04:38 PM EDT, 05/07/2024 (MT Newswires) -- Morguard Corp ( MRCBF ) after trade Tuesday said it swung to a first-quarter profit on one-time gains.

The company said its net income rose to C$116.8 million in the period compared to a loss of C$31.3 million in the year-prior quarter, primarily due to a gain on sale of hotel properties of C$150.6 million.

Among other highlights, total revenue from real estate properties increased by C10.7 million, or 4.3%, to c$257.1 million for the three months ended March 31, compared to c$246.4 million for the same period in 2023. Total revenue from hotel properties fell by C$20.7 million, or 66.5%, to C$10.4 million, compared to C$31.1 million, primarily due to the January sale of the 14 hotel properties.

Normalized funds from operations was C$52.6 million, or C$4.86 per share, an increase of C$2.3 million, or 4.6%, compared to C$50.3 million , or C$4.56 per share. Adjusted NOI increased by C$1.8 million, or 1.3%, to C$138.0 million, compared to C$136.2 million for the same period in 2023.

Morguard ( MRCBF ) shares closed up C$0.19 to C$110.20 on the Toronto Stock Exchange.