Sign In

 

 

Morguard to Participate in Earth Hour 2017 on March 25th, 2017 at 8:30 PMGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment;GP0|#3e31cf64-7302-4306-b3fd-abaa24a28863;L0|#03e31cf64-7302-4306-b3fd-abaa24a28863|Property Management2017-03-20T04:00:00Z<p>​​​<span style="font-size:1em;background-color:transparent;color:inherit;">Morguard is committed to a company-wide sustainability program that includes operating our properties responsibly to reduce our environmental footprint. Morguard has taken part in Earth Hour every year since 2009 and we are again pleased to participate this year on Saturday, March 25th.</span></p><p> </p><p><strong>WHAT IS MORGUARD DOING FOR EARTH HOUR?</strong></p><p>Where possible, Morguard's properties will be turning off all non-essential lighting and signage but emergency lighting and security systems will remain on as usual. Various forms of communication have been distributed to our tenants and customers to make them aware of this, as well as inviting them to join in and participate at work and at home. </p><p> </p><p>Learn more about Earth Hour by visiting <a href="http://www.earthhour.org/" target="_blank">EarthHour.org​​​​</a></p><p><img src="/PublishingImages/News_Knowledge/Posts/2017-Earth-Hour.jpg" alt="" style="margin:5px;" /><br></p><p><br></p>http://morguard.com/news-knowledge/posts/2017-earth-hour
Morguard North American Residential REIT Declares March 2017 Distribution of $0.05333 per UnitGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-03-15T04:00:00Z<p>​​​​​<span style="font-size:1em;background-color:transparent;color:inherit;">Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) today announced that it has declared a distribution of $0.05333 per unit for the month of March 2017.  The distribution will be payable on April 13, </span>2017<span style="font-size:1em;background-color:transparent;color:inherit;"> to unitholders of record as at March 31, 2017.</span></p><p><strong>About Morguard North American Residential REIT</strong></p><p>The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in a portfolio of 15 Canadian residential apartment communities, located in Alberta and Ontario, and 31 U.S. low-rise and mid-rise, garden-style apartment communities located in Alabama, Colorado, Florida, Georgia, Louisiana, North Carolina and Texas consisting of more than 13,000 residential suites.</p><p>For more information, please visit <a href="/">Morguard.com</a>.​</p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C2677&Transmission_Id=201703151000CANADANWCANADAPR_C2677&DateId=20170315" alt="" style="width:1px;margin:5px;" /><p>For further information: Morguard North American Residential REIT: K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Robert D. Wright, Chief Financial Officer, T 905-281-3800​​​​​​</p>http://morguard.com/news-knowledge/posts/morguard-narreit-mar2017-distribution
Morguard Real Estate Investment Trust Declares March 2017 Distribution of 8 Cents per UnitGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#ca7174ac-6e4b-4ce1-b570-12f3c9be8efe;L0|#0ca7174ac-6e4b-4ce1-b570-12f3c9be8efe|Morguard REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-03-15T04:00:00Z<font color="#000000" face="Times New Roman" size="3"> </font><p>Morguard Real Estate Investment Trust (the "Trust") (TSX: MRT.UN) today announced that it has declared a distribution of 8 cents per unit for the month of March 2017.  The distribution will be payable on April 13, 2017 to unitholders of record as at March 31, 2017.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>About Morguard Real Estate Investment Trust</p><font color="#000000" face="Times New Roman" size="3"> </font><p>The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.7 million square feet of leaseable space.</p><font color="#000000" face="Times New Roman" size="3"> </font><p>For more information, please visit <a href="/" target="_blank">Morguard.com</a>.</p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C4940&Transmission_Id=201703151030CANADANWCANADAPR_C4940&DateId=20170315" border="0" alt="" style="border-width:0px;margin:5px;width:1px;" /> </p><font color="#000000" face="Times New Roman" size="3"> </font><p>For further information: Morguard Real Estate Investment Trust: K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Pamela McLean, Vice President and Chief Financial Officer, T 905-281-4800</p><font color="#000000" face="Times New Roman" size="3"> </font>http://morguard.com/news-knowledge/posts/morguard-reit-mar2017-distribution
Saks OFF 5TH Opens at Bramalea City CentreGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#3e31cf64-7302-4306-b3fd-abaa24a28863;L0|#03e31cf64-7302-4306-b3fd-abaa24a28863|Property Management;GP0|#b5668b16-dbd3-469c-ab9c-37e83b5a0ae0;L0|#0b5668b16-dbd3-469c-ab9c-37e83b5a0ae0|Retail Leasing2017-03-09T05:00:00Z<font color="#000000" face="Times New Roman" size="3"> </font><p>Morguard’s Bramalea City Centre welcomes Saks OFF 5TH, opening today, Thursday, March 9th.  The new store has 28,000 square feet of retail space and offers shoppers a compelling mix of designer fashion, accessories and footwear, with in-season and on-trend offerings from more than 800 brands.  The store at BCC will be one of only two Saks OFF 5TH in Canada to open in a traditional shopping mall, as opposed to an outlet or a hybrid outlet centre.</p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p>“Ontario continues to be a great market for Saks OFF 5TH to expand in,” commented Jonathan Greller, President, Saks OFF 5TH and Gilt. “We’re excited to have found a location at Bramalea City Centre where shoppers can experience the ‘thrill-of-the-hunt’ Saks OFF 5TH is known for.”</p><font color="#000000" face="Times New Roman" size="3"> </font><font color="#000000" face="Times New Roman" size="3"> </font><p>“We are honoured and proud that a tenant of Saks OFF 5TH’s stature chose Bramalea City Centre as their next Canadian destination, as we know that they were very selective about where they chose to open in our market,” said Andrew Butler, General Manager, Bramalea City Centre. “Morguard and the co-investors recently invested in the centre with a full expansion and redevelopment program. The addition of Saks OFF 5TH further strengthens Bramalea City Centre’s unique offering in our market.”<br> </p><font color="#000000" face="Times New Roman" size="3"> </font><p><strong>About Bramalea City Centre</strong></p><font color="#000000" face="Times New Roman" size="3"> </font><p>Bramalea City Centre, as the 7th largest shopping centre in Canada and the 4th in Ontario, is the dominant regional shopping centre in the City of Brampton, one of Canada's fastest growing communities. The newly expanded, two-level shopping centre offers 1.5 million square feet of retail shopping space, showcasing a tenant mix of over 350 stores and services. The centre also offers three convenient mini centres along the perimeter of the property, offering nationally branded services, retailers and restaurants. The site is approximately 82.2 acres in total. For more information, visit <a href="http://www.bramaleacitycentre.com/">bramaleacitycentre.com</a>.</p><font color="#000000" face="Times New Roman" size="3"> </font><p> Click <a href="http://www.morguardretailleasing.com/building.php?building=bramalea-shopping-centre&lang=en_CA#summary" target="_blank">here</a> for leasing opportunities at Bramalea City Centre.</p><p> </p>http://morguard.com/news-knowledge/posts/saksoff5th-opens-at-bcc
