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Visual22 Oct 2025
Epiroc's cash spent on M&A
Morguard (MRC) investor relations material
Morguard Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Ended Q2 2025 with strong liquidity of $307.0 million and $1.1 billion in unencumbered properties and investments.
Total assets stood at $11.8 billion as of June 30, 2025, unchanged from December 31, 2024.
Invested $23.2 million in development, mainly for a 431-suite residential project in Mississauga, set for occupancy in H2 2027.
Financial highlights
Total revenue for Q2 2025 rose by $1.9 million to $280.4 million year-over-year, driven by higher real estate property revenue.
Net income for Q2 2025 was $54.9 million, down $0.5 million from Q2 2024, mainly due to higher tax expense.
Normalized FFO for Q2 2025 increased 9.3% to $56.0 million ($5.24/share) compared to Q2 2024.
Adjusted NOI for Q2 2025 decreased by $1.0 million to $141.3 million year-over-year.
Net income for the six months ended June 30, 2025, was $109.6 million, down $62.6 million from 2024, mainly due to a prior year gain on hotel sales.
Outlook and guidance
The Mississauga residential project is expected to begin occupancy in the second half of 2027.
Continued focus on stable and increasing cash flow through a diversified real estate portfolio.
Penn West Plaza re-leasing strategy?
Refinancing impact on future interest expense?
Mississauga residential project: expected returns?
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Q3 20255 Nov, 2025
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Frequently asked questions
Morguard Corporation is a real estate investment and management company with a diverse portfolio that spans across Canada and the United States. The company's operations encompass the acquisition, ownership, development, and management of multi-suite residential, commercial, and hotel properties. Morguard offers a range of real estate management services, including acquisitions, development, dispositions, leasing, performance measurement, and asset and property management. In addition, it provides real estate investment advisory services and investment products across equity, fixed income, and balanced portfolios to institutional clients and private investors. The company's real estate assets include multi-suite residential properties, retail spaces, office buildings, industrial properties, and hotels, featuring residential suites, commercial leasable space, and hotel rooms. The company is headquartered in Mississauga, Canada, and its shares are listed on the Toronto Stock Exchange.
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