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Morguard Real Estate Investment Trust (MRT-UN) investor relations material
Morguard Real Estate Investment Trust 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
Third quarter results were steady, with a $3.2 million one-time property tax refund for an enclosed shopping mall, but revenue declined 8.9% year-over-year to $57.7 million and net income dropped 70% to $4.7 million due to fair value losses and a major lease expiry at Penn West Plaza.
2025 has been challenging due to market rent resets at Penn West Plaza, tenant failures in Enclosed Malls, and The Bay's creditor protection, which led to lease disclaimers impacting gross rent by $1.5 million annually.
Funds from operations (FFO) remained flat for Q3 at $15.0 million, but adjusted funds from operations (AFFO) fell 29.1% year-over-year.
Financial highlights
Net operating income for Q3 declined to $31.3 million from $32.2 million in 2024, with a 3.1% year-over-year decrease, mainly due to a $4.3 million drop from Penn West Plaza, partially offset by the $3.2 million tax refund.
Property operating expenses increased 10.0% in Q3, mainly from higher utilities in Ontario.
Interest expense declined by $1 million for the quarter and over $3 million for the nine-month period due to lower variable rates, despite a $4.9 million increase in debt.
Fair value losses on real estate properties totaled $10.3 million in Q3.
Outlook and guidance
Management expects 2025 to remain tough but anticipates a rebound in Penn West Plaza net operating income in 2026 as leasing inducements expire.
Cautious optimism for future office leasing as interest and tours increase in major urban areas.
Continued positive fundamentals expected in the retail leasing environment.
Penn West Plaza 2026 NOI bounce-back drivers?
St. Laurent Bay space: Re-leasing strategy?
Office market optimism: What are the key indicators?
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Next Morguard Real Estate Investment Trust earnings date
Q4 202511 Feb, 2026
Next Morguard Real Estate Investment Trust earnings date
Q4 202511 Feb, 2026
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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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