Morguard Corporation Announces 2016 Results and Regular Eligible DividendGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-02-23T05:00:00Z<p>Morguard Corporation ("Morguard" or the "Company") (TSX:MRC) today announced its financial results for the year ended December 31, 2016.</p><p><strong>Operational Highlights:</strong></p><ul style="list-style-type:disc;"><li>On February 1, 2016, the Company acquired a 370 suite residential property located in Ottawa, Ontario, for $67.0 million. The acquisition was funded by cash on hand and a mortgage of $38.6 million at an interest rate of 2.88% for a term of 10 years. </li><li>On February 1, 2016, the Company acquired three hotels comprising 417 rooms located in Toronto, Ontario, for a gross purchase price of $33.5 million. </li><li>On November 18, 2016, the Company issued $200.0 million (net proceeds including issuance costs - $199.2 million) of 4.013% Series B senior unsecured debentures due on November 18, 2020. </li><li>On December 14, 2016, the Company acquired 54,578,187 common shares of Temple Hotels Inc. ("Temple") increasing its ownership in Temple from 38.9% to 55.9%. This acquisition of control has been reflected as a business combination occurring on December 31, 2016. </li><li>On December 30, 2016, Morguard REIT issued $175.0 million principal amount of 4.50% convertible unsecured subordinated debentures, of which Morguard owns $60.0 million. </li><li>During the year, the Company received $22.5 million in settlement proceeds relating to the release of Target Corporation from indemnity agreements. </li><li>Recently completed development of the Marquee at Block 37, Chicago, Illinois, a 34-storey, 691-suite residential tower. Leasing began in March 2016 and the project is currently 61.7% leased. </li><li>Completed the initial lease-up of The Heathview, a 30-storey, twin-tower, multi-suite residential property located in Toronto, Ontario. As at December 31, 2016, The Heathview's occupancy is 94.0%. </li></ul><p><strong>Reporting Highlights:</strong></p><ul style="list-style-type:disc;"><li>Funds from operations ("FFO") increased by $30.2 million to $213.3 million for the year ended December 31, 2016, compared to $183.1 million for the same period in 2015, representing a 16.5% increase. </li><li>On a per common share basis, FFO increased to $17.86 for the year ended December 31, 2016, compared to $14.96 in 2015, representing an increase of 19.4%. </li><li>Normalized FFO for the year ended December 31, 2016, was $198.3 million, or $16.60 per common share, versus $194.5 million, or $15.89 per common share, for the same period in 2015, which represents an increase of $3.8 million or 2.0%. </li><li>Shareholders' equity per common share (excluding non-controlling interest) increased to $239.98 compared to $224.94 as at December 31, 2015. </li><li>Total revenue increased by $38.4 million to $922.0 million compared to $883.6 million for the same period in 2015. </li><li>Comparable NOI increased by $10.6 million, or 2.5%, to $434.0 million compared to $423.4 million for the same period in 2015. </li><li>During the year, 64,235 common shares were purchased for cash consideration of $8.8 million at a weighted average price of $137.29 per common share. </li><li>During the year the Company acquired 1,120,929 units of Morguard REIT for cash consideration of $16.1 million increasing the Company's ownership interest in Morguard REIT from 50.4% as at December 31, 2015, to 52.5% as at December 31, 2016.</li></ul><p><strong>Financial Highlights</strong></p><table class="ms-rteTable-0" cellspacing="0" style="width:100%;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;"><strong>For the years ended December 31,</strong></td><td class="ms-rteTableOddCol-0" style="width:152px;">​</td><td class="ms-rteTableEvenCol-0" style="width:152px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;"><strong>(in thousands of dollars, except per common share)</strong></td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>2016</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">2015</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;height:14px;">Revenue from real estate</td><td class="ms-rteTableOddCol-0" style="width:152px;height:14px;"><strong>$775,746</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;height:14px;">$762,033</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Revenue from hotel properties</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>66,567</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">46,562</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Management and advisory fees</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>67,895</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">59,536</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Interest and other income</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>6,349</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">7,819</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Sales of product and land</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>5,419</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">7,609</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;"><strong>Total revenues</strong></td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$921,976</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$883,559</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">​</td><td class="ms-rteTableOddCol-0" style="width:152px;">​</td><td class="ms-rteTableEvenCol-0" style="width:152px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Revenue from real estate properties </td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$775,746</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$762,033</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Revenue from hotel properties</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>66,567</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">46,562</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Property operating expenses</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>(337,308)</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">(334,949)</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Hotel operating expenses</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>(51,607)</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">(37,747)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;"><strong>Net operating income</strong></td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$453,398</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$435,899</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">​</td><td class="ms-rteTableOddCol-0" style="width:152px;">​</td><td class="ms-rteTableEvenCol-0" style="width:152px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Funds from operations</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$213,282</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$183,139</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">FFO per common share – basic and diluted</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$17.86</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$14.96</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">​</td><td class="ms-rteTableOddCol-0" style="width:152px;">​</td><td class="ms-rteTableEvenCol-0" style="width:152px;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Normalized funds from operations</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$198,299</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$194,476</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Per common share amounts – basic and diluted</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$16.60</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$15.89</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">​</td><td class="ms-rteTableOddCol-0" style="width:152px;">​</td><td class="ms-rteTableEvenCol-0" style="width:152px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Net