-- Morguard (MRC.TO) after trade Tuesday said its first-quarter profit rose while revenue dropped year-over-year.
The company earned $61.2 million in the quarter ended March 31, up from $54.8 million a year ago, "primarily due to an increase in non-cash net fair value gain, partially offset by lower net operating income".
Revenue fell to $275.1 million from $282.2 million a year ago. Revenue from real estate properties fell to $254.5 million from $263.1 million, while revenue from hotel properties rose to $6.9 million from $5.4 million.
Among other highlights, NOI was $86.9 million, down from $90.1 million in the prior year period. Funds from operations totaled $39.6 million, or $3.71 per share, down from $47.2 million, or $4.41 per share, a year prior. FactSet expected FFO per share of $3.92.
The company also announced second-quarter dividend of $0.20 per common share, payable on June 30, to shareholders of record at the close of business on June 15.
Morguard shares last traded Monday, closing at $120.15 on the Toronto Stock Exchange,