| Morguard Corporation Announces Renewal of Normal Course Issuer Bid | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-09-19T04:00:00Z | <font color="#000000" face="Times New Roman" size="3">
</font><p>Morguard Corporation (MRC:TSX)
("Morguard") announced today that the Toronto Stock Exchange (the
"TSX") has accepted a notice filed by Morguard of its intention to
make a normal course issuer bid through the facilities of the TSX and/or
alternative Canadian trading systems.</p><font color="#000000" face="Times New Roman" size="3">
</font><p>The notice provides that
Morguard may, during the twelve-month period commencing September 22, 2018 and
ending September 21, 2019 purchase up to 569,854 common shares ("Common
Shares") in total, being approximately 5% of the issued and outstanding
Common Shares. The daily repurchase restriction for the Common Shares is
1,000. Common Shares purchased under the normal course issuer bid will be
cancelled. The price that Morguard will pay for any such Common Shares will
be the market price at the time of acquisition. Management of Morguard
will determine the actual number of Common Shares that may be purchased and the
timing of any such purchases, subject to compliance with TSX guidelines. </p><font color="#000000" face="Times New Roman" size="3">
</font><p>Under its previous normal course
issuer bid, Morguard was approved to purchase up to 592,415 Common
Shares. Morguard purchased 452,098 Common Shares for cancellation during
the last twelve months at an average cost per share of $178.57 through the
facilities of the TSX and/or alternative Canadian trading systems. As of
September 12, 2018, there were 11,397,096 Common Shares
outstanding. Morguard's average daily trading volume for the prior six
months is 2,120.</p><font color="#000000" face="Times New Roman" size="3">
</font><p>Morguard believes that its
Common Shares have been trading in price ranges which do not adequately reflect
their value in relation to the business of Morguard and its future business
prospects. As a result, depending upon future price movements and other
factors, Morguard believes that its outstanding Common Shares may represent an
attractive investment. Furthermore, the purchases are expected to benefit
all persons who continue to hold Common Shares by increasing their
proportionate interest in Morguard.</p><font color="#000000" face="Times New Roman" size="3">
</font><p><strong>About Morguard Corporation</strong></p><font color="#000000" face="Times New Roman" size="3">
</font><p>Morguard Corporation is a major
North American real estate and property management company. It has
extensive retail, office, industrial, hotel and residential holdings owned
directly and through its investment in Morguard Real Estate Investment Trust,
Morguard North American Residential REIT and Temple Hotels Inc. Morguard
also provides real estate management services to institutional and other
investors. Morguard's owned and managed portfolio of assets is valued at
$21.7 billion.</p><font color="#000000" face="Times New Roman" size="3">
</font><p>For more information, visit <a href="/" target="_blank">Morguard.com</a>.</p><font color="#000000" face="Times New Roman" size="3">
</font><font color="#000000" face="Times New Roman" size="3">
</font><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C6995&Transmission_Id=201809191000CANADANWCANADAPR_C6995&DateId=20180919" border="0" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><font color="#000000" face="Times New Roman" size="3">
</font><p>For further information:
Morguard Corporation, Paul Miatello, Chief Financial Officer, T 905-281-3800;
Beverley G. Flynn, Secretary, T 905-281-3800</p><font color="#000000" face="Times New Roman" size="3">
</font> | https://www.morguard.com/news-knowledge/posts/mrc-normal-course-issuer-bid-sep19 | | |
| BeYou 2018 - Be You, Be Loud, Be Smart, Be Proud | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#3e31cf64-7302-4306-b3fd-abaa24a28863;L0|#03e31cf64-7302-4306-b3fd-abaa24a28863|Property Management;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-09-17T04:00:00Z | <font color="#000000" face="Times New Roman" size="3">
</font><p style="text-align:center;"><strong>Be You, Be Loud, Be Smart, Be Proud: Morguard Joins Forces
with Big Brothers Big Sisters to Encourage and Empower Girls with Third Annual
BeYou Campaign</strong></p><p style="text-align:center;"><strong>
</strong><strong>
</strong></p><p>For the third year in a row,
Morguard proudly joins forces with Big Brothers Big Sisters to celebrate the
uniqueness of every girl across Canada with the national BeYou campaign. The
campaign will be rolled out from September 17 - 23, 2018, in 20 enclosed owned
and managed Canadian shopping centres in the Morguard retail real estate
portfolio. </p><font color="#000000" face="Times New Roman" size="3">
</font><p>BeYou features free interactive
activities and events, with empowering programs designed to increase
self-esteem, personal growth and self-worth in young women. A complete schedule
of activities and participating shopping centres is available on the campaign
website, <a href="http://www.beyougirl.ca/" target="_blank">beyougirl.ca</a>.</p><font color="#000000" face="Times New Roman" size="3">
</font><p>"Morguard believes in
being an integral part of the communities in which we operate. Our owned and
managed shopping centres provide a unique opportunity to reach local young
women and provide positive mentoring and reinforcement through BeYou,"
said K. Rai Sahi, Chairman and CEO of Morguard. "The BeYou campaign,
developed by Morguard, gives girls access to personal and professional
development tools, while celebrating their growth, diversity and self-worth
during their formative years." </p><font color="#000000" face="Times New Roman" size="3">
</font><p>Morguard's collaboration with
Big Brothers Big Sisters allows the campaign to impact women directly through
specialized programming and mentorship, and strengthen ties in the community
for lasting long-term impact. The campaign received a 2017 ICSC Canadian
Foundation Award recognizing the most outstanding corporate social
responsibility and community outreach efforts by shopping centres and
management companies across Canada. </p><font color="#000000" face="Times New Roman" size="3">
</font><p>Local ambassadors, free
interactive workshops and events that cater specifically to young women in the
community are planned at each participating Morguard owned and managed shopping
centre. Campaign highlights include: </p><font color="#000000" face="Times New Roman" size="3">
</font><ul><font color="#000000" face="Times New Roman" size="3">
</font><li><p>Paint the
Town Purple in celebration of National Big Brothers Big Sisters Day on
September 18: At each participating centre, Big Brothers Big Sisters
