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MorGuard FOR IMMEDIATE RELEASE Morguard Corporation Announces 2021 First Quarter Results and Regular Eligible Dividend MISSISSAUGA , ON , ( May 4 , 2021 ) - Morguard Corporation ( " Morguard " or the " Company " ) ( TSX : MRC ) today announced its financial results for the three months ended March 31 , 2021 . Morguard is pleased to report its financial and operating results for the three months ended March 31 , 2021 , that demonstrate the resilient nature of the Company's portfolio and also reflect the prudent actions taken by management and staff in our continued response to the ongoing COVID - 19 pandemic . Reporting Highlights Net income increased by $ 26.8 million to $ 17.9 million for the three months ended March 31 , 2021 , compared to net loss of $ 8.9 million for the same period in 2020. The increase was primarily due to a higher net fair value gain of $ 75.7 million and a lower vision for impairment of $ 23.9 million , partially offset a decrease in NOI of $ 16.1 million , an increase in property management and corporate expense of $ 9.1 million and an increase in deferred income tax expense of $ 64.9 million . Normalized FFO was $ 43.2 million , or $ 3.89 per common share , for the three months ended March 31 , 2021. This represents a decrease of $ 7.4 million , or 14.6 % compared to $ 50.6 million for the same period in 2020 . Total revenue from real estate properties decreased by $ 16.9 million , or 7.4 % to $ 211.4 million for the three months ended March 31 , 2021 , compared to $ 228.3 million for the same period in 2020 . Total revenue from hotel properties decreased by $ 25.7 million , or 53.7 % to $ 22.1 million for the three months ended March 31 , 2021 , compared to $ 47.8 million for the same period in 2020 . Net operating income ( " NOI " ) decreased by $ 16.1 million , or 15.7 % , to $ 86.5 million for the three months ended March 31 , 2021 , compared to $ 102.6 million for the same period in 2020 , primarily due to higher vacancy at residential properties and a decrease from the retail portfolio due to a decrease in basic rent and higher bad debt expense . In addition , lower NOI from the hotel portfolio was due to hotel closures and reduced occupancies from the impact of COVID - 19 and was partially offset by a provision for CEWS . Operational and Balance Sheet Highlights Rent collections from all commercial asset classes have been strong with an average of approximately 95 % collected since the second quarter of 2020 . 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 . As at March 31 , 2021 and December 31 , 2020 , the Company's total assets were $ 11.1 billion .