income attributable to common shareholders</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$172,745</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$80,542</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:292px;">Net income per common share – basic and diluted</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$14.46</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$6.58</td></tr></tbody></table><p> </p><p><strong>Net Income</strong></p><p>Net income for the year ended December 31, 2016, was $209.9 million compared to $103.5 million for the same period in 2015. The increase in net income of $106.4 million year ended December 31, 2016, was primarily due to the following:</p><ul style="list-style-type:disc;"><li>An increase in net operating income of $17.5 million; </li><li>An increase in management and advisory fees of $8.4 million; </li><li>An increase in interest expense of $4.1 million; </li><li>An increase in property management and corporate expense of $14.0 million; </li><li>A decrease in non-cash net fair value loss of $35.5 million; </li><li>An increase in non-cash equity income of $48.6 million; </li><li>An increase in other income (expense) of $42.3 million; and </li><li>An increase in income taxes (current and deferred) of $28.7 million.</li></ul><p><strong></strong> </p><p><strong>Net Operating Income ("NOI")</strong></p><p>NOI increased by $17.5 million, or 4.0%, during the year ended December 31, 2016, to $453.4 million, compared to $435.9 million generated in 2015, and is further analyzed by asset type below.</p><table width="100%" class="ms-rteTable-0" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;"><strong>For the years ended December 31,</strong></td><td class="ms-rteTableOddCol-0" style="width:152px;">​</td><td class="ms-rteTableEvenCol-0" style="width:152px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;"><strong>(in thousands of dollars)</strong></td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>2016</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">2015</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;">Multi-suite residential</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$169,436</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$149,303</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;">Retail</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>141,606</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">147,885</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;">Office</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>120,947</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">121,907</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;">Industrial </td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>7,020</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">7,517</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;">Hotels</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>14,472</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">8,815</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;"><strong>Adjusted NOI</strong></td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>453,481</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">435,427</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;">IFRIC 21 adjustment – multi-suite residential</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>-</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">472</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;">IFRIC 21 adjustment – retail</td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>(83)</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">-</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:277px;"><strong>NOI</strong></td><td class="ms-rteTableOddCol-0" style="width:152px;"><strong>$453,398</strong></td><td class="ms-rteTableEvenCol-0" style="width:152px;">$435,899</td></tr></tbody></table><p> </p><p>NOI for the year ended December 31, 2016, increased by $17.5 million to $453.4 million compared to $435.9 million in 2015, primarily due to the following:</p><ul style="list-style-type:disc;"><li>An increase of $5.1 million due to rental rate growth in Canadian residential properties; </li><li>An increase of $4.9 million due to the Monterra and 160 Chapel acquisitions completed during and subsequent to the year ended December 31, 2015; </li><li>Additional NOI of $4.9 million generated from the lease-up of the Company's completed development property, The Heathview, a 587 suite rental development in Toronto, Ontario; </li><li>A decrease of $5.8 million in Canadian and U.S. retail properties due to increased vacancy and non-recoverable costs, as well as vacant space resulting from the disclaimed Target leases and the disposition of two U.S. properties during and the year ended December 31, 2016; </li><li>A decrease in the office portfolio of $1.0 million primarily due to vacancy at a single tenant office property located in Alberta and the disposition of a property during the second quarter of 2016; </li><li>A decrease in the industrial portfolio of $0.5 million is primarily due to the sale of two industrial properties during the second quarter of 2015; </li><li>An increase in the hotel portfolio of $5.7 million primarily due to the acquisition of three hotels near Toronto's Pearson International Airport on February 1, 2016; and an increase at two hotel properties which were under renovation during 2015; and </li><li>An increase of $4.2 million due to the change in the U.S. dollar foreign exchange rate.</li></ul><p><strong>Funds From Operations</strong></p><p>For the year ended December 31, 2016, the Company recorded FFO of $213.3 million ($17.86 per common share), compared to $183.1 million ($14.96 per common share) in 2015. The increase in FFO of $30.2 million is mainly due to the following: </p><ul style="list-style-type:disc;"><li>Higher Adjusted NOI of $18.1 million, which excludes the impact of IFRIC 21; </li><li>Higher management and advisory fee of $8.4 million; </li><li>A decrease in equity-accounted FFO of $1.1 million; </li><li>An increase in interest expense of $4.1 million </li><li>Higher property management and corporate expense of $14.0 million; </li><li>An impairment provision on investment in publicly traded securities of $11.5 million recorded in the prior period; </li><li>An increase in current taxes of $13.7 million; </li><li>An increase in non-controlling interest share of Morguard Residential REIT of $2.7 million; </li><li>Lower non-controlling interest's share of FFO of $3.4 million; and </li><li>Target settlement proceeds of $22.5 million.</li></ul><p>The change in foreign exchange rates had a positive impact on FFO of $1.7 million ($0.14 per common share).</p><p>Normalized FFO for the year ended December 31, 2016, was $198.3 million, or $16.60 per common share, versus $194.5 million, or $15.89 per common share, for the same period in 2015, which represents an increase of $3.8 million or 2.0%. Normalized FFO is computed as FFO adjusted for the impact of non-recurring items net of tax which includes an adjustment for the Target settlement proceeds net of tax received during 2016.</p><p><strong>First Quarter Dividend</strong></p><p>The Board of Directors of Morguard Corporation announced that the first quarterly, eligible dividend of 2017 in the amount of $0.15 per common share will be paid on March 31, 2017, to shareholders of record at the close of business on March 15, 2017.