mentors and mentees from the community will participate in the creation of
the colourful mural that will serve as a backdrop for BeYou events and
activities the rest of the week.</p></li><font color="#000000" face="Times New Roman" size="3">
</font><li><p>National
ambassadors from the hit Disney and Family Channel show
"Backstage"- <a href="https://www.instagram.com/madisonmacgregor/?hl=en" target="_blank">Madison
MacGregor</a>,<a href="https://www.instagram.com/alyssatrask/?hl=en" target="_blank">Alyssa Trask</a> and <a href="https://www.instagram.com/devyn_nekoda/?hl=en" target="_blank">Devyn
Nekoda</a>: The three actresses will be featured in the campaign's
national BeYou video which will appear online and be screened across all
Morguard malls and BeYou events. </p></li><font color="#000000" face="Times New Roman" size="3">
</font><li><p><a href="http://beyougirl.ca/toolkit/be-you/" target="_blank">Resource
toolkit</a>: The BeYou website has posted an extensive collection of
resources curated to help empower and uplift young women, their families
and friends.</p></li><font color="#000000" face="Times New Roman" size="3">
</font><li><p>BeYou song
remix: For the second year in a row, award-winning Canadian singer and songwriter
Tara Shannon has provided an inspiring <a href="https://youtu.be/7nKM3dr1YyU" target="_blank">BeYou anthem and video</a>
in support of the campaign.</p></li><font color="#000000" face="Times New Roman" size="3">
</font></ul><font color="#000000" face="Times New Roman" size="3">
</font><p>About BeYou<br>
BeYou is a national
cause marketing campaign created to increase self-esteem and empower young
women across Canada. Developed by Morguard and presented in its owned and
managed portfolio of 20 shopping centres, BeYou will give young women access to
personal and professional development tools, while celebrating their growth,
diversity and self-worth. In partnership with Big Brothers Big Sisters Canada,
the program is offered in British Columbia, Alberta, Saskatchewan, Manitoba,
Ontario and Quebec.</p><font color="#000000" face="Times New Roman" size="3">
</font><p>A complete list of activities
can be found at <a href="http://beyougirl.ca/" target="_blank">beyougirl.ca</a>,
the digital hub for the BeYou campaign providing resources, workshop dates and
inspirational messages.</p><font color="#000000" face="Times New Roman" size="3">
</font><p>CHARITY PARTNER: BIG
BROTHERS BIG SISTERS <br>
Big Brothers Big Sisters facilitates life-changing relationships that inspire
and empower children and youth to reach their potential, both as individuals
and citizens. Big Brothers Big Sisters run an ongoing group mentoring program
in almost all of Morguard's markets across the country. Go Girls!, for girls
aged 12-14, focuses on physical activity, balanced eating and self-esteem. </p><font color="#000000" face="Times New Roman" size="3">
</font><p>About Morguard <br>
Morguard Corporation is
a major North American real estate company. It has extensive retail,
office, industrial, multi–suite residential, and hotel holdings owned directly,
or through its investment in Morguard REIT (TSX: MRT.UN), Morguard North
American Residential REIT (TSX: MRG.UN) and Temple Hotels Inc. (TSX:TPH).
Morguard also provides real estate management services to institutional and
other investors. Morguard's owned and managed portfolio of assets is valued at
$21.7 billion. Please visit <a href="/" target="_blank">www.morguard.com</a>
or follow us on <a href="https://ca.linkedin.com/company/morguard" target="_blank">LinkedIn</a>.</p><font color="#000000" face="Times New Roman" size="3">
</font><font color="#000000" face="Times New Roman" size="3">
</font><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C7879&Transmission_Id=201809170800CANADANWCANADAPR_C7879&DateId=20180917" border="0" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><font color="#000000" face="Times New Roman" size="3">
</font><p>For further information: K. Rai
Sahi, Chairman and Chief Executive Officer, 905-281-3800; Beverley G. Flynn,
Vice President, General Counsel, 905-281-3800 or email <a href="mailto:corporatemarketing@morguard.com">corporatemarketing@morguard.com</a></p><font color="#000000" face="Times New Roman" size="3">
</font> | https://www.morguard.com/news-knowledge/posts/beyou-2018-news-release | | |
| Morguard North American Residential REIT Declares September 2018 Distribution of $0.0550 per Unit | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-09-14T04:00:00Z | <font color="#000000" face="Times New Roman" size="3">
</font><p>Morguard North American
Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN)
today announced that it has declared a distribution of $0.0550 per unit for the
month of September 2018. The distribution will be payable on October 15, 2018
to unitholders of record as at September 28, 2018.</p><font color="#000000" face="Times New Roman" size="3">
</font><p><strong>About Morguard North
American Residential REIT</strong></p><font color="#000000" face="Times New Roman" size="3">
</font><p>The REIT is an unincorporated,
open-ended real estate investment trust which owns, through a limited
partnership, interests in a portfolio of 16 Canadian residential apartment
communities, located in Alberta and Ontario, and 30 U.S. residential apartment
communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida,
North Carolina, Virginia and Maryland consisting of approximately 13,000
residential suites.</p><font color="#000000" face="Times New Roman" size="3">
</font><p>For more information, please
visit <a href="/" target="_blank">Morguard.com</a>.</p><font color="#000000" face="Times New Roman" size="3">
</font><font color="#000000" face="Times New Roman" size="3">
</font><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C8294&Transmission_Id=201809141000CANADANWCANADAPR_C8294&DateId=20180914" border="0" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><font color="#000000" face="Times New Roman" size="3">
</font><p>For further information:
Morguard North American Residential REIT, K. Rai Sahi, Chief Executive Officer,
T 905-281-3800; Robert D. Wright, Chief Financial Officer, T 905-281-3800</p><font color="#000000" face="Times New Roman" size="3">
</font> | https://www.morguard.com/news-knowledge/posts/morguard-narreit-sep2018-distribution | | |
| Morguard Real Estate Investment Trust Declares September 2018 Distribution of 8 Cents per Unit | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#ca7174ac-6e4b-4ce1-b570-12f3c9be8efe;L0|#0ca7174ac-6e4b-4ce1-b570-12f3c9be8efe|Morguard REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-09-14T04:00:00Z | <font color="#000000" face="Times New Roman" size="3">
</font><p>Morguard Real Estate Investment
Trust (the "Trust") (TSX: MRT.UN) today announced that it has
declared a distribution of 8 cents per unit for the month of September 2018.
