MISSISSAUGA, ON, May 1, 2024 /CNW/ - Morguard Real Estate Investment Trust ("the Trust") (TSX:MRT) today is pleased to announce its 2024 First Quarter Results. In thousands of dollars, except per-unit amounts Three Months Ended March 31, 2024 2023 Revenue from real estate properties $64,398 $64,816 Net operating income 30,905 31,546 Fair value losses on real estate properties (50,223) (21,541) Net loss (36,775) (5,157) Funds from operations 1 13,419 16,278 Adjusted funds from operations 1,2 7,409 10,300 Amounts presented on a per unit basis Net loss – basic ($0.57) ($0.08) Net loss – diluted ($0.57) ($0.08) Funds from operations – basic 1 $0.21 $0.25 Funds from operations – diluted 1 $0.18 $0.22 Adjusted funds from operations – basic 1,2 $0.12 $0.16 Adjusted funds from operations – diluted 1,2 $0.11 $0.15 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. 3. Includes the dilutive impact of convertible debentures and presented on a cash settlement basis for consistency with industry practice for calculating FFO and AFFO. SELECTED FINANCIAL INFORMATION The table below sets forth selected financial data relating to the Trust's fiscal three months ended March 31, 2024, and 2023. This financial data is derived from the Trust's condensed consolidated statements which are prepared in accordance with IFRS. For the three months ended March 31, 2024 2023 % Change Revenue from real estate properties $64,398 $64,816 (0.6 %) Property operating expenses (18,409) (18,611) (1.1 %) Property taxes (12,866) (12,420) 3.6 % Property management fees (2,218) (2,239) (0.9 %) Net operating income 30,905 31,546 (2.0 %) Interest expense (16,876) (14,709) 14.7 % General and administrative (1,024) (1,056) (3.0 %) Other items — (21) (100.0 %) Fair value losses on real estate properties (50,223) (21,541) 133.2 % Net income from equity-accounted investment 443 624 (29.0 %) Net loss ($36,775) ($5,157) 613.1 % CONSOLIDATED OPERATING HIGHLIGHTS The following is an analysis of net operating income by asset type: For the three months ended March 31, 2024 2023 % ...