</p><p>The Company's audited financial statements for the year ended December 31, 2016, along with Management's Discussion and Analysis will be available on the Company's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a> and will be filed with SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>Non-IFRS Measures</strong></p><p>The Company's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). The following measures, NOI, Adjusted NOI, Comparative NOI, FFO and Normalized FFO (collectively, the "non-IFRS measures") as well as other measures discussed elsewhere in this press release, do not have a standardized meaning prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers in similar or different industries. The Company uses these measures to better assess the Company's underlying performance and financial position and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the Company's Management's Discussion and Analysis for the year ended December 31, 2016 and available on the Company's profile on SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>About Morguard Corporation</strong></p><p>Morguard Corporation is a real estate company, with total assets owned and under management valued at $20.7 billion. Morguard owns a diversified portfolio of 205 multi-suite residential, retail, office, industrial and hotel properties comprised of 18,286 residential suites, approximately 16.0 million square feet of commercial leasable space and 5,647 hotel rooms. Morguard also currently owns a 52.5% interest in Morguard Real Estate Investment Trust ("Morguard REIT" or "MRT"), a 47.0% effective interest in Morguard North American Residential Real Estate Investment Trust ("Morguard Residential REIT" or "MRG") and a 55.9% effective interest in Temple Hotels Inc. Morguard also provides advisory and management services to institutional and other investors. For more information, visit the Company's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a>.</p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C1462&Transmission_Id=201702231700CANADANWCANADAPR_C1462&DateId=20170223" alt="" style="margin:5px;width:1px;" /><p>For further information: Morguard Corporation, K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Paul Miatello, Chief Financial Officer, T 905-281-3800</p>http://morguard.com/news-knowledge/posts/morguard-2016q4-results-dividend
Morguard North American Residential REIT Declares February 2017 Distribution of $0.05333 per UnitGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-02-15T05:00:00Z<p>Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) today announced that it has declared a distribution of $0.05333 per unit for the month of February 2017.  The distribution will be payable on March 15, 2017 to unitholders of record as at February 28, 2017.</p><p><strong>About Morguard North American Residential REIT</strong></p><p>The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in a portfolio of 15 Canadian residential apartment communities, located in Alberta and Ontario, and 31 U.S. low-rise and mid-rise, garden-style apartment communities located in Alabama, Colorado, Florida, Georgia, Louisiana, North Carolina and Texas consisting of more than 13,000 residential suites.</p><p>For more information, please visit <a href="/"><span style="text-decoration:underline;">Morguard.com</span></a>.</p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C4347&Transmission_Id=201702151000CANADANWCANADAPR_C4347&DateId=20170215" alt="" style="margin:5px;width:1px;" /><p>For further information: Morguard North American Residential REIT: K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Robert D. Wright, Chief Financial Officer, T 905-281-3800</p>http://morguard.com/news-knowledge/posts/morguard-narreit-feb2017-distribution
Morguard Real Estate Investment Trust Declares February 2017 Distribution of 8 Cents per UnitGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#ca7174ac-6e4b-4ce1-b570-12f3c9be8efe;L0|#0ca7174ac-6e4b-4ce1-b570-12f3c9be8efe|Morguard REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-02-15T05:00:00Z<p>Morguard Real Estate Investment Trust (the "Trust") (TSX: MRT.UN) today announced that it has declared a distribution of 8 cents per unit for the month of February 2017.  The distribution will be payable on March 15, 2017 to unitholders of record as at February 28, 2017.</p><p><strong>About Morguard Real Estate Investment Trust</strong></p><p>The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.7 million square feet of leaseable space.</p><p>For more information, please visit <a href="/"><span style="text-decoration:underline;">Morguard.com</span></a>.</p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C3533&Transmission_Id=201702151100CANADANWCANADAPR_C3533&DateId=20170215" alt="" style="margin:5px;width:1px;" /><p>For further information: Morguard Real Estate Investment Trust: K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Pamela McLean, Vice President and Chief Financial Officer, T 905-281-4800</p>http://morguard.com/news-knowledge/posts/morguard-reit-feb2017-distribution
Morguard Real Estate Investment Trust Announces 2016 Annual ResultsGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#ca7174ac-6e4b-4ce1-b570-12f3c9be8efe;L0|#0ca7174ac-6e4b-4ce1-b570-12f3c9be8efe|Morguard REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-02-15T05:00:00Z<p>Morguard Real Estate Investment Trust ("the Trust") (TSX: MRT.UN) today is pleased to announce its 2016 annual financial results.  These results have been prepared in accordance with International Financial Reporting Standards ("IFRS"). </p><p>The Trust's fully diluted FFO for the three months ended December 31, 2016, was $29.3 million or $0.44 per unit.  This is a decrease of $0.01 per unit over the same period in 2015.  The decrease is largely the result of adjustments recorded to interest expense as a result of the announced redemption of the 2012 convertible debentures.  These adjustments negatively impacted FFO $1.1 million or $0.02 per unit.</p><p>Total net operating income for the three months ended December 31, 2016, was $43.7 million, a decrease of $0.9 million over the same period in 2015.  The Trust's same asset NOI of $43.0 million for the three months ended December 31, 2016, is favourable by $0.5 million compared to the same period in 2015.</p><p>The increase in the Trust's same asset NOI derive largely from the office portfolio.  In addition to higher rents ($0.4 million) due to higher occupancy, lower operating expenses have allowed the Trust to accelerate the recovery of maintenance projects completed in prior years ($0.3 million).  During the quarter, the Trust completed over 155,000 square feet of leasing in the office portfolio.</p><p>In the retail portfolio, the Trust has continued to advance lease commitments and construction contracts associated with the vacated Target Canada space.  Target Canada's exit has ultimately reinforced the Trust's overall rent roll with strong, well established national retail operators.  These include Walmart, Canadian Tire, Lowes, Sobeys, GoodLife Fitness, Marshall's, Urban Planet, Ardene and Cara Foods (Harvey's, Swiss Chalet, East Side Mario's and Fionn MacCool's).</p><p>As at January 1, 2017, the Trust has entered into binding contracts on nine leases that recycle 66% of the gross leasable area previously occupied and replaced approximately 115% of the baseline revenue lost from the major retailer's departure.  The re-purposing of the rental space has resulted in the creation of expanded mall corridors and additional pro forma commercial retail unit ("CRU") income generating bays that, coupled with enhanced operating cost contributions, will improve the mall experience and strengthen the overall occupancy cost profile.  Current pro forma projections suggest a 96% utilization factor on the former anchor premises and, moreover, replacement of almost 200% of the total base rent contributed by Target Canada.