Latest news with #MorguardRealEstateInvestmentTrust
Cision Canada
15-05-2025
- Business
- Cision Canada
Morguard Real Estate Investment Trust Declares May 2025 Distribution of 2 Cents per Unit
MISSISSAUGA, ON, May 15, 2025 /CNW/ - Morguard Real Estate Investment Trust (the "Trust") (TSX: today announced that it has declared a distribution of 2 cents per unit for the month of May 2025. The distribution will be payable on June 16, 2025 to unitholders of record as at May 30, 2025. About Morguard Real Estate Investment Trust The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 45 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.1 million square feet of leasable space. For more information, please visit SOURCE Morguard Real Estate Investment Trust
Cision Canada
09-05-2025
- Business
- Cision Canada
Morguard Real Estate Investment Trust Announces Voting Results from the 2025 Annual Meeting of Unitholders
MISSISSAUGA, ON, May 9, 2025 /CNW/ - Morguard Real Estate Investment Trust ("the Trust") (TSX: today announced the results of matters voted on at its annual unitholders' meeting held on May 7, 2025 (the "Meeting"), which included the election of trustees of the Trust, all of the nominees listed in its management information circular dated March 14, 2025. The voting results for each of the matters presented at the Meeting are presented below. The total number of units represented by unitholders present in person or by proxy at the meeting was 56,010,819 representing 86.69% of the Trust's outstanding units. 1. Election of Trustees The seven (7) nominees proposed by management were elected as trustees of the Trust to hold office until the termination of the next annual meeting of unitholders or until their successors are duly elected or appointed, subject to the provisions of the Trust's Declaration of Trust. Proxies were received on this matter as follows: 2. Appointment of Auditors The firm of Ernst & Young LLP, chartered accountants, was appointed as auditor of the Trust to hold office until the close of the next annual meeting of the unitholders or until their successors are duly appointed, and to authorize the trustees to fix the remuneration of the auditor. Proxies were received on this matter as follows: Votes For % Votes Withheld % 55,922,360 99.84 86,859 0.16 About Morguard Real Estate Investment Trust The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 45 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.1 million square feet of leasable space. For more information, please visit SOURCE Morguard Real Estate Investment Trust
Yahoo
03-05-2025
- Business
- Yahoo
Morguard Real Estate Investment Trust First Quarter 2025 Earnings: CA$0.18 loss per share (vs CA$0.57 loss in 1Q 2024)
Revenue: CA$60.3m (down 6.9% from 1Q 2024). Net loss: CA$11.7m (loss narrowed by 68% from 1Q 2024). CA$0.18 loss per share (improved from CA$0.57 loss in 1Q 2024). We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. All figures shown in the chart above are for the trailing 12 month (TTM) period Looking ahead, revenue is forecast to stay flat during the next 2 years compared to a 6.2% growth forecast for the REITs industry in Canada. Performance of the Canadian REITs industry. The company's shares are down 2.3% from a week ago. We should say that we've discovered 1 warning sign for Morguard Real Estate Investment Trust that you should be aware of before investing here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Cision Canada
30-04-2025
- Business
- Cision Canada
Morguard Real Estate Investment Trust Announces 2025 First Quarter Results
MISSISSAUGA, ON, April 30, 2025 /CNW/ - Morguard Real Estate Investment Trust ("the Trust") (TSX: today is pleased to announce its 2025 First Quarter Results. In thousands of dollars, except per-unit amounts Three Months Ended March 31, 2025 2024 Revenue from real estate properties $60,347 $64,398 Net operating income 25,700 30,905 Fair value losses on real estate properties (20,886) (50,223) Net loss (11,665) (36,775) Funds from operations 1 9,162 13,419 Adjusted funds from operations 1,2 807 7,409 Amounts presented on a per unit basis Net loss – basic ($0.18) ($0.57) Net loss – diluted ($0.18) ($0.57) Funds from operations – basic 1 $0.14 $0.21 Funds from operations – diluted 1 $0.13 $0.18 Adjusted funds from operations – basic 1,2 $0.01 $0.12 Adjusted funds from operations – diluted 1,2 $0.01 $0.11 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 months ended March 31, 2025, and 2024. This financial data is derived from the Trust's condensed consolidated statements which are prepared in accordance with IFRS. CONSOLIDATED OPERATING HIGHLIGHTS The following is an analysis of net operating income by asset type: For the three months ended March 31, 2025 2024 % Change Enclosed regional centres $9,148 $10,171 (10.1 %) Community strip centres 5,459 5,801 (5.9 %) Subtotal – retail 14,607 15,972 (8.5 %) Single-/dual-tenant buildings 7,120 8,089 (12.0 %) Multi-tenant buildings 1,814 1,903 (4.7 %) Penn West Plaza 1,287 4,423 (70.9 %) Subtotal – office 10,221 14,415 (29.1 %) Industrial 872 518 68.3 % Net operating income $25,700 $30,905 (16.8 %) The decrease in enclosed regional centres net operating income for the three months ended March 31, 2025, is due to increases in bad debt expense of $0.9 million, mostly for Comark Holdings Inc. ("Comark") and The Hudson's Bay Company ("The Bay"), coupled with a decrease of $0.3 million in percentage rent. Bad debt expense for the three months ended March 31, 2024, was a recovery in the amount of $0.3 million. The decrease in community strip centres net operating income for the three months ended March 31, 2025, is due to the sale of Heritage Towne Centre during the second quarter of 2024. The decrease in single-/dual tenant buildings net operating income for the three months ended March 31, 2025, is due to decreases in basic rent of $0.4 million, coupled with increased vacancy costs of 0.4 million. These decreases stem from a renewal at one of the Trust's BC properties, which included the downsizing of a tenant, and lower lease cancellation fees at the Trust's Quebec property. The decrease in Penn West Plaza net operating income for the three months ended March 31, 2025, is due to decreased revenue of $3.2 million stemming from the expiry of the Obsidian Energy lease on February 1, 2025, and the reset of the above-market rents. The decrease at Penn West comprises $2.0 million in basic rent, $0.9 million in vacancy costs, and $0.3 million in