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Morguard Real Estate Investment Trust (MRT-UN) investor relations material
Morguard Real Estate Investment Trust 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
Second quarter results aligned with expectations, reflecting ongoing market challenges, asset-specific impacts, and a 9.0% year-over-year revenue decline to $58.3M for Q2 2025.
2025 anticipated as a tough year due to market rent resets at key properties and tenant failures in enclosed malls, partially offset by strong performance in grocery-anchored strip centers.
Net operating income dropped 19.4% year-over-year to $25.7M for Q2 2025, mainly due to lower revenue at Penn West Plaza and increased vacancy costs.
Net loss for Q2 2025 was $1.7M, an improvement from a $2.2M loss in Q2 2024, primarily due to lower fair value losses.
Funds from operations (FFO) fell 34.3% year-over-year to $9.3M for Q2 2025; adjusted funds from operations (AFFO) dropped sharply to $0.2M.
Financial highlights
Net operating income (NOI) declined to $25.7M from $31.8M year-over-year, mainly due to a $4.7M impact from a major lease reset and a $431K drop in lease cancellation fees.
Interest expense decreased by nearly $1.3M for the quarter and over $2M for the six-month period, driven by lower variable rates.
Property operating expenses increased 1.8% year-over-year to $18.3M for Q2 2025, mainly from higher repairs and maintenance in enclosed malls.
$11M in fair value losses recorded, attributed to minor changes across all asset classes.
Fair value losses on real estate properties were $10.7M in Q2 2025, down from $16.2M in Q2 2024.
Outlook and guidance
Management expects the downturn in 2025 to be limited, with some recovery anticipated in 2026 as lease inducements expire and new commitments begin.
Continued positive leasing conversations and strong fundamentals in retail leasing are expected to support future performance.
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Next Morguard Real Estate Investment Trust earnings date
Q3 202530 Oct, 2025
Next Morguard Real Estate Investment Trust earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Morguard Real Estate Investment Trust is a Canadian REIT that invests in income-producing retail, office, and industrial properties. The trust owns assets across major Canadian markets and focuses on long-term value creation through active management. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
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