</p><p> <strong>Net Operating Income, Funds from Operations</strong><br><strong> </strong>This press release and accompanying financial information make reference to net operating income and funds from operations 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).  Funds from operations is defined as net income prior to extraordinary items, valuation adjustments, and certain other non-cash items, if any.  Funds from operations is not a term defined under IFRS and may not be comparable to similar measures used by other Trusts.  </p><p> <strong>Financial Statements and Management's Discussion and Analysis</strong></p><p>The Trust's 2016 Consolidated Financial Statements and Management's Discussion and Analysis along with its 2015 Annual Report are available on the Trust's website at <a href="/"> <span style="text-decoration:underline;">www.morguard.com</span></a> and have been filed with SEDAR at <a href="http://www.sedar.com/"> <span style="text-decoration:underline;">www.sedar.com</span></a> </p><p> <strong>Conference Call Details:</strong></p><table class="ms-rteTable-0" cellspacing="0" style="width:75%;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" rowspan="1" style="width:28%;">​Date:</td><td class="ms-rteTableOddCol-0" rowspan="1" style="width:75%;">​Thursday, February 16, 2017 at 4:00 p.m. (ET)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:28%;">Conference Call#:</td><td class="ms-rteTableOddCol-0" style="width:75%;">647-427-7450 or 1-888-231-8191 </td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:28%;">Conference ID#:</td><td class="ms-rteTableOddCol-0" style="width:75%;">57854069</td></tr></tbody></table><p> </p><p> <strong>About Morguard Real Estate Investment Trust</strong></p><p>The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 retail, office and industrial income producing properties in Canada with a book value of $2.9 billion and approximately 8.7 million square feet of leasable space.</p> <img src="https://rt.newswire.ca/rt.gif?NewsItemId=C3476&Transmission_Id=201702151645CANADANWCANADAPR_C3476&DateId=20170215" alt="" style="margin:5px;width:1px;" /> <p>For further information: Morguard Real Estate Investment Trust: K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Pamela McLean, Chief Financial Officer, T 905-281-4800</p>http://morguard.com/news-knowledge/posts/morguard-reit-2016q4-results
Morguard North American Residential REIT Announces 2016 ResultsGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment2017-02-14T05:00:00Z<p>Morguard North American Residential REIT (the "REIT") (TSX: MRG.UN) today announced its financial results for the year ended December 31, 2016.</p><p><strong>Highlights</strong></p><p>The REIT is reporting performance of:</p><ul style="list-style-type:disc;"><li>Net operating income ("NOI") of $115.3 million for the year ended December 31, 2016, an increase of $11.1 million, or 10.7% compared to 2015.</li><li>Basic funds from operations ("FFO") of $57.6 million for the year ended December 31, 2016, an increase of $6.5 million, or 12.7% compared to 2015.</li><li>Basic FFO of $1.24 per Unit for the year ended December 31, 2016, a 12.7% increase as compared to the $1.10 per Unit for 2015.</li><li>Basic adjusted funds from operations ("AFFO") of $0.99 per Unit for the year ended December 31, 2016, a 16.5% increase as compared to the $0.85 per Unit generated over the same period in 2015.</li><li>FFO and AFFO payout ratios for the year ended December 31, 2016 of 49.0% and 61.3%, respectively.</li></ul><p>On February 1, 2016, the REIT acquired a 370 suite residential property located in Ottawa, Ontario, for $67.0 million (the "160 Chapel Acquisition").  The acquisition was funded by cash on hand and a mortgage of $38.6 million at an interest rate of 2.88% for a term of 10 years.</p><p>On November 1, 2016, the Board of Trustees announced an increase in the REIT's annual cash distribution by $0.04 per Unit (6.7%).  The increase was effective for the November 2016 distribution and was paid on December 15, 2016 to unitholders of record as at November 30, 2016. The REIT's annual distributions increased to $0.64 per Unit from the previous level of $0.60 per Unit.</p><p>During the year, the REIT completed the refinancing on 13 multi-suite residential properties in the amount of $239.4 million at a weighted average interest rate of 3.27% and a weighted average term of 9.4 years that resulted in $94.5 million of upfinancing mortgage proceeds. These financings further strengthened the balance sheet by increasing the weighted average term to maturity to 5.7 years from 5.1 years while lowering the weighted average interest rate to 3.62% from 3.82% when compared to December 31, 2015.</p><p>On January 9, 2017, the REIT completed an offering for 4,370,000 Units sold for a price of $13.75 per Unit for aggregate gross proceeds of $60,088 (the "Offering").  The net proceeds of the Offering will be used to fund acquisitions, repay debt and for general trust purposes.</p><p><strong>Financial and Operational Highlights</strong></p><table class="ms-rteTable-0" cellspacing="0" style="width:100%;"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>As at December 31, </strong><br><strong>(In thousands of dollars, except as noted otherwise)</strong></td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>2016</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">2015</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;height:9px;">​</td><td class="ms-rteTableOddCol-0" style="width:23%;height:9px;">​</td><td class="ms-rteTableEvenCol-0" style="width:231px;height:9px;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>Operational Information</strong></td><td class="ms-rteTableOddCol-0" style="width:23%;">​</td><td class="ms-rteTableEvenCol-0" style="width:231px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Number of properties</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>46</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">45</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Total suites</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>13,472</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">13,102</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Occupancy percentage</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>95.2%</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">94.8%</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Average monthly rent - Canada (in actual dollars)</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>$1,296</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">$1,272</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Average monthly rent - U.S. (in actual U.S. dollars)</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>US$1,038</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">US$1,002</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>Summary of Financial Information</strong></td><td class="ms-rteTableOddCol-0" style="width:23%;">​</td><td class="ms-rteTableEvenCol-0" style="width:231px;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Gross book value</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>$2,285,727</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">$2,160,015</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Indebtedness</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>$1,237,613</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">$1,186,131</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Indebtedness to gross book value ratio</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>54%</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">55%</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Weighted average mortgage interest