Morguard Real Estate Investment Trust (MGRUF) Q1 2023 Earnings Call Transcript

Morguard Real Estate Investment Trust (OTC:MGRUF) Q1 2023 Results Conference Call April 27, 2023 4:00 PM ET

Company Participants

Andrew Tamlin – CFO

Todd Febbo – VP of Eastern Asset Managemen

Conference Call Participants

Jonathan Kelcher – TD Securities

Tom Callaghan – RBC Capital

Operator

Good afternoon, ladies and gentlemen, and Welcome to the Morguard Real Estate Investment Trust First Quarter Conference Call. [Operator Instructions].

This call is being recorded on Thursday, April 27, 2023, and I would now like to turn the conference over to Mr. Andrew Tamlin. Please go ahead.

Andrew Tamlin

Good afternoon, everyone. My name is Andrew Tamlin, Chief Financial Officer of Morguard REIT. Welcome to Morguard REIT’s first quarter 2023 earnings conference call. I am joined this afternoon by John Ginnis, Assistant Vice President of Retail Asset Management; Tom Johnston, Senior VP of Western Asset Management; Todd Febbo, VP of Eastern Asset Management, along with Ray Cahill, CEO and Chairman of the Board. Thank you all for taking the time to join the call.

Before we jump into the call, I would like to point out that our comments will mostly refer to the first quarter 2023 MD&A and financial statements, which have been posted to our Web site. I refer you specifically to the cautionary language at the front of the MD&A, which would also apply to any comments that we would make on the call.

Overall, we are again pleased with the first quarter results, which showed continued improvement in the same asset metrics on the year-over-year basis.

Net operating income for the quarter increased 11% to $31.5 million in 2023 due to a one-time property tax refund for one of the trusts and closed regional centers in the amount of $2.8 million, which related to vacant space and space failed tenants such as Target. FFO for the

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