The distribution will be payable on October 15, 2018 to unitholders of record
as at September 28, 2018.</p><font color="#000000" face="Times New Roman" size="3">
</font><p><strong>About Morguard Real Estate
Investment Trust</strong></p><font color="#000000" face="Times New Roman" size="3">
</font><p>The Trust is a closed-end real
estate investment trust, which owns a diversified portfolio of 49 high quality
retail, office and industrial income producing properties in Canada consisting
of approximately 8.6 million square feet of leaseable space.</p><font color="#000000" face="Times New Roman" size="3">
</font><p>For more information, please
visit <a href="/" target="_blank">Morguard.com</a>.</p><font color="#000000" face="Times New Roman" size="3">
</font><font color="#000000" face="Times New Roman" size="3">
</font><p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C6070&Transmission_Id=201809141100CANADANWCANADAPR_C6070&DateId=20180914" border="0" alt="" style="border-width:0px;margin:5px;width:1px;" /></p><font color="#000000" face="Times New Roman" size="3">
</font><p>For further information:
Morguard Real Estate Investment Trust, K. Rai Sahi, President and Chief
Executive Officer, T 905-281-4800; Pamela McLean, Vice President and Chief
Financial Officer, T 905-281-4800</p><font color="#000000" face="Times New Roman" size="3">
</font> | https://www.morguard.com/news-knowledge/posts/morguard-reit-sep2018-distribution | | |
| Tech Perspective @ the Edge: Aaron Pais, CIO, Morguard | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-08-31T04:00:00Z | <p><span style="font-size:10pt;font-family:arial, sans-serif;letter-spacing:-0.25pt;">In the latest edition
of <a href="https://www.realcomm.com/advisory/887/1/tech-perspective-at-the-edge-aaron-pais-cio-morguard" target="_blank">RealComm’s Advisory Newsletter</a>, Aaron Pais, CIO of Morguard talks about how
digitization is positively impacting opportunities for real estate and how
Morguard can </span><span style="font-size:10pt;font-family:arial, sans-serif;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-attachment:initial;background-origin:initial;background-clip:initial;">drive innovative
solutions for the business and enhance customer experience.</span><br></p><p><span style="font-size:10pt;font-family:arial, sans-serif;background-image:initial;background-position:initial;background-size:initial;background-repeat:initial;background-attachment:initial;background-origin:initial;background-clip:initial;"><a href="https://www.realcomm.com/advisory/887/1/tech-perspective-at-the-edge-aaron-pais-cio-morguard" target="_blank">Read More</a></span></p> | https://www.morguard.com/news-knowledge/posts/tech-perspective-at-the-edge-aaron-pais | | |
| Morguard North American Residential REIT Declares August 2018 Distribution of $0.0550 per Unit | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-08-15T04:00:00Z | <p>Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) today announced that it has declared a distribution of $0.0550 per unit for the month of August 2018. The distribution will be payable on September 14, 2018 to unitholders of record as at August 31, 2018.</p><p><strong>About Morguard North American Residential REIT</strong></p><p>The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in a portfolio of 16 Canadian residential apartment communities, located in Alberta and Ontario, and 30 U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland consisting of approximately 13,000 residential suites.</p><p>For further information: Morguard North American Residential REIT: K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Robert D. Wright, Chief Financial Officer, T 905-281-3800<br></p><p><br></p> | https://www.morguard.com/news-knowledge/posts/morguard-narreit-aug2018-distribution | | |
| Morguard Real Estate Investment Trust Declares August 2018 Distribution of 8 Cents per Unit | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#ca7174ac-6e4b-4ce1-b570-12f3c9be8efe;L0|#0ca7174ac-6e4b-4ce1-b570-12f3c9be8efe|Morguard REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-08-15T04:00:00Z | <p><span style="font-size:1em;background-color:transparent;color:inherit;">Morguard Real Estate Investment Trust (the "Trust") (TSX: MRT.UN) today announced that it has declared a distribution of 8 cents per unit for the month of August 2018. The distribution will be payable on September 14, 2018 to unitholders of record as at August 31, 2018.</span></p><p><strong>About Morguard Real Estate Investment Trust</strong></p><p>The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.6 million square feet of leaseable space.</p><p>For further information: Morguard Real Estate Investment Trust: K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Pamela McLean, Vice President and Chief Financial Officer, T 905-281-4800<br></p><p><br></p> | https://www.morguard.com/news-knowledge/posts/morguard-reit-aug2018-distribution | | |
| Morguard Corporation Announces 2018 Second Quarter Results and Regular Eligible Dividend | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#14ddfd02-772e-4184-813f-3edbb2e94651;L0|#014ddfd02-772e-4184-813f-3edbb2e94651|Morguard Corporation;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-08-08T04:00:00Z | <p>Morguard Corporation ("Morguard" or the "Company") (TSX:MRC) today announced its financial results for the three and six months ended June 30, 2018.</p><p><strong>Reporting Highlights</strong></p><ul style="list-style-type:disc;"><li>Total revenue increased by $12.0 million to $287.7 million for the three months ended June 30, 2018, compared to $275.7 million for the same period in 2017.</li><li>Net operating income ("NOI") increased by $25.5 million, or 18.9%, to $160.2 million for the three months ended June 30, 2018, compared to $134.7 million for the same period in 2017.</li><li>Fair value gain on real estate properties decreased by $87.2 million to $72.0 million for the three months ended June 30, 2018, compared to $159.2 million for the same period in 2017.</li><li>Net income decreased by $83.7 million to $95.9 million for the three months ended June 30, 2018, compared to $179.6 million for the same period in 2017.</li><li>Funds from operations ("FFO") increased by $19.7 million to $73.1 million, for the three months ended June 30, 2018, compared to $53.4 million, for the same period in 2017, representing a 36.9% increase.</li><li>FFO per share increased by $1.90 per share to $6.39 per share, for the three months ended June 30, 2018 compared to $4.49 per share, for the same period in 2017, representing a 42.3% increase.</li></ul><p><strong>Operational and Balance Sheet Highlights:</strong></p><ul style="list-style-type:disc;"><li>On May 14, 2018, the Company issued $200.0 million (net proceeds including closing costs - $198.8 million) of 4.085% Series D senior unsecured debentures due May 14, 2021.</li><li>Shareholders' equity per common share (excluding non-controlling interest) increased to $285.79 compared to $260.32 as at December 31, 2017.</li><li>During the three months ended June 30, 2018, 16,200 common shares were repurchased through the Company's NCIB for cash consideration of $2.7 million.</li><li>As at June 30, 2018, occupancy was consistent across all asset classes, supporting the Company's business strategy in generating stable and increasing cash flow through its diversified portfolio of real estate assets.</li><li>On April 27, 2018, the Company reached an agreement on the fair market value of the land underlying a mixed-use property located in Toronto, Ontario, for the period from July 1, 2010 through June 30, 2030 that resulted in the annual land rent increasing from $2.8 million to $8.8 million. The Company settled and paid an amount of $15.8 million for arrears of rent and interest from July 1, 2010 to April 30, 2018 and reversed $17.3 million (pre-tax) of land rent previously expensed.</li></ul><p><strong>Acquisitions Completed During the Second Quarter of 2018</strong></p><p>The following table presents a summary of the company's acquisitions totalling $104.8 million during the three months ended June 30, 2018.</p><table border="0" cellspacing="0" cellpadding="0" style="border:0px currentcolor;border-collapse:collapse;"><tbody><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Property</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Date of Acquisition</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Asset Type</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Location</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Purchase Price</strong></span></p><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(in thousands <br>of dollars)</strong></span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Papilllon Apartments</span></p></td><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">April 5, 2018</span></p></td><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Residential</span></p></td><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">New Orleans, LA</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$14,866</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Santorini Apartments</span></p></td><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">June 18, 2018</span></p></td><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Residential</span></p></td><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Boynton Beach, FL</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">64,176</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Vizcaya Lakes</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">June 20, 2018</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Residential</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Boynton Beach, FL</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">25,748</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><br></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><br></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><br></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><br></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$104,790</strong></span></p></td></tr></tbody></table><p></p><p>Papillon Apartments is a 116 suites residential property located in the Garden District in New Orleans, Louisiana. The property is within close proximity to The Georgian, the Company's 135 suite mid-rise apartment complex and nearby Tulane and Loyola universities. The property is currently vacant and is designated as a property under development. This acquisition allows the Company to increase its presence in the immediate area and to benefit from management efficiencies between the two properties.