One of Ottawa’s largest landlords says it managed to make more money out of the properties in its national portfolio during the final three months of last year over the same period in 2015 thanks to higher office occupancy rates and lower expenses.
Mississauga-based Morguard REIT, which owns 49 retail, office and industrial income-producing properties across the country, says its net operating income from the same assets – which excludes fluctuations from acquisitions and sales – was $43 million, up $500,000 or 1.16 per cent over a year earlier.
Funds from operations, a form of adjusted net income widely used in the real estate industry, was $29.3 million in the quarter, down from $30.5 million in the fourth quarter of 2015.
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The REIT’s Ottawa holdings include a 50-per-cent stake in the Standard Life Centre between Slater and Laurier streets, off Bank Street, and the 123,000-square-foot Green Valley Office Park at Prince of Wales Drive and Heron Road.