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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Morguard
Morguard (MRC) investor relations material
Morguard Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Aug, 2026
Executive summary
Issued $250 million in Series J debentures at 4.307% due 2029 and redeemed $175 million in Series H debentures at 9.5%.
Net income for Q2 2026 rose 61.6% year-over-year to $88.6 million, driven by higher non-cash net fair value gains.
Total revenue for Q2 2026 decreased 1.0% to $277.7 million, mainly due to higher vacancy in office and multi-suite residential segments.
Continued due diligence on a $1 billion investment in a Canadian multi-suite residential portfolio, expected to close in H2 2026.
Strong liquidity position with $681 million in cash and available credit, and $1.1 billion in unencumbered assets.
Financial highlights
Q2 2026 revenue from real estate properties fell 1.4% year-over-year to $253.1 million.
Net income attributable to common shareholders was $84.7 million, up from $54.0 million in Q2 2025.
Normalized FFO for Q2 2026 was $53.5 million ($5.01/share), down 4.4% year-over-year.
Adjusted NOI for Q2 2026 decreased 2.3% to $138.1 million.
Shareholders’ equity per common share rose to $431.59 from $410.70 at year-end 2025.
Outlook and guidance
The $1 billion residential portfolio transaction is expected to close in H2 2026, pending due diligence and approvals.
A binding commitment to sell an Ottawa office property for $148.2 million is scheduled to close August 31, 2026.
Entered agreement for CMHC-insured refinancing of a residential property for up to $88.5 million, closing in Q3 2026.
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Latest events from Morguard
- Net income rose on fair value gains, offsetting lower NOI and revenue amid higher vacancies.MRC
Q1 2026 - Net income dropped on lower NOI and prior-year hotel sale gains, but liquidity and FFO stayed strong.MRCQ4 2025
- Q3 2025 delivered higher revenue and net income, but office results were hit by a key lease expiry.MRCQ3 2025
- Revenue and FFO rose in Q2 2025, but office vacancies and taxes pressured net income.MRCQ2 2025
- Hotel asset sales drove lower earnings, but leverage and liquidity improved.MRCQ2 2024
- Net income rebounded in Q3 2024, dividend increased, and leverage improved.MRCQ3 2024
- Net income fell sharply on lower one-time gains, but liquidity and credit outlook improved.MRCQ1 2025
- Net income surged on hotel sales, leverage improved, and a new dividend was declared.MRCQ4 2024
Next Morguard earnings date
Q3 20265 Nov, 2026
Morguard
Next Morguard earnings date
Q3 20265 Nov, 2026
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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.