</p><p>Santorini Apartments is a newly-constructed residential property comprising 226 suites in two 6-storey buildings with a separate 5-storey parking garage that has covered walkways to each building. The buildings are located in Renaissance Commons, the premier mixed-use planned urban development in Boynton Beach, Florida. The property is within 15 minutes of Palm Beach's two major employment centers - downtown West Palm Beach and Boca Raton.</p><p>Vizcaya Lakes is a newly-constructed residential property comprising 125 suites within a Class A, 328 suite condominium complex, which consists of two 6-storey buildings located in Boynton Beach, Florida. The property is adjacent to Santorini Apartments.</p><p><strong>Financial Highlights</strong></p><table border="0" cellspacing="0" cellpadding="0" style="border:0px currentcolor;border-collapse:collapse;"><tbody><tr><td nowrap="nowrap" colspan="2" style="border:0pt black;text-align:center;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Three months ended </strong></span></p><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>June 30</strong></span></p></td><td nowrap="nowrap" colspan="2" style="border:0pt black;text-align:center;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Six months ended </strong></span></p><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>June 30</strong></span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(in thousands of dollars, except per common share)</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2018</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2017</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2018</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2017</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Revenue from real estate</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$207,061</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$194,422</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$410,900</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$390,940</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Revenue from hotel properties</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>61,997</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">62,142</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>115,849</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">114,397</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Management and advisory fees</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>14,401</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">15,368</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>28,838</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">34,332</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Interest and other income</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2,880</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2,570</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>4,320</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">4,530</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Sales of product and land</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>1,386</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">1,198</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2,636</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2,440</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Total revenue</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$287,725</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$275,700</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$562,543</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$546,639</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Revenue from real estate properties </span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$207,061</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$194,422</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$410,900</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$390,940</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Revenue from hotel properties</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>61,997</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">62,142</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>115,849</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">114,397</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Land rent arbitration settlement</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>17,250</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">-</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>17,250</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">-</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Property operating expenses</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(81,470)</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">(78,208)</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(196,646)</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">(183,978)</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Hotel operating expenses</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(44,603)</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">(43,619)</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(87,373)</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">(85,529)</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Net operating income</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$160,235</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$134,737</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$259,980</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$235,830</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Net income attributable to common shareholders</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$75,604</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$151,526</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$192,212</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$167,268</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Net income per common share – basic and diluted</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$6.62</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$12.72</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$16.72</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$14.04</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><br></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Funds from operations</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$73,166</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$53,527</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$123,077</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$101,028</span></p></td></tr><tr><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:left;padding-right:6pt;padding-left:5.75pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">FFO per common share – basic and diluted</span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$6.39</strong></span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$4.49</span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$10.71</strong></span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:8pt;padding-left:5.75pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$8.48</span></p></td></tr></tbody></table><p><strong></strong></p><p><strong>Net Income</strong></p><p>Net income for the three months ended June 30, 2018, was $95.9 million compared to net income of $179.6 million in 2017. The decrease in net income of $83.7 million for the three months ended June 30, 2018, was primarily due to the following:</p><ul style="list-style-type:disc;"><li>An increase in net operating income of $25.5 million primarily due to the land rent arbitration settlement;</li><li>A decrease in management and advisory fees of $1.0 million;</li><li>An increase in the interest expense of $5.0 million;</li><li>An increase in property management and corporate expense of $1.5 million;</li><li>An increase in impairment provision of $6.7 million;</li><li>A decrease in non-cash net fair value gain of $106.5 million;</li><li>A decrease in equity income from investments of $9.7 million;</li><li>An increase in other income of $2.1 million; and</li><li>A decrease in income taxes (current and deferred) of $18.9 million. </li></ul><p><strong>Net Operating Income </strong></p><p>NOI increased by $25.5 million, or 18.9%, during the three months ended June 30, 2018, to $160.2 million, compared to $134.7 million generated in 2017, and is further analyzed by asset type below.