rate</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>3.6%</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">3.8%</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Weighted average term to maturity on mortgages payable (years)</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>5.7</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">5.1</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Exchange rates - Canadian dollar to United States dollar</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>$0.74</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">$0.72</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Exchange rates - United States dollar to Canadian dollar</td><td class="ms-rteTableOddCol-0" style="width:23%;"><strong>$1.34</strong></td><td class="ms-rteTableEvenCol-0" style="width:231px;">$1.38</td></tr></tbody></table><p> </p><table width="100%" class="ms-rteTable-0" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;"><strong>For the years ended December 31,</strong><br><strong> (In thousands of dollars, except per Unit amounts)</strong></td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>2016</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">2015</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;"><strong>Summary of Financial Information</strong></td><td class="ms-rteTableOddCol-0" style="width:22%;">​</td><td class="ms-rteTableEvenCol-0" style="width:26%;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Interest coverage ratio</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>2.04</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">1.96</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Indebtedness coverage ratio</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>1.39</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">1.33</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Revenue from income producing properties</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$218,472</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$198,442</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">NOI</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$115,294</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$104,182</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Adjusted NOI</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$115,294</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$103,710</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Same Property NOI</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$109,144</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$102,501</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Net operating margin</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>53%</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">52%</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">FFO - basic</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$57,591</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$51,112</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">FFO - diluted</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$60,381</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$53,902</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">FFO per Unit - basic</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$1.24</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$1.10</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">FFO per Unit - diluted</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$1.20</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$1.07</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">AFFO - basic</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$46,062</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$39,627</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">AFFO - diluted</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$48,852</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$42,417</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">AFFO per Unit - basic</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$0.99</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$0.85</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">AFFO per Unit - diluted</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$0.97</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$0.84</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Distributions per Unit</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$0.61</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">$0.60</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">FFO payout ratio</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>49.0%</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">54.6%</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">AFFO payout ratio</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>61.3%</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;">70.5%</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Weighted average number of Units outstanding (in thousands):</td><td class="ms-rteTableOddCol-0" style="width:22%;">​</td><td class="ms-rteTableEvenCol-0" style="width:26%;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Basic</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>46,510</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;"><strong>46,545</strong></td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Diluted</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>50,381</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;"><strong>50,416</strong></td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Average exchange rates - Canadian dollar to United States dollar</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$0.76</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;"><strong>$0.78</strong></td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:48%;">Average exchange rates - United States dollar to Canadian dollar</td><td class="ms-rteTableOddCol-0" style="width:22%;"><strong>$1.32</strong></td><td class="ms-rteTableEvenCol-0" style="width:26%;"><strong>$1.28</strong></td></tr></tbody></table><p><strong></strong> </p><p><strong>Net Operating Income</strong></p><table width="100%" class="ms-rteTable-0" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;"><strong>For the years ended December 31,</strong><br><strong> (In thousands of dollars)</strong></td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>2016</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">2015</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;"><strong>Revenue from income producing properties</strong></td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;">​</td><td class="ms-rteTableOddCol-0" style="width:8%;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Same Property</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>$206,213</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">$196,189</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;height:34px;">Acquisitions</td><td class="ms-rteTableOddCol-0" style="width:6%;height:34px;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;height:34px;"><strong>12,259</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;height:34px;">2,253</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Total revenue from income producing properties</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>218,472</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">198,442</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;"><strong>Property operating expenses</strong></td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;">​</td><td class="ms-rteTableOddCol-0" style="width:8%;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Same Property</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;">​</td><td