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.