$MRC.TO

Morguard Announces $250 Million Debenture Offer and Early Redemption of Series H Senior Unsecured Debentures

Morguard (MRC.TO) agreed to issue $250 million aggregate principal amount of series J senior unsecured debentures, it said after markets closed on Thursday.The debentures will bear interest at a rate of 4.307% per year and will mature on June 18, 2029.Morningstar DBRS assigned a provisional rating of "BBB (low)" with a Stable trend.The company also said that it will redeem all of its outstanding 9.5% Series H senior unsecured debentures due Sept. 26, 2026 on June 22, 2026.The net proceeds of the offering will be used towards the early redemption of the 2023 debentures and for general corporate purposes, it added."The redemption price will be paid in cash and is approximately $1,014.753 per $1,000 principal amount of 2023 Debentures, together with accrued and unpaid interest on the 2023 Debentures up to, but excluding, the Redemption Date," said the company.The company's shares were last seen up $1.00 at $122.00 on the Toronto Stock Exchange.Price: $122.00, Change: $+1.00, Percent Change: +0.83%

Morguard Reports Higher Profit, Lower Revenue for First Quarter; Dividend Declared

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,

Earnings Flash (MRC.TO) Morguard Reports Q1 Total Revs From Real Estate Properties Decreased By $8.5M, or 3.3%, to $254.5M