class="ms-rteTableOddCol-0" style="width:8%;">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">​</td><td class="ms-rteTableOddCol-0" style="width:6%;">Operating costs</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>56,032</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">54,552</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">​</td><td class="ms-rteTableOddCol-0" style="width:6%;">Realty taxes</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>22,705</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">22,162</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">​</td><td class="ms-rteTableOddCol-0" style="width:6%;">Utilities</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>18,332</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">16,974</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Same Property</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>97,069</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">93,688</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Acquisitions</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>6,109</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">572</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Total property operating expenses</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>103,178</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">94,260</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;"><strong>NOI</strong></td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;">​</td><td class="ms-rteTableOddCol-0" style="width:8%;">​</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Same Property</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>109,144</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">102,501</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Acquisitions</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>6,150</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">1,681</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;"><strong>Total NOI</strong></td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>115,294</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">104,182</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;">Realty taxes accounted for under IFRIC 21</td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;">—</td><td class="ms-rteTableOddCol-0" style="width:8%;">(472)</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:16%;"><strong>Adjusted NOI</strong></td><td class="ms-rteTableOddCol-0" style="width:6%;">​</td><td class="ms-rteTableEvenCol-0" style="width:10%;"><strong>$115,294</strong></td><td class="ms-rteTableOddCol-0" style="width:8%;">$103,710</td></tr></tbody></table><p> </p><p>For the year ended December 31, 2016, Adjusted NOI increased by $11.6 million (or 11.2%) to $115.3 million, compared to $103.7 million in 2015.  The increase was due to higher Adjusted NOI in Canada and the U.S. of $5.8 million (or 15.2%) and US$2.6 million (or 5.0%), respectively, and the change in the U.S. foreign exchange rate, which increased Adjusted NOI by $3.2 million.  The increase in Adjusted NOI was attributable to acquisitions completed during and subsequent to the year ended December 31, 2015 and an increase in Same Property NOI in Canada and U.S. mainly driven by higher rental revenue, partially offset by an increase in overall operating expenses.</p><p><strong></strong> </p><p><strong>Funds from Operations</strong></p><table width="100%" class="ms-rteTable-0" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>For the years ended December 31,</strong><br><strong> (In thousands of dollars, except per Unit amounts)</strong></td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>2016</strong></td><td class="ms-rteTableEvenCol-0" style="width:33.33%;">2015</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>Net income attributable to unitholders</strong></td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$29,263</strong></td><td class="ms-rteTableEvenCol-0">$38,784</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Add/(deduct):</td><td class="ms-rteTableOddCol-0" style="width:24%;">​</td><td class="ms-rteTableEvenCol-0">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Realty taxes accounted for under IFRIC 21</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>—</strong></td><td class="ms-rteTableEvenCol-0">(241)</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Fair value loss (gain) on conversion option on the Debentures</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>600</strong></td><td class="ms-rteTableEvenCol-0">(53)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Distributions on Class B LP Units recorded as interest expense</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>10,448</strong></td><td class="ms-rteTableEvenCol-0">10,333</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Foreign exchange loss (gain)</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>540</strong></td><td class="ms-rteTableEvenCol-0">(2,882)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Fair value gain on income producing properties, net</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>(68,270)</strong></td><td class="ms-rteTableEvenCol-0">(38,804)</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Non-controlling interests' share of fair value gain (loss) on income producing properties</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>1,395</strong></td><td class="ms-rteTableEvenCol-0">(413)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Fair value loss on Class B LP Units</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>50,808</strong></td><td class="ms-rteTableEvenCol-0">11,195</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Deferred income tax provision</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>32,807</strong></td><td class="ms-rteTableEvenCol-0">33,193</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>FFO – basic</strong></td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$57,591</strong></td><td class="ms-rteTableEvenCol-0">$51,112</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Interest expense on the Debentures</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>2,790</strong></td><td class="ms-rteTableEvenCol-0">2,790</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>FFO – diluted</strong></td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$60,381</strong></td><td class="ms-rteTableEvenCol-0">$53,902</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">FFO per Unit – basic</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$1.24</strong></td><td class="ms-rteTableEvenCol-0">$1.10</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">FFO per Unit – diluted </td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$1.20</strong></td><td class="ms-rteTableEvenCol-0">$1.07</td></tr></tbody></table><p> </p><p> Basic FFO for the year ended December 31, 2016, increased by $6.5 million, or 12.7%, to $57.6 million ($1.24 per Unit), compared to $51.1 million ($1.10 per Unit) in 2015.  The increase is mainly due to an increase in Adjusted NOI of $11.6 million, partially offset by an increase in interest expense of $4.0 million (excluding distributions on Class B LP Units and fair value adjustments), an increase in trust expenses of  $1.8 million.  The change in foreign exchange rates had a positive impact on FFO of $1.3 million.