recoveries from tenants. The increase in industrial net operating income for the three months ended March 31, 2025, is due to increased basic rent at one of the Trust's industrial properties, as well as increased occupancy. Revenue from real estate properties includes contracted rent from tenants along with recoveries of property expenses (including property taxes). The following is an analysis of revenue from real estate properties by segment: The following is an analysis of revenue from real estate properties by revenue type: Property operating expenses include costs related to interior and exterior maintenance, insurance and utilities. Property operating expenses for the three months ended March 31, 2025, increased 6.8% to $19.7 million from $18.4 million for the same period in 2024. This increase is primarily due to bad debt expense for Comark and The Bay, both in the enclosed mall asset class. Net operating income for the three months ended March 31, 2025, decreased 16.8% compared to 2024. This decrease results mainly from decreased revenue of $3.2 million at Penn West Plaza stemming from the expiry of the Obsidian Energy lease on February 1, 2025, and the reset of the above-market rents. The remaining decrease in NOI is due to a change in bad debt expense in the amount of $1.1 million, including Comark and The Bay, both in the enclosed mall portfolio, coupled with decreased income of $0.7 million from the sale of Heritage Towne Centre in the second quarter of 2024. Interest expense for the three months ended March 31, 2025, decreased 5.1% compared to the same period in 2024. This decrease is primarily due to lower interest rates on both variable and new fixed rate debt, coupled with a $28.3 million decline in overall debt levels, both on a year-over-year basis. The Trust records its income producing properties at fair value in accordance with IFRS. These adjustments are a result of the Trust's regular quarterly IFRS fair value process. In accordance with this policy, the following fair value adjustments by segment have been recorded: Reported net loss for the three months ended March 31, 2025, was $11.7 million as compared to a loss of $36.8 million in 2024. This change is mainly due to the lower fair value losses recorded, as described above. FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS The Trust presents FFO and AFFO in accordance with the current definition of the REALPAC. In thousands of dollars, except per unit amounts Three Months Ended March 31, 2025 2024 % Change Net loss ($11,665) ($36,775) (68.3 %) Adjustments: Fair value losses on real estate properties 1 20,849 50,215 (58.5 %) Amortization of right-of-use assets 18 — — % Payment of lease liabilities, net (40) (21) 90.5 % Funds from operations – basic 9,162 13,419 (31.7 %) Interest expense on convertible debentures 2,058 2,058 — % Funds from operations – diluted $11,220 $15,477 (27.5 %) Funds from operations – basic $9,162 $13,419 (31.7 %) Adjustments: Amortized stepped rents 1 395 240 64.6 % Normalized PCME (8,750) (6,250) 40.0 % Adjusted funds from operations – basic 807 7,409 (89.1 %) Interest expense on convertible debentures 2,058 2,058 — % Adjusted funds from operations – diluted $2,865 $9,467 (69.7 %) 1. Includes respective adjustments included in net income from equity-accounted investment. SPECIFIED FINANCIAL MEASURES The Trust reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). However, this earnings release also uses specified financial measures that are not defined by IFRS which follow the disclosure requirements established by National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. Specified financial measures are categorized as non-GAAP financial measures, non-GAAP ratios, and other financial measures. Additional details on specified financial measures including supplementary financial measures, capital management measures and total segment measures are set out in the Trust's Management's Discussion and Analysis for the period ended March 31, 2025 and available on the Trust's profile on SEDAR+ at The following Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries. These measures should be considered as supplemental in nature and not as substitutes for related financial information prepared in accordance with IFRS. The Trust's management uses these measures to aid in assessing the Trust's underlying core performance and provides these additional measures so that investors may do the same. Management believes that the non-GAAP financial measures, which supplement the IFRS measures, provide readers with a more comprehensive understanding of management's perspective on the Trust's operating results and performance. FUNDS FROM OPERATIONS ("FFO") FFO is a non-GAAP measure widely used as a real estate industry standard that supplements net income and evaluates operating performance but is not indicative of funds available to meet the Trust's cash requirements. FFO can assist with comparisons of the operating performance of the Trust's real estate between periods and relative to other real estate entities. FFO is computed by the Trust in accordance with the current definition of the Real Property Association of Canada ("REALPAC") and is defined as net income adjusted for fair value changes on real estate properties and gains/(losses) on the sale of real estate properties. The Trust considers FFO to be a useful measure for reviewing its comparative operating and financial performance. ADJUSTED FUNDS FROM OPERATIONS ("AFFO") AFFO is a non-GAAP measure that was developed to be a recurring economic earnings measure for real estate entities. The Trust presents AFFO in accordance with the current definition of the REALPAC. The Trust defines AFFO as FFO adjusted for straight-line rent and productive capacity maintenance expenditures ("PCME"). AFFO should not be interpreted as an indicator of cash generated from operating activities as it does not consider changes in working capital. Financial Statements and Management's Discussion and Analysis The Trust's Q1 2025 Consolidated Financial Statements and Management's Discussion and Analysis will be made available on the Trust's website at and have been filed with SEDAR+ at About Morguard Real Estate Investment Trust The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 45 retail, office and industrial income producing properties in Canada with a book value of $2.2 billion and approximately 8.1 million square feet of leasable space. SOURCE Morguard Real Estate Investment Trust