</p><table border="0" cellspacing="0" cellpadding="0" style="border:0px currentcolor;border-collapse:collapse;"><tbody><tr><td nowrap="nowrap" colspan="2" style="border:0pt black;text-align:center;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Three months ended <br>June 30</strong></span></p></td><td nowrap="nowrap" colspan="2" style="border:0pt black;text-align:center;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Six months ended </strong></span></p><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>June 30</strong></span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(in thousands of dollars)</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2018</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2017</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2018</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2017</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Multi-suite residential</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$51,111</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$46,505</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$98,506</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$90,615</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Retail</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>32,487</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">32,110</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>64,123</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">64,721</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Office</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>31,457</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">29,751</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>62,346</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">61,638</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Industrial</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2,736</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">1,619</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>5,002</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">3,223</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Hotels</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>17,394</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">18,523</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>28,476</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">28,868</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Adjusted NOI</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>135,185</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">128,508</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>258,453</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">249,065</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Land rent arbitration settlement</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>17,250</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">-</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>17,250</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">-</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">IFRIC 21 adjustment – multi-suite residential</span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>6,580</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">4,986</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(13,093)</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">(10,646)</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">IFRIC 21 adjustment – retail</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>1,220</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">1,243</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(2,630)</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">(2,589)</span></p></td></tr><tr><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;padding-right:6pt;padding-left:5.4pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>NOI</strong></span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$160,235</strong></span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$134,737</span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$259,980</strong></span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:8pt;padding-left:5.4pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$235,830</span></p></td></tr></tbody></table><p></p><p>NOI for the three months ended June 30, 2018, increased by $17.3 million due to the land rent arbitration settlement which resulted in a reversal of $17.3 million of previously expensed land rent for the period from July 1, 2010 to April 30, 2018.</p><p>Adjusted NOI for the three months ended June 30, 2018, increased by $6.7 million to $135.2 million compared to $128.5 million in 2017 primarily due to the following:</p><ul style="list-style-type:disc;"><li>An increase in the Canadian residential portfolio of $0.9 million primarily from rental rate growth, improved occupancy and lower operating expenses;</li><li>An increase in NOI of US$2.9 million primarily due to the acquisition of three residential properties in the U.S. during the third quarter of 2017 with NOI of US$4.3 million, partially offset by a decrease of US$1.4 million due to sale of four residential properties located in Mobile, Alabama, on July 12, 2017;</li><li>An increase in the U.S. residential portfolio of US$0.7 million primarily due to an increased occupancy and rental growth at a properties located in US;</li><li>An increase of $0.8 million in Canadian retail properties due to increased occupancy, lower base rate, lower non-recoverable operating expenses primarily at three properties of $1.7 million which was partially offset by a decrease of $1.3 million due to increased vacancy, lower base rent, higher non-recoverable operating expenses and lower recoveries at two properties;</li><li>An increase in the office portfolio of $1.7 million primarily due to acquisitions completed during 2017 and first quarter of 2018 which generated $2.3 million, an increase of $0.2 million due to lease cancellation fees received from a tenant located in Calgary, Alberta, partially offset by increased vacancy, lower recoveries and higher non-recoverable operating expenses of $0.8 million;</li><li>An increase in the industrial portfolio of $1.1 million is primarily due to acquisition of a property during the first quarter of 2018 that contributed $0.6 million and an increase of $0.5 million due to lease cancellation fee received from a tenant at a property located in Ottawa, Ontario;</li><li>A decrease in the hotel portfolio of $1.1 million is mainly due to increased vacancy as a result of renovations at two hotels located near Toronto's Pearson Airport and sale of a hotel during the third quarter of 2017 partially offset by stronger average room rates, improved occupancy and reduced costs at one hotel near Toronto's Pearson Airport; and</li><li>A decrease of $0.2 million due to the change in the U.S. dollar foreign exchange rate.</li></ul><p><strong>Funds From Operations</strong></p><p>For the three months ended June 30, 2018, the Company recorded FFO of $73.1 million ($6.39 per common share), compared to $53.4 million ($4.49 per common share) in 2017. The increase in FFO of $19.7 million is mainly due to the following:</p><ul style="list-style-type:disc;"><li>An increase in NOI of $6.7 million, primarily due to the acquisition of properties;</li><li>An increase of $17.3 million due to the reversal of land rent expense relating to the land rent arbitration settlement;</li><li>A decrease in management and advisory fees of $1.0 million;</li><li>An increase in interest expense of $5.0 million, primarily due to higher interest on Unsecured Debentures, bank indebtedness and on the financing of acquisitions;</li><li>An increase in property management and corporate expense of $1.5 million;</li><li>A decrease in the non-controlling interest's share of FFO of $1.5 million;</li><li>An unrealized fair value gain on financial instruments of $0.8 million;</li><li>An increase due to a gain of $2.7 million on the recognition of a finance lease during the second quarter of 2018; and</li><li>A decrease in other income of $1.5 million.</li></ul><p>The change in foreign exchange rates had a negative impact on FFO of $0.5 million ($0.05 per common share).</p><p>Normalized FFO for the three months ended June 30, 2018, was $57.4 million, or $5.01 per common share, versus $52.3 million, or $4.39 per common share, for the same period in 2017, which represents an increase of $5.1 million, or 9.8%. Normalized FFO is computed as FFO adjusted for the impact of non-recurring items net of tax.</p><p><strong>Third Quarter Dividend</strong></p><p>The Board of Directors of Morguard Corporation announced that the third quarterly, eligible dividend of 2018 in the amount of $0.15 per common share will be paid on September 28, 2018, to shareholders of record at the close of business on September 14, 2018.</p><p>The Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2018, along with Management's Discussion and Analysis will be available on the Company's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a> and will be filed with SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>Non-IFRS Measures</strong><br><strong> </strong><br>The Company's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). The following measures, NOI, Adjusted NOI, Comparative NOI, FFO and Normalized FFO (collectively, the "non-IFRS measures") as well as other measures discussed elsewhere in this press release, do not have a standardized meaning prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers in similar or different industries. The Company uses these measures to better assess the Company's underlying performance and financial position and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the Company's Management's Discussion and Analysis for the three and six months ended June 30, 2018 and available on the Company's profile on SEDAR at <a href="http://www.sedar.com/"><span style="text-decoration:underline;">www.sedar.com</span></a>.</p><p><strong>About Morguard Corporation</strong></p><p>Morguard Corporation is a real estate company, with total assets owned and under management valued at $21.7 billion. Morguard owns a diversified portfolio of 212 multi-suite residential, retail, office, industrial and hotel properties comprised of 18,480 residential suites, approximately 16.7 million square feet of commercial leasable space and 5,557 hotel rooms. Morguard also currently owns a 56.0% interest in Morguard Real Estate Investment Trust ("Morguard REIT" or "MRT"), a 46.9% effective interest in Morguard North American Residential Real Estate Investment Trust ("Morguard Residential REIT" or "MRG") and a 58.7% effective interest in Temple Hotels Inc. ("Temple"). Morguard also provides advisory and management services to institutional and other investors. For more information, visit the Company's website at <a href="/"><span style="text-decoration:underline;">www.morguard.com</span></a>.</p><img src="https://rt.newswire.ca/rt.gif?NewsItemId=C3880&Transmission_Id=201808081645CANADANWCANADAPR_C3880&DateId=20180808" alt="" style="margin:5px;width:1px;" /><p>For further information: Morguard Corporation, K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Paul Miatello, Chief Financial Officer, T 905-281-3800</p> | https://www.morguard.com/news-knowledge/posts/morguard-2018q2-results-dividend | | |
