Morguard Real Estate nearly doubles first-quarter income to $44 million

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MISSISSAUGA, Ont. - Morguard Real Estate Investment Trust (TSX: MRT.UN) says first quarter net income nearly doubled to $44 million.

That amounts to 72 cents per diluted unit, compared to $23.3 million, or 41 cents per unit.

Funds from operations — a key metric in the real estate industry that excludes one-time items, valuation adjustments and non-cash items — were even at $19.6 million.

Revenue from real estate properties was $61.5 million, up from $59 million.

Morguard REIT owns a diversified portfolio of 53 retail, office and mixed-use properties in Canada with a book value of $2.1 billion and approximately 8.5 million square feet of leaseable space.

Organizations: Morguard Real Estate Investment Trust, TSX

Geographic location: MISSISSAUGA, Canada

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