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Morguard North American Residential REIT (MRG-UN) investor relations material
Morguard North American Residential REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Total assets at $4.6 billion as of September 30, 2025, unchanged from year-end 2024 due to offsetting fair value and FX changes.
Net income for Q3 2025 was $12.5 million, a 166.2% increase year-over-year, mainly due to higher net fair value gains and lower deferred income tax expense.
Annual cash distribution increased by 3.95% to $0.79 per unit, effective November 2025.
Basic FFO per unit for Q3 2025 was $0.43, up 7.5% from $0.40 in Q3 2024.
Active under NCIB, repurchasing 1.3 million units at $17.40 average price.
Financial highlights
IFRS net operating income (NOI) for Q3 2025 was $54.1 million, up 4% year-over-year, with proportionate NOI rising 2.7% driven by U.S. growth and favorable FX, partially offset by a decline in Canada.
Revenue from real estate properties for Q3 2025 was $87.7 million, up from $85.8 million in Q3 2024.
NOI margin (IFRS) for Q3 2025 was 61.7%; proportionate NOI margin was 52.2%.
FFO for Q3 2025 was $22.3 million (basic), up 2% year-over-year.
FFO payout ratio at 44.6% for Q3 2025, supporting strong cash retention.
Outlook and guidance
Management expects market conditions to remain strong and stable as housing demand outpaces supply.
CapEx for 2026 expected to be similar to 2025, with a near 50/50 split between U.S. and Canada; garage projects to continue into 2027.
The increased distribution is expected to be sustainable, supported by improved operating performance and refinancing activities.
Focus remains on flexibility in capital allocation, with no immediate acquisition plans but ongoing evaluation of opportunities.
Explain Canadian occupancy decline.
Refinancing impact on future interest expense?
Reconcile net income to core operating performance.
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Next Morguard North American Residential REIT earnings date
Q4 202511 Feb, 2026
Next Morguard North American Residential REIT earnings date
Q4 202511 Feb, 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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