Ottawa Business Journal - Real Estate - Non-residential

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Morguard REIT Q3 earnings rise 17%

(File photo)

Published on November 2, 2012; Published on November 2, 2012
The Canadian Press ~ OBJ

Morguard Real Estate Investment Trust (TSX:MRT.UN) says third-quarter net income was up 17 per cent to $53 million.

Topics :: Morguard REIT , St. Laurent Centre , Time Square , Mississauga , Canada , Ottawa

The REIT, based in Mississauga, Ont. said quarterly net income amounted to 85 cents per diluted share, up from $45.3 million, or 74 cents per diluted share.

Funds from operations - an important industry metric that excludes one-time items, valuation adjustments and non-cash items - rose to $20.7 million from $19.4 million in the same quarter of 2011.

Revenue from real estate properties rose to $61.3 million from $58 million.

Morguard REIT owns a diversified portfolio of 53 retail, office and mixed-use properties in Canada with a book value of $2.2 billion and approximately 8.5 million square feet of leaseable space.

In Ottawa, its portfolio includes the St. Laurent Centre, the Time Square office building in the ByWard Market and a 50-per-cent interest in the office building at 350 Sparks St., according to Morguard REIT.

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