| Morguard Real Estate Investment Trust Announces 2018 Second Quarter Results | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#ca7174ac-6e4b-4ce1-b570-12f3c9be8efe;L0|#0ca7174ac-6e4b-4ce1-b570-12f3c9be8efe|Morguard REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-08-01T04:00:00Z | <p>Morguard Real Estate Investment Trust ("the Trust") (TSX: MRT.UN) today is pleased to announce its financial results for the three and six months ended June 30, 2018. These results have been prepared in accordance with International Financial Reporting Standards ("IFRS"). </p><p>The Trust's net income and comprehensive income for the three months ended June 30, 2018, was $43.4 million versus $52.4 million for the three months ended June 30, 2017.</p><p>The decrease of $9.0 million is largely the result of fair value changes. Fair value gains for the three months ended June 30, 2018, were $22.1 million, versus an overall gain of $28.2 million for the three months ended June 30, 2017.</p><p>Income before fair value gains and net income from equity-accounted investment was $22.0 million for the three months ended June 30, 2018, compared to $23.2 million for the same period ended June 30, 2017. The decrease of $1.3 million is largely the result of a decrease in net operating income.</p><p>Net operating income was $36.9 million for the three months ended June 30, 2018, versus $38.0 million for the three months ended June 30, 2017.</p><p>The decrease in net operating income of $1.1 million is largely the result of increased vacancy and lower base rents in the Trust's office and retail portfolios. In the retail portfolio, increased vacancy, including the impact of vacancy tied to the Sears Canada Inc. space (approximately $0.4 million), and reduced rental rates were partially offset by increased revenue from the Trust's development program. Since January 1, 2017, 303,700 square feet of development activity became income producing. These projects contributed $1.4 million to revenue in the second quarter, an increase of $1.0 million from the second quarter of 2017.</p><p>The Trust's fully diluted funds from operations ("FFO") for the three months ended June 30, 2018, was $24.8 million ($0.36 per unit) versus $26.0 million ($0.38 per unit) for the same three months ended June 30, 2017. This represents a decrease of $1.2 million ($0.02 per unit). The decrease in FFO is largely attributed to the decrease in net operating income.</p><p>The Trust continues with its development program and expects an additional 197,500 square feet of new area under intensification and remerchandised area to become income producing by the end of 2018. The Trust has secured commitments on 79% of the remerchandised area and 57% of the area under intensification.</p><p><strong>Net Operating Income, Funds from Operations</strong></p><p>This press release and accompanying financial information make reference to net operating income and funds from operations on a total and per unit basis. Net operating income is defined as income from property operations after operating expenses have been deducted, but prior to deducting interest expense, general and administrative expenses and fair value gains/(losses). The Trust presents FFO in accordance with the Real Property Association of Canada white paper on funds from operations and adjusted funds from operations for IFRS issued February 2018. FFO is a non-GAAP measure that is widely accepted as a supplemental measure of financial performance for real estate entities. In accordance with such white paper, the Trust defines FFO as net income adjusted for fair value changes on real estate properties and gains/(losses) on the sale of real estate properties.</p><p><strong>Financial Statements and Management's Discussion and Analysis</strong></p><p>The Trust's Q2 2018 Condensed Consolidated Financial Statements and Management's Discussion and Analysis along with its 2017 Annual Report are available on the Trust's website at <a href="/" target="_blank"><span style="text-decoration:underline;"><font color="#0066cc">www.morguard.com</font></span></a> and have been filed with SEDAR at <a href="http://www.sedar.com/" target="_blank"><span style="text-decoration:underline;"><font color="#0066cc">www.sedar.com</font></span></a> </p><p><strong>Conference Call Details:</strong></p><div><table border="0" cellspacing="0" cellpadding="0" style="border:0px currentcolor;border-collapse:collapse;"><tbody><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:6pt;vertical-align:top;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Date: </span></p></td><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:6pt;vertical-align:top;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Thursday, August 2, 2018 at 4:00 p.m. (ET)</span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:6pt;vertical-align:top;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Conference Call #: </span></p></td><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:6pt;vertical-align:top;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">416-764-8688 or 1-888-390-0546 </span></p></td></tr><tr><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:6pt;vertical-align:top;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Conference ID #:</span></p></td><td style="border:0pt black;text-align:left;padding-right:6pt;padding-left:6pt;vertical-align:top;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">61098862</span></p></td></tr></tbody></table></div><p> </p><p><strong>About Morguard Real Estate Investment Trust</strong></p><p>The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 48 retail, office and industrial income producing properties in Canada with a book value of $2.9 billion and approximately 8.4 million square feet of leasable space.</p><br><div><p></p><p>please contact: Morguard Real Estate Investment Trust, K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Pamela McLean, Chief Financial Officer, T 905-281-4800</p></div> | https://www.morguard.com/news-knowledge/posts/morguard-reit-2018q2-results | | |
| Morguard North American Residential REIT Announces 2018 Second Quarter Results | GP0|#f6ee19df-6c3a-4081-bd74-668207df6964;L0|#0f6ee19df-6c3a-4081-bd74-668207df6964|Morguard;GTSet|#bbd2a0ca-f457-44e3-b106-3c8139b9e1fa | GP0|#a9eac8ae-d456-40d5-af28-dc36ae543995;L0|#0a9eac8ae-d456-40d5-af28-dc36ae543995|Morguard North American Residential REIT;GTSet|#08f799fb-3b4e-446d-9e79-1b6ddfdd40a2;GP0|#50f77e71-a149-46fd-90c2-9f738ea9df00;L0|#050f77e71-a149-46fd-90c2-9f738ea9df00|Real Estate Investment | 2018-07-31T04:00:00Z | <p>Morguard North American Residential REIT (the "REIT") (TSX: MRG.UN) today announced its financial results for the three and six months ended June 30, 2018.</p><p><strong>Second Quarter Highlights</strong></p><p>The REIT is reporting second quarter performance of:</p><ul><li style="color:black;font-family:arial;font-size:10pt;">Net operating income ("NOI") of $38.3 million for the three months ended June 30, 2018, an increase of $3.2 million, or 9.0% compared to 2017.<br><br></li><li style="color:black;font-family:arial;font-size:10pt;">Proportionate net operating income ("Proportionate NOI") of $32.0 million for the three months ended June 30, 2018, an increase of $1.6 million, or 5.3% compared to 2017.<br><br></li><li style="color:black;font-family:arial;font-size:10pt;">Net income of $19.7 million for the three months ended June 30, 2018, a decrease of $41.8 million, or 68.0% compared to 2017. The decrease was primarily due to lower non-cash changes to fair value on real estate properties of $27.4 million and fair value on Class B LP Units of $14.1 million compared to 2017.<br><br></li><li style="color:black;font-family:arial;font-size:10pt;">Basic funds from operations ("FFO") of $15.7 million for the three months ended June 30, 2018, a decrease of $0.6 million, or 3.8% over the same period in 2017.<br><br></li><li style="color:black;font-family:arial;font-size:10pt;">Basic FFO of $0.31 per Unit for the three months ended June 30, 2018, a 3.1% decrease as compared to the $0.32 per Unit in 2017.<br><br></li><li style="color:black;font-family:arial;font-size:10pt;">FFO payout ratio for the three months ended June 30, 2018 of 53.6%.</li></ul><p></p><p><span class="ms-rteThemeForeColor-2-0">The REIT is reporting the following corporate highlights:</span></p><ul><li style="color:black;font-family:arial;font-size:10pt;">On April 5, 2018, the REIT acquired a property comprising 116 suites located in New Orleans, Louisiana, for a purchase price of $14.9 million (US$11.6 million), including closing costs. The property is vacant and designated as a property under development. The REIT plans to complete significant capital upgrades during the remainder of 2018, at which point initial lease up will commence. The newly acquired property, located in the Garden District is within close proximity to The Georgian, the REIT's 135 suite mid-rise apartment complex and nearby Tulane and Loyola universities. The acquisition allows the REIT to increase its presence in the immediate area and to benefit from management efficiencies between the two properties.<br><br></li><li style="color:black;font-family:arial;font-size:10pt;">As at June 30, 2018, indebtedness to gross book value ratio of 49.4%, lower compared to 51.4% as at December 31, 2017.