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Morguard North American Residential REIT
Morguard North American Residential REIT (MRG-UN) investor relations material
Morguard North American Residential REIT Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 net income rose $18.6M YoY to $31.1M, primarily on a higher non-cash fair value gain, partly offset by higher deferred income taxes.
Revenue was $88.9M vs. $87.7M YoY; IFRS NOI was $53.7M vs. $54.1M, while basic FFO fell 11.8% to $19.7M, or $0.38 per Unit.
Total assets were $4.8B at quarter-end, vs. $4.5B at Dec. 31, 2025; liquidity was $272M.
Financial highlights
Q3 proportionate NOI declined 1.7% YoY; Canada fell $0.4M (2.5%) and U.S. NOI declined US$0.6M (2.8%), with FX adding $0.2M.
9M revenue was $262.6M vs. $266.5M, and NOI was $128.8M vs. $135.8M; 9M net income rose to $95.4M from $80.9M.
Interest expense rose $1.8M YoY, primarily due to higher mortgage principal and rates following refinancing.
Q3 IFRS NOI margin was 60.4% vs. 61.7%; proportionate NOI margin was 50.6% vs. 52.2%.
Outlook and guidance
Canadian occupancy was expected to remain near Q3 levels into the slower winter leasing season; leasing had started to slow, though leases were still being completed.
U.S. occupancy was expected to remain stable; winter and holidays weigh more on Chicago and D.C., while Sun Belt leasing was expected to remain relatively strong.
Canadian market conditions were expected to improve as new supply is absorbed and incentive-driven competition moderates.
Joint portfolio acquisition expected to close in one tranche, subject to CMHC and lender approval.
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Latest events from Morguard North American Residential REIT
- NOI and FFO advanced as rents rose, despite lower net income and softer U.S. occupancy.MRG-UN
Q4 2023 - Q2 2026 saw lower income and occupancy but strong liquidity and rising rents.MRG-UNQ2 2026
- Stable NOI and income, lower FFO, higher rents, and a major CAD 1B acquisition in progress.MRG-UNQ1 2026
- Earnings, NOI, and FFO per unit rose, offsetting higher vacancies and financing costs.MRG-UNQ4 2025
- NOI and FFO rose in Q2 2025, but net income fell on fair value losses.MRG-UNQ2 2025
- Q3 net loss from non-cash items; Canadian rents and NOI up, U.S. occupancy rebounding.MRG-UNQ3 2024
- Q2 2024 saw asset and NOI growth, but U.S. occupancy and net income declined.MRG-UNQ2 2024
- Net income and NOI rose, with capital focused on buybacks and Canadian acquisitions.MRG-UNQ1 2025
- Asset growth, stable FFO, and strong Canadian rent increases as buybacks are considered.MRG-UNQ4 2024
Next Morguard North American Residential REIT earnings date
Q4 20269 Feb, 2027
Morguard North American Residential REIT
Next Morguard North American Residential REIT earnings date
Q4 20269 Feb, 2027
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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.