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MorGuard FOR IMMEDIATE RELEASE MISSISSAUGA , ON , ( February 25 , 2021 ) - Morguard Corporation ( " Morguard " or the " Company " ) ( TSX : MRC ) today announced its financial results for the year ended December 31 , 2020 , including a brief operational and liquidity update as we continue to focus on managing through the COVID - 19 pandemic . Reporting Highlights Total revenue from real estate properties increased by $ 16.1 million , or 1.8 % to $ 888.3 million for the year ended December 31 , 2020 , compared to $ 872.2 million for the same period in 2019 . ● Morguard Corporation Announces 2020 Results and Regular Eligible Dividend ● Total revenue from hotel properties decreased by $ 147.2 million , or 60.0 % to $ 98.1 million for the year ended December 31 , 2020 , compared to $ 245.3 million for the same period in 2019 . Net operating income ( " NOI " ) decreased by $ 65.0 million , or 11.7 % , to $ 491.2 million for the year ended December 31 , 2020 , compared to $ 556.2 million for the same period in 2019 , primarily due to lower NOI from the hotel portfolio and higher bad debt expense . Net loss increased by $ 438.8 million to a net loss of $ 250.0 million for the year ended December 31 , 2020 , compared to net income of $ 188.8 million for the same period in 2019. The decrease was primarily due to a higher net fair value loss of $ 501.7 million , a higher provision for impairment of $ 14.1 million and a decrease in NOI of $ 65.0 million , partially offset by a decrease in equity loss from investments of $ 21.4 million , a decrease in property management and corporate of $ 34.5 million and an increase in deferred income tax recovery of $ 103.3 million . Normalized FFO decreased by $ 44.4 million , or 19.7 % to $ 181.2 million for the year ended December 31 , 2020 , compared to $ 225.6 million for the same period in 2019 . Operational and Balance Sheet Highlights During the year ended December 31 , 2020 , the Company issued $ 175 million of 4.402 % Series G senior unsecured debentures due on September 28 , 2023. The proceeds were used to repay the 4.013 % Series B senior unsecured debentures at maturity on November 18 , 2020 . During the year ended December 31 , 2020 , the Company financed new and existing mortgages for additional net proceeds of $ 62.9 million at an average interest rate of 3.0 % . Rent collections from all commercial asset classes have been strong with approximately 95 % collected during the third and fourth quarters of 2020 , compared to 86.6 % collected during the second quarter of 2020 . As at December 31 , 2020 , the Company's total assets were $ 11.1 billion compared to $ 11.7 billion as at December 31 , 2019 . During the year , occupancy was consistent across all commercial and residential asset classes , supporting the Company's business objective of generating stable and increasing cash flow through its diversified portfolio of real estate assets . During the first quarter of 2020 , Morguard purchased the remaining interest in Temple Hotels Inc. ( " Temple " ) not already owned by the Company . All Temple shareholders , excluding Morguard , received $ 2.10 per common share from Morguard . Subsequently on February 19 , 2020 , Temple de - listed from the TSX .