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Morguard (MRC) investor relations material
Morguard Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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