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Morguard North American Residential REIT
Morguard North American Residential REIT (MRG-UN) investor relations material
Morguard North American Residential REIT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Net income for 2025 was CAD 111.5 million, up 12.2% from 2024, mainly due to lower fair value loss on Class B LP units and higher net fair value gains.
IFRS net operating income rose 4.6% to CAD 189.7 million, with proportionate NOI up 4.1% year-over-year, driven by growth in both Canada and the U.S. and favorable FX rates.
FFO increased 4.7% to CAD 94.1 million, or CAD 1.79 per unit, with a conservative FFO payout ratio of 42.7%.
Total assets at year-end 2025 were CAD 4.5 billion, down from CAD 4.6 billion, mainly due to FX changes, partially offset by property fair value gains.
Financial highlights
Revenue from real estate properties for 2025 was CAD 354.6 million, up from CAD 344.2 million in 2024.
NOI margin (IFRS) improved to 53.5% in 2025 from 52.7% in 2024.
Refinanced CAD 245.6 million in mortgages at a 4.92% average rate, netting CAD 58.9 million before costs.
Cash on hand at year-end was approximately CAD 115 million; total liquidity was CAD 226.5 million including available credit.
Repurchased 1.4 million units at an average price of CAD 17.40 under NCIB, totaling CAD 24.3 million.
Outlook and guidance
Management expects modest AMR growth and stable occupancy across the portfolio.
Canadian market expected to improve as new supply is absorbed and immigration recovers.
U.S. market outlook is optimistic, with opportunities emerging in overbuilt Sun Belt markets.
$86.6 million in additional net mortgage financing proceeds expected to close in the first half of 2026.
Agreements for CMHC-insured refinancing of three Canadian properties for up to $163.9 million, with closings anticipated in early 2026.
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Next Morguard North American Residential REIT earnings date
Q1 202630 Apr, 2026
Morguard North American Residential REIT
Next Morguard North American Residential REIT earnings date
Q1 202630 Apr, 2026
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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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