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MorGuard FOR IMMEDIATE RELEASE Morguard Corporation Announces 2021 Second Quarter Results and Regular Eligible Dividend MISSISSAUGA , ON , ( August 4 , 2021 ) - Morguard Corporation ( " Morguard " or the " Company " ) ( TSX : MRC ) today announced its financial results for the three and six months ended June 30 , 2021 . Morguard is pleased to report its financial and operating results for the three and six months ended June 30 , 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 $ 121.2 million to $ 16.2 million for the three months ended June 30 , 2021 , compared to a net loss of $ 105.0 million for the same period in 2020. The increase was primarily due to a decrease in net fair value loss of $ 155.1 million and an increase in uity income of $ 25.5 million , partially offset by a higher provision for hotel impairment of $ 28.1 million and an increase in deferred income tax expense of $ 30.0 million . ● Normalized FFO was $ 41.4 million , or $ 3.73 per common share , for the three months ended June 30 , 2021 . This represents a decrease of $ 1.0 million , or 2.4 % compared to $ 42.4 million for the same period in 2020 . Total revenue from real estate properties and hotels increased by $ 11.5 million , or 5.1 % to $ 238.8 million for the three months ended June 30 , 2021 , compared to $ 227.3 million for the same period in 2020 . Net operating income ( " NOI " ) increased by $ 3.3 million , 2.6 % , to $ 134.5 million for the three months ended June 30 , 2021 , compared to $ 131.2 million for the same period in 2020 , primarily due to higher NOI from the hotel portfolio due to increased revenue per available room ( " RevPar " ) and a higher provision for the Canada Emergency Wage Subsidy ( " CEWS " ) program . In addition , higher NOI from the retail , office and industrial portfolio was mainly caused by lower bad debt expense . The increase in NOI is partially offset by a decrease in multi - suite residential NOI due to higher vacancies . The change in foreign exchange rate decreased NOI by $ 6.1 million . Operational and Balance Sheet Highlights Rent collections from all commercial asset classes have been strong with an average of approximately 96 % 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 June 30 , 2021 and December 31 , 2020 , the Company's total assets were $ 11.1 billion . On May 14 , 2021 , the Company fully repaid $ 200.0 million of 4.085 % Series D senior unsecured debentures on maturity .