</li></ul><p></p><p><strong>Financial and Operational Highlights</strong></p><div><table border="0" cellspacing="0" cellpadding="0" style="border:0px currentcolor;border-collapse:collapse;"><tbody><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>As at</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>June 30,</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">December 31,</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">June 30,</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(In thousands of dollars, except as noted otherwise)</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2018</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2017</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2017</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Operational Information</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Number of properties</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>47</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">46</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">47</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Total suites</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>13,430</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">13,314</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">13,532</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Occupancy percentage</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>96.0%</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">94.4%</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">95.3%</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Average monthly rent - Canada (in actual dollars)</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$1,345</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$1,327</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$1,306</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Average monthly rent - U.S. (in actual U.S. dollars)</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>US$1,221</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">US$1,203</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">US$1,042</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Summary of Financial Information</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Gross book value</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$2,857,537</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$2,651,097</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$2,354,943</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Indebtedness</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$1,413,008</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$1,363,228</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$1,172,213</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Indebtedness to gross book value ratio</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>49.4%</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">51.4%</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">49.8%</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Weighted average mortgage interest rate</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>3.5%</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">3.5%</span></p></td><td style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">3.5%</span></p></td></tr><tr><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Weighted average term to maturity on mortgages payable (years)</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>6.3</strong></span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">6.2</span></p></td><td style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">6.1</span></p></td></tr><tr><td style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Exchange rates - United States dollar to Canadian dollar</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$1.32</strong></span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$1.25</span></p></td><td style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$1.30</span></p></td></tr><tr><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Exchange rates - Canadian dollar to United States dollar</span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.76</strong></span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.80</span></p></td><td style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.77</span></p></td></tr></tbody></table></div><p> </p><div><table border="0" cellspacing="0" cellpadding="0" style="border:0px currentcolor;border-collapse:collapse;"><tbody><tr><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td nowrap="nowrap" colspan="2" style="border:0pt black;text-align:center;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Three months ended</strong></span></p></td><td nowrap="nowrap" colspan="2" style="border:0pt black;text-align:center;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Six months ended</strong></span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;text-align:center;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td nowrap="nowrap" colspan="2" style="border:0pt black;text-align:center;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>June 30</strong></span></p></td><td nowrap="nowrap" colspan="2" style="border:0pt black;text-align:center;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>June 30</strong></span></p></td></tr><tr><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>(In thousands of dollars, except per Unit amounts)</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2018</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2017</span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2018</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2017</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>Summary of Financial Information</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Interest coverage ratio</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2.24</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2.38</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>2.20</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">2.32</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Indebtedness coverage ratio</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>1.61</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">1.64</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>1.58</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">1.58</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Revenue from real estate properties</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$59,973</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$57,201</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$118,067</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$112,822</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">NOI</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$38,323</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$35,165</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$55,433</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$52,082</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Proportionate NOI</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$31,962</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$30,342</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$62,147</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$59,052</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Same Property Proportionate NOI</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$28,718</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$28,457</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$55,973</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$55,356</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">NOI margin - IFRS</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>63.9%</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">61.5%</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>47.0%</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">46.2%</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">NOI margin - Proportionate</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>55.5%</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">54.3%</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>54.6%</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">53.6%</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Net income</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$19,687</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$61,515</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$100,093</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$64,025</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">FFO - basic</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$15,687</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$16,305</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$30,436</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$31,582</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">FFO - diluted</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$16,646</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$17,001</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$32,308</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$32,966</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">FFO per Unit - basic</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.31</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.32</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.60</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.62</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">FFO per Unit - diluted</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.30</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.31</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.58</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.60</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Distributions per Unit</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.165</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.16</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.33</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.32</span></p></td></tr><tr><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">FFO payout ratio</span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>53.6%</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">49.9%</span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>55.2%</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">51.4%</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Weighted average number of Units outstanding (in