MISSISSAUGA, ON, May 7, 2024 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX:MRC) is pleased to announce its financial results for the three months ended March 31, 2024. Reporting Highlights Normalized funds from operations(1) ("Normalized FFO") was $52.6 million, or $4.86 per common share, for the three months ended March 31, 2024. This represents an increase of $2.3 million, or 4.6%, compared to $50.3 million, or $4.56 per common share for the same period in 2023. Net income increased by $148.1 million to $116.8 million for the three months ended March 31, 2024, compared to a net loss of $31.3 million for the same period in 2023, primarily due to a gain on sale of hotel properties of $150.6 million. Total revenue from real estate properties increased by $10.7 million, or 4.3%, to $257.1 million for the three months ended March 31, 2024, compared to $246.4 million for the same period in 2023. Total revenue from hotel properties decreased by $20.7 million, or 66.5%, to $10.4 million for the three months ended March 31, 2024, compared to $31.1 million for the same period in 2023, primarily due to the sale of 14 hotel properties on January 18, 2024. Adjusted NOI(1) increased by $1.8 million, or 1.3%, to $138.0 million for the three months ended March 31, 2024, compared to $136.2 million for the same period in 2023. Operational and Balance Sheet Highlights The Company sold the common shares of its subsidiary, Morguard Hotels Limited, and the beneficial interest in 14 hotels for net proceeds of $405.8 million, including closing costs and repaid three first mortgage loans totalling $48.6 million. An office property in Ottawa was sold for net proceeds of $125.2 million, including closing costs, and repaid the mortgage payable secured by the property in the amount of $57.7 million. The Company fully repaid $225.0 million of 4.715% Series E senior unsecured debentures on maturity. The Company ended the quarter in a strong liquidity position with $435.0 million of cash and available credit facilities, and a $1.2 billion pool of unencumbered properties, hotels and other investments. As at March 31, 2024, the Company's total assets were $11.4 billion, compared to $11.6 billion at December 31, 2023. (1) Refer to Specified Financial Measures   Financial Highlights For the three months ended March 31 (in thousands of dollars) 2024 2023 Revenue from real estate properties $257,089 $246,372 Revenue from hotel properties 10,437 31,159 Management and advisory fees 9,657 10,150 Interest and other income 4,483 5,096 Total revenue $281,666 $292,777 Revenue from real estate properties $257,089 $246,372 Revenue from hotel properties 10,437 31,159 Property operating expenses (163,144) (156,829) Hotel operating expenses (9,634) (25,583) Net operating income ("NOI") $94,748 $95,119 Net income (loss) attributable to common shareholders $130,446 ($34,690) Net income (loss) per common share – basic and diluted $12.06 ($3.15) Funds from operations(1) $31,943 $32,652 FFO per common share – basic and diluted(1) $2.95 $2.96 Normalized funds from operations(1) $52,576 $50,266 Normalized FFO per common share – basic and diluted(1) $4.86 $4.56 (1) Refer to Specified Financial Measures. Total revenue during the three months ended March 31, 2024, decreased by $11.1 million to $281.7 million compared to $292.8 million in 2023, primarily due to an decrease in revenue from hotel properties in the amount of $20.7 million, due to the sale of 14 hotel properties on January 18, 2024, partially offset by an increase in revenue from real estate properties in the amount of $10.7 million, primarily due to higher average monthly rent ("AMR") within the multi-suite residential segment and from the net impact of acquisition and disposition of properties. Net income for the three months ended March 31, 2024 was $116.8 million, compared to a net loss of $31.3 million in 2023. The increase in net income of $148.1 million for the three months ended March 31, 2024, was primarily due to the following: An increase ...