Morguard Corporation announced at its annual meeting of shareholders that its board declared a $0.15 per share quarterly dividend on its common shares payable on June 28, 2013 to shareholders of record as at June 14, 2013.

Morguard Corp. reported unaudited earnings results for the first quarter ended March 31, 2013. For the period, the company reported net income attributable to common shareholders was $99,649,000 or $7.89 per basic and diluted share on total revenues of $111,447,000 against net income attributable to common shareholders was $51,662,000 or $4.00 per basic and diluted share on total revenues of $98,489,000 a year ago. The increase in net income was primarily due to an increase in fair value gains on real estate properties of $21,571, an increase in net operating income of $5,622, an increase in income from equity accounted investments of $14,450 and a decrease in income taxes of $6,259. Net operating income was $47,336,000 compared to $41,714,000 a year ago. The increase in net operating income was predominantly the result of an increase in NOI for the U.S. multi residential properties primarily due to the acquisition of three properties in 2012 which accounted for $4,900,000 of the increase. Funds from operations were $47,138,000 or $3.73 per basic and diluted share compared to funds from operations was $42,671,000 or $3.30 per basic and diluted share a year ago. The increase in FFO is mainly due to an increase in NOI of $5,622, an increase in other income of $15,532 (predominantly due to an arbitration settlement of $14,850 received in 2013), an increase in Morguard REIT's equity accounted FFO of $1,902 and a decrease in current taxes of $952.

Morguard Corp. announced audited financial statements for the year ended December 31, 2012. For the year, the company reported, net income attributable to common shareholders of CAD 389,443,000 or CAD 30.31 per share compared to CAD 288,026,000 or CAD 22.22 per share for the same period in 2011. The increase in net income of CAD 101,417,000 for the year ended December 31, 2012, was primarily due to an increase in fair value gains on real estate properties of CAD 45,844,000 an increase in net operating income of CAD 8,000,000 an increase in revenue from management and advisory fees of CAD 2,302,000 an increase in interest and other income of CAD 6,635,000 an increase in equity income from Morguard REIT of CAD 9,776,000 a gain on sale of marketable securities of CAD 13,598,000 an increase in other income of CAD 2,883,000 and a decrease in income taxes of CAD 24,553,000. Total revenues increased by 6.3% to CAD 415.9 million compared to CAD 391.1 million in 2011. Net operating income increased by CAD 8.0 million to CAD 171.3 million compared to CAD 163.3 million in 2011, representing an increase of 4.9%. The increase was predominantly the result of the higher NOI in Canadian multi-unit residential properties primarily as a result of higher rental rates, higher NOI in Canadian retail properties predominantly due to increased rental rates, higher percentage rent and an increase in revenue at the redeveloped Bramalea City Centre. FFO was CAD 141,982,000 or CAD 11.05 per share compared to CAD 128,609,000 or CAD 9.92 per share in 2011. The increase in FFO of CAD 13,373,000 is mainly due to a gain on sale of marketable securities of CAD 13,598,000 an increase in NOI of CAD 8,000,000 an increase in management and advisory fees of CAD 2,302,000 an increase in interest and other income of CAD 6,635,000 and an increase in other income of CAD 2,883,000. The board of directors of the company announced that the first quarterly eligible dividend of 2013 in the amount of CAD 0.15 per common share would be paid on March 28, 2013, to shareholders of record at the close of business on March 15, 2013.