thousands):</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><br></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Basic</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>50,926</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">50,894</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>50,922</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">50,698</span></p></td></tr><tr><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Diluted</span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>55,159</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">54,765</span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>55,324</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 1pt;border-style:none none solid;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">54,569</span></p></td></tr><tr><td nowrap="nowrap" style="border:0pt black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Average exchange rates - United States dollar to Canadian dollar</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$1.29</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$1.34</span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$1.28</strong></span></p></td><td nowrap="nowrap" style="border:0pt black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$1.33</span></p></td></tr><tr><td nowrap="nowrap" style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;padding-right:6pt;padding-left:6pt;vertical-align:bottom;"><p style="margin:0in;color:black;font-family:arial;font-size:8pt;"><span style="color:black;font-family:arial;font-size:8pt;">Average exchange rates - Canadian dollar to United States dollar</span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.77</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.74</span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;"><strong>$0.78</strong></span></p></td><td nowrap="nowrap" style="border-width:0pt 0pt 2pt;border-style:none none double;border-color:black;text-align:right;padding-right:12pt;padding-left:6pt;vertical-align:bottom;"><p style="color:black;font-family:arial;font-size:8pt;margin-top:0in;margin-bottom:0in;"><span style="color:black;font-family:arial;font-size:8pt;">$0.75</span></p></td></tr></tbody></table></div><p> </p><p><strong>Net Income</strong></p><p>Net income of $19.7 million for the three months ended June 30, 2018, decreased by $41.8 million compared to $61.5 million in 2017. The decrease in net income was primarily due to the following:</p><ul><li style="color:black;font-family:arial;font-size:10pt;">An increase in net operating income of $3.2 million; <br><br></li><li style="color:black;font-family:arial;font-size:10pt;">An increase in interest expense of $2.2 million; <br><br></li><li style="color:black;font-family:arial;font-size:10pt;">An increase in trust expenses of $0.3 million;<br> <br></li><li style="color:black;font-family:arial;font-size:10pt;">An increase in equity income from investment of $0.2 million; <br><br></li><li style="color:black;font-family:arial;font-size:10pt;">An increase in foreign exchange gain of $1.2 million; <br><br></li><li style="color:black;font-family:arial;font-size:10pt;">A decrease in net fair value gain on real estate properties of $27.4 million; <br><br></li><li style="color:black;font-family:arial;font-size:10pt;">An increase in fair value loss on Class B LP Units of $14.1 million; and <br><br></li><li style="color:black;font-family:arial;font-size:10pt;">An increase in income taxes (current and deferred) of $2.2 million.</li></ul><p></p><p><strong>Net Operating Income</strong></p><p><strong>Three months ended June 30, 2018<br></strong>For the three months ended June 30, 2018, NOI from the REIT's properties increased by $3.2 million (or 9.0%) to $38.3 million, compared to $35.1 million in 2017. The increase in NOI is due to an increase in Same Property NOI of $0.4 million (or 1.2%) and an increase from acquisitions net of disposition of properties of $2.7 million. The Same Property increase of $0.4 million is due to an increase in Canada of $0.5 million (or 4.2%), an increase in the U.S. of US$0.6 million (or 3.6%) and the change in foreign exchange rate which decreased NOI by $0.7 million.</p><p>For the three months ended June 30, 2018, Proportionate NOI from the REIT's properties increased by $1.6 million (or 5.3%) to $32.0 million, compared to $30.4 million in 2017. The increase in Proportionate NOI is due to an increase in Same Property Proportionate NOI of $0.3 million (or 0.9%) and an increase from acquisitions net of the disposal of properties of $1.3 million. The Same Property increase of $0.3 million is due to an increase in Canada of $0.5 million (or 4.1%), an increase in the U.S. of US$0.3 million (or 2.7%) and the change in foreign exchange rate which decreased Proportionate NOI by $0.5 million.</p><p><strong>Six months ended June 30, 2018<br></strong>For the six months ended June 30, 2018, NOI from the REIT's properties increased by $3.3 million (or 6.4%) to $55.4 million, compared to $52.1 million in 2017. The increase in NOI is due to an increase in Same Property NOI of $0.6 million (or 1.3%) and an increase from acquisitions net of dispositions of properties of $2.7 million. The Same Property increase of $0.6 million is due to an increase in Canada of $1.6 million (or 6.8%), an increase in the U.S. of US$0.2 million (or 1.3%) and the change in foreign exchange rate which decreased NOI by $1.2 million.</p><p>For the six months ended June 30, 2018, Proportionate NOI from the REIT's properties increased by $3.1 million (or 5.2%) to $62.1 million, compared to $59.0 million in 2017. The increase in Proportionate NOI is due to an increase in Same Property Proportionate NOI of $0.6 million (or 1.1%) and an increase from acquisitions net of the disposal of properties of $2.5 million. The Same Property increase of $0.6 million is due to an increase in Canada of $1.5 million (or 6.8%), an increase in the U.S. of US$0.3 million (or 1.4%) and the change in foreign exchange rate which decreased Proportionate NOI by $1.2 million.</p><p><strong>Funds From Operations</strong></p><p><strong>Three months ended June 30, 2018<br></strong>Basic FFO for the three months ended June 30, 2018, decreased by $0.6 million, or 3.8%, to $15.7 million ($0.31 per Unit), compared to $16.3 million ($0.32 per Unit) in 2017. The decrease is mainly due to increase in interest expense of $2.2 million (excluding distributions on Class B LP Units and fair value adjustments on the conversion option on the convertible debentures) and an increase in trust expenses of $0.3 million, partially offset by higher Proportionate NOI of $1.6 million and FFO from the REIT's equity-accounted investment of $0.3 million.</p><p>Basic FFO per Unit for the three months ended June 30, 2018, decreased by $0.01 to $0.31 per Unit, compared to $0.32 per Unit for the three months ended June 30, 2017. The change in the foreign exchange rate had a $0.01 per Unit negative impact.</p><p><strong>Six months ended June 30, 2018<br></strong>Basic FFO for the six months ended June 30, 2018, decreased by $1.1 million, or 3.6%, to $30.4 million ($0.60 per Unit), compared to $31.5 million ($0.62 per Unit) in 2017. The decrease is mainly due to an increase in interest expense of $4.0 million (excluding distributions on Class B LP Units and fair value adjustments on the conversion option on the convertible debentures), an increase in trust expenses of $0.4 million and a decrease in other income of $0.3 million, partially offset by higher Proportionate NOI of $3.1 million and FFO from the REIT's equity-accounted investment of $0.6 million.</p><p>Basic FFO per Unit for the six months ended June 30, 2018, decreased by $0.02 to $0.60 per Unit, compared to $0.62 per Unit for the six months ended June 30, 2017. The change in the foreign exchange rate had a $0.02 per Unit negative impact.</p><p>The REIT's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2018, along with the Management's Discussion and Analysis will be available on the REIT's website at www.morguard.com and will be filed with SEDAR at <a href="http://www.sedar.com/" target="_blank"><span style="text-decoration:underline;"><font color="#0066cc">www.sedar.com</font></span></a>.</p><p><strong>Non-IFRS Measures<br></strong>The REIT's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). The following measures, NOI, Proportionate NOI, Same Property NOI, Same Property Proportionate NOI, FFO, indebtedness, gross book value, indebtedness to gross book value ratio, interest coverage ratio, indebtedness coverage ratio and Proportionate Basis (collectively, the "non-IFRS measures") as well as other measures discussed elsewhere in this press release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. The REIT uses these measures to better assess the REIT's underlying performance and financial position and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the REIT's Management's Discussion and Analysis for the three and six months ended June 30, 2018 and available on the REIT's profile on SEDAR at <a href="http://www.sedar.com/" target="_blank"><span style="text-decoration:underline;"><font color="#0066cc">www.sedar.com</font></span></a>.</p><p><strong>Conference Call Details<br></strong>Morguard North American Residential Real Estate Investment Trust will hold a conference call on <strong>Thursday, August 2, 2018 at 3:00 p.m. (ET)</strong> to discuss the financial results for the three and six months ended June 30, 2018 and 2017. To participate in the conference call, please dial <strong>416-764-8688 or 1-888-390-0546. </strong>Please quote conference <strong>ID # 97628200</strong>.</p><p><strong>About Morguard North American Residential REIT<br></strong>The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. Its portfolio consists of 13,430 residential suites (as of July 31, 2018) located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland with an appraised value of approximately $2.8 billion at June 30, 2018. For more information, visit the REIT's website at <span style="text-decoration:underline;"><a href="/" target="_blank"><font color="#0066cc">www.morguard.com</font></a></span>.</p><br><div><p></p><p>Morguard North American Residential REIT, K. Rai Sahi, Chief Executive Officer, (905) 281-3800; Robert Wright, Chief Financial Officer, (905) 281-3800</p></div> | https://www.morguard.com/news-knowledge/posts/morguard-narreit-2018q2-results | | |
