recurring arbitration settlement received in 2013 of $15.4 million, an increase in property management and corporate expense of $3.5 million, a decrease in equity income of $1.9 million and a decrease in management and advisory fees of $1.2 million. The change in foreign exchange rates had a positive impact on Consolidated FFO of $4.1 million ($0.32 per share).

Consolidated FFO includes a number of non-recurring items that significantly impact the result.  The significant non-recurring items are (i) loss on sale of marketable securities of $7.9 million in 2014; (ii) the arbitration settlement received in 2013 of $15.4 million and (iii) the increase in the land rent arbitration expense of $16.9 million recorded in 2013. Consolidated FFO for the year ended December 31, 2014 would have been $181.9 million, or $14.52 per share, versus $170.9 million, or $13.47, per share for the same period in 2013, which represents an increase of $11.0 million, or 6.4%.

Consolidated Funds From Operations - Morguard's Share

Years ended December 31




 

2014



 

2013

(In thousands of dollars, except for per share amounts)








Consolidated FFO




$174,988



$169,782

Less non-controlling interest: Morguard Residential REIT




(22,935)



(17,324)

Consolidated Funds From Operations - Morguard's share




$152,053



$152,458

Per share amounts – basic and diluted




$12.14



$12.02

The Company's Consolidated FFO includes funds available to the non-controlling interests of Morguard North American Residential REIT. Morguard's share of Consolidated FFO removes the non-controlling interest.

Morguard's share of Consolidated FFO for the year ended December 31, 2014, totalled $152.1 million or $12.14 per share, compared to $152.5 million or $12.02 per share in 2013, which represents a decrease of $0.4 million.

FIRST QUARTER DIVIDEND
The board of directors of Morguard Corporation announced that the first quarterly, eligible dividend of 2015 in the amount of $0.15 per common share will be paid on March 31, 2015, to shareholders of record at the close of business on March 16, 2015.

NORMAL COURSE ISSUER BID
Morguard has obtained approval from the Toronto Stock Exchange ("TSX") to amend its normal course issuer bid ("NCIB") announced September 15, 2014.

In addition to purchases made through the facilities of the TSX, the Company and its designated broker may make purchases on alternative Canadian trading platforms.  Daily purchases will be limited to 1,000 common shares, subject to the Company's ability to rely upon the block purchase exception under the TSX rules.  All purchases will be made at market prices and otherwise in accordance with the rules of the TSX and all common shares purchased under the NCIB will be cancelled.  Pursuant to the NCIB, which commenced on September 22, 2014, and expires on September 21, 2015, the Company purchased 138,432 common shares.

Readers are cautioned that although the terms "Normalized Net Operating Income", and "Consolidated Funds From Operations" are commonly used to measure, compare and explain the operating and financial performance of Canadian real estate companies and such terms are defined in the Management's Discussion and Analysis, such terms are not recognized terms under Canadian generally accepted accounting principles.  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.

The Company's audited financial statements for the year ended December 31, 2014, along with the Management's Discussion and Analysis will be available on the Company's website at www.morguard.com and will be filed with SEDAR at www.sedar.com.

Morguard Corporation is a real estate company, which owns a diversified portfolio of 170 multi-unit residential, retail, office, industrial and hotel properties comprising of 16,423 multi-unit residential suites, approximately 16.5 million square feet of commercial leasable space and 1,056 hotel rooms. Morguard Corporation also currently owns a 46.8% interest in Morguard Real Estate Investment Trust and a 48.7% effective interest in Morguard North American Residential Real Estate Investment Trust.  Morguard also provides advisory and management services to institutional and other investors. For more information, visit the Company's website at www.morguard.com.

SOURCE Morguard Corporation

please contact: Morguard Corporation, K. (Rai) Sahi, Chief Executive Officer, (905) 281-3800; Paul Miatello, Chief Financial Officer, (905) 281-3800

Related Links

http://www.morguard.com

Modal title

Organization Profile

Morguard Corporation

    Also from this source

  • Morguard Rings TSX Closing Bell to Commemorate 50 Years of Excellence

  • Trader Joe's Opens at The Square in Rockville

  • Investor Demand Exceeded Acquisition Opportunities in Multi-Suite Residential Rental Property Market in Q1 2025: Morguard

Contact Cision

  • 866-245-2317
    from 8 AM - 10 PM ET
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2025 CNW Group Ltd. All Rights Reserved. A Cision company.