</p><p><strong></strong> </p><p><strong>Adjusted Funds from Operations</strong></p><table width="100%" class="ms-rteTable-0" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>For the years ended December 31,</strong><br><strong> (In thousands of dollars, except per Unit amounts)</strong></td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>2016</strong></td><td class="ms-rteTableEvenCol-0" style="width:33.33%;">2015</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>FFO - basic</strong></td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$57,591</strong></td><td class="ms-rteTableEvenCol-0">$51,112</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Add/(deduct):</td><td class="ms-rteTableOddCol-0" style="width:24%;">​</td><td class="ms-rteTableEvenCol-0">​</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Amortization of mark-to-market adjustment on mortgages</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>(5,773)</strong></td><td class="ms-rteTableEvenCol-0">(6,740)</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Amortization of deferred financing costs assumed on the Initial Properties</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>371</strong></td><td class="ms-rteTableEvenCol-0">440</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Non-controlling interests' share of amortization of deferred financing costs <br>assumed on the Initial Properties</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>(8)</strong></td><td class="ms-rteTableEvenCol-0">(8)</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Gain on extinguishment of mortgages payable </td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>(322)</strong></td><td class="ms-rteTableEvenCol-0">—</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Amortization of tenant incentive and cash flow hedge </td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>135</strong></td><td class="ms-rteTableEvenCol-0">565</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Maintenance capital expenditures</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>(5,932)</strong></td><td class="ms-rteTableEvenCol-0">(5,742)</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>AFFO – basic</strong></td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>46,062</strong></td><td class="ms-rteTableEvenCol-0">39,627</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">Interest expense on the Debentures</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>2,790</strong></td><td class="ms-rteTableEvenCol-0">2,790</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;"><strong>AFFO – diluted</strong></td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$48,852</strong></td><td class="ms-rteTableEvenCol-0">$42,417</td></tr><tr class="ms-rteTableEvenRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">AFFO per Unit – basic</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$0.99</strong></td><td class="ms-rteTableEvenCol-0">$0.85</td></tr><tr class="ms-rteTableOddRow-0"><td class="ms-rteTableEvenCol-0" style="width:50%;">AFFO per Unit – diluted</td><td class="ms-rteTableOddCol-0" style="width:24%;"><strong>$0.97</strong></td><td class="ms-rteTableEvenCol-0">$0.84</td></tr></tbody></table><p> </p><p>Basic AFFO for the year ended December 31, 2016, increased by $6.5 million or 16.2%, to $46.1 million ($0.99 per Unit), compared to $39.6 million ($0.85 per Unit) in 2015, which was primarily driven by the increase in FFO.</p><p><strong>Subsequent Events</strong></p><p>On January 9, 2017, the REIT completed an offering for 4,370,000 Units sold for a price of $13.75 per Unit for aggregate gross proceeds of $60,088.  As part of the transaction, Morguard purchased 1,230,000 of the Units offered amounting to $16,688.  Upon closing of the Offering, Morguard owned a 47.0% effective interest in the REIT through its ownership of Units and Class B LP Units.  The net proceeds of the Offering will be used to fund acquisitions, repay debt and for general trust purposes.</p><p>On February 1, 2017, the REIT repaid on maturity four mortgages in the amount of US$45,325</p><p>The REIT's audited consolidated financial statements for the year ended December 31, 2016, along with the Management's Discussion and Analysis will be available on the REIT's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a> and will be filed with SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.  </p><p><strong>Non-IFRS Measures</strong></p><p>The REIT's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). The following measures, NOI, Adjusted NOI, Same Property NOI, FFO, AFFO, indebtedness, gross book value, indebtedness to gross book value ratio, interest coverage ratio and indebtedness coverage ratio (collectively, the "non-IFRS measures") as well as other measures discussed elsewhere in this press release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. The REIT uses these measures to better assess the REIT's underlying performance and financial position and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the REIT's Management's Discussion and Analysis for the year ended December 31, 2016 and available on the REIT's profile on SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>Conference Call Details</strong></p><p>Morguard North American Residential Real Estate Investment Trust will hold a conference call on <strong>Thursday, February 16, 2017 </strong>at <strong>3:00 p.m. (ET)</strong> to discuss the financial results for the year ended December 31, 2016 and 2015. To participate in the conference call, please dial <strong>647-427-7450 or 1-888-231-8191. </strong>Please quote <strong>conference ID # 57770386</strong>.</p><p><strong>About Morguard North American Residential REIT</strong></p><p>The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario.  The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN.  With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. Its portfolio consists of 13,472 residential suites (as of February 14, 2017) located in Alberta, Ontario, Colorado, Texas, Louisiana, Alabama, Georgia, Florida and  North Carolina with an appraised value of approximately $2.2 billion at December 31, 2016. For more information, visit the REIT's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a>.</p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C1885&Transmission_Id=201702141725CANADANWCANADAPR_C1885&DateId=20170214" alt="" style="margin:5px;width:1px;" /><p>For further information: please contact: Morguard North American Residential REIT, K. Rai Sahi, Chief Executive Officer, (905) 281-3800; Robert Wright, Chief Financial Officer, (905) 281-3800</p>http://morguard.com/news-knowledge/posts/morguard-narreit-2016q4-results
Morguard Investments Limited Partners with Cineplex Digital Media for New In-Mall Digital Media and Directory SignageGP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1faGP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment;GP0|#3e31cf64-7302-4306-b3fd-abaa24a28863;L0|#03e31cf64-7302-4306-b3fd-abaa24a28863|Property Management2017-02-13T05:00:00Z<p>​Today Cineplex Digital Media ("CDM") announced that it has been selected to install, maintain and operate a state-of-the-art digital signage network at Morguard Investments Limited ("Morguard") managed shopping centres in Canada.  Following a competitive and comprehensive request for proposal process, CDM was selected because of its extensive experience in the creation and management of innovative digital networks as well as its ability to offer a solution that includes revenue generation, content development and advertising media sales through Cineplex Media.</p><p>Read the full article on <a href="http://www.newswire.ca/news-releases/morguard-investments-limited-partners-with-cineplex-digital-media-for-new-in-mall-digital-media-and-directory-signage-network-at-its-managed-shopping-centres-in-canada-613590603.html" target="_blank" style="text-decoration:underline;">CNW</a>.</p>http://morguard.com/news-knowledge/posts/mil-partners-with-cineplexdigitalmedia