Bullboard - Stock Discussion Forum Morguard North American Residential Real Estate Inv 6 00 Convertible Unsecured Subordinated Debentures T.MRG.DB.B

Alternate Symbol(s): MNARF | T.MRG.UN

Morguard North American Residential Real Estate Investment Trust (the REIT) is an open-ended real estate investment trust. The REIT owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and... see more

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Morguard North American Residential Real Estate Inv 6 00 Convertible Unsecured Subordinated Debentures > 2021 Third Quarter Results

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Post by Betteryear2 on Oct 26, 2021 4:40pm

2021 Third Quarter Results

MISSISSAUGA, ON, Oct. 26, 2021 /CNW/ - Morguard North American Residential REIT (the "REIT") (TSX: MRG.UN) today announced its financial results for the three and nine months ended September 30, 2021.

Third Quarter Highlights
The REIT is reporting third quarter performance of:

Net operating income ("NOI") of $37.1 million for the three months ended September 30, 2021, a decrease of $1.7 million (or 4.3%) compared to 2020, and Proportionate NOI $32.6 million for the three months ended September 30, 2021 a decrease of $1.1 million (or 3.2%) compared to 2020. The change in foreign exchange rate decreased NOI and Proportionate NOI by $1.4 million and $1.1 million, respectively.
Same Property Proportionate NOI in Canada decreased by $0.3 million (or 2.4%), and in the U.S. increased by US$0.1 million (or 0.7%), compared to 2020.
Basic funds from operations ("FFO") of $16.2 million for the three months ended September 30, 2021 compared to $16.1 million over the same period in 2020.
Basic FFO of $0.29 per Unit for the three months ended September 30, 2021, compared to $0.29 per Unit over the same period in 2020.
FFO payout ratio for the three months ended September 30, 2021 of 60.9% compared to 61.1% in 2020.
Net income of $86.7 million for the three months ended September 30, 2021, compared to $53.5 million over the same period in 2020.

The REIT is reporting the following corporate and portfolio highlights:

The REIT's redevelopment property, 1643 Josephine Street, New Orleans, Louisiana, reached stabilized occupancy and is currently 90.4% occupied and 98.2% leased. The repositioned asset further improves the overall quality of the portfolio having an average monthly rent ("AMR") of $1,822.
As at October 26, 2021, the REIT's collection of rental revenue in Canada and in the U.S. continues to be strong, exceeding 99% on average throughout the first three quarters of 2021.
As at September 30, 2021, AMR in Canada increased by 3.3% compared to September 30, 2020, while occupancy decreased to 92.7% at September 30, 2021, compared to 96.4% at September 30, 2020.
As at September 30, 2021, AMR in the U.S. on a Same Property basis increased by 4.1% compared to September 30, 2020, while occupancy maintained optimum levels at 96.4% at September 30, 2021, compared to 93.3% at September 30, 2020.
As at September 30, 2021, indebtedness to gross book value ratio was 40.2%, compared to 42.8% as at December 31, 2020.