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MorGuard FOR IMMEDIATE RELEASE Morguard Corporation Announces 2021 Third Quarter Results and Regular Eligible Dividend MISSISSAUGA , ON , ( November 4 , 2021 ) - Morguard Corporation ( " Morguard " or the " Company " ) ( TSX : MRC ) today announced its financial results for the three and nine months ended September 30 , 2021 . Morguard is pleased to report its financial and operating results for the three and nine months ended September 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 $ 146.4 million to $ 108.8 million for the three months ended September 30 , 2021 , compared to a net loss of $ 37.6 million for the same period in 2020. The increase was primarily due to an increase in net fair value gain of $ 189.5 million , partially offset by an increase in deferred income tax expense of $ 46.5 million and an increase in impairment on hotel properties of $ 9.6 million . Normalized FFO was $ 58.7 million , or $ 5.29 per common share , for the three months ended September 30 , 2021. This represents an increase of $ 14.9 million , or 34.1 % compared to $ 43.8 million for the same period in 2020 . Total revenue from real estate properties and hotels increased by $ 10.8 million , or 4.5 % to $ 249.3 million for the three months ended September 30 , 2021 , compared to $ 238.5 million for the same period in 2020 . Net operating income ( " NOI " ) increased by $ 5.2 million , or 4.0 % , to $ 135.4 million for the three months ended September 30 , 2021 , compared to $ 130.3 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 many hotels being temporarily closed during 2020. In addition , higher NOI from the retail , office and industrial portfolio was mainly caused by lower bad debt expense . The increase in NOI was partially offset by a decrease in multi suite residential NOI due to higher vacancies . The change in foreign exchange rate decreased NOI by $ 2.6 million . Operational and Balance Sheet Highlights Rent collections from all commercial asset classes have been strong with an average of approximately 97 % 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 September 30 , 2021 the Company's total assets were $ 11.2 billion , compared to $ 11.1 billion at December 31 , 2020 . During the quarter , the Company sold four hotels , one located in Yellowknife , Northwest Territories and three located in Fort McMurray , Alberta for gross proceeds of $ 21.5 million . On September 29 , 2021 , the Company sold an unenclosed retail property located in London , Ontario , for gross proceeds of $ 15.0 million .