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Morguard North American Residential REIT (MRG-UN) investor relations material
Morguard North American Residential REIT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Net income for Q2 2025 was $30.1M, down 40.6% from Q2 2024, mainly due to fair value loss on Class D LP units and lower net fair value gains.
FFO for Q2 2025 increased 9.2% year-over-year to $24.8M, or $0.47 per unit, up from $0.41 per unit.
Total assets at $4.5B as of 06/30/2025, down from $4.6B at 12/31/2024, mainly due to US dollar exchange rate changes.
Net operating income for Q2 2025 was $56.9M, up 4.1% year-over-year, with proportionate NOI rising 4.2%.
FFO payout ratio at 40.3% for Q2 2025, supporting significant cash retention.
Financial highlights
Revenue from real estate properties for Q2 2025 was $88.5M, up from $85.8M in Q2 2024.
NOI margin (IFRS) for Q2 2025 was 64.3%, while proportionate NOI margin was 54.9%.
Interest expense rose by $3.4M due to higher mortgage principal and rates.
Distributions per Unit for Q2 2025 were $0.18999, up from $0.18501 in Q2 2024.
Cash on hand at quarter-end was $66M.
Outlook and guidance
Management expects continued strong and stable market conditions as housing demand outpaces supply.
Q2 is considered a clean quarter and a good basis for modeling the remainder of the year.
NOLs provide runway to shelter current tax for the rest of 2025; some cushion expected into 2026.
A refinancing agreement for a Chicago property was signed for $163.7M at a 5.35% interest rate, with closing expected in Q3 2025.
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Next Morguard North American Residential REIT earnings date
Q3 202530 Oct, 2025
Next Morguard North American Residential REIT earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Morguard North American Residential REIT is a Canadian REIT that owns and manages multi-residential properties in Canada and the United States. The trust focuses on mid- and high-rise apartments located in urban centers and manages its assets internally. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
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