Morguard North American Residential REIT Q1 Profit Slips, Revenue Falls
Morguard North American Residential Real Estate Investment Trust (MRG-UN.TO) after the close Tuesday reported a slight year-over-year decline in first-quarter net income on lower revenue.Net income for the three months ended March 31 was C$38.18 million, down $0.1 million, or 0.4%, from $38.33 million in the prior-year period. The company said the decrease was "predominantly due to offsetting net non-cash charges."Revenue fell 4.2% year over year to $86.47 million from $90.27 million a year earlier. It missed FactSet analysts estimate of $87.7 million.Basic funds from operations were $0.41 per unit for the quarter, down 6.8% from $0.44 per unit in the year-prior quarter.The REIT's units closed down $0.04 at $17.48 on Toronto Stock Exchange on Tuesday.
