)
Edge31 Oct 2025
Rolls-Royce: Full Thrust Ahead
From century-old crafted perfection to pandemic shock and reset, Rolls-Royce's story is shaped by heritage, turbulence, and a disciplined climb back.
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 one-time $3.2 million property tax refund for an enclosed shopping mall.
2025 has been challenging due to market rent resets at Penn West Plaza, tenant failures in the enclosed mall segment, and a major lease expiry, partially offset by strong performance in grocery-anchored strip centers.
Leasing efforts at Penn West Plaza resulted in 81% occupancy after transitioning from a single-tenant to a multi-tenant building.
Revenue from real estate properties declined 8.9% year-over-year to $57.7 million for Q3 2025.
Net income for Q3 was $4.7 million, down 70% from the prior year, mainly due to fair value losses.
Financial highlights
Net operating income for Q3 declined to $31.3 million from $32.2 million in Q3 2024, mainly due to a $4.3 million decrease from Penn West Plaza, partially offset by the $3.2 million tax refund.
Same-asset net operating income was flat for the quarter, excluding the Penn West Plaza lease reset and tax refund.
Property operating expenses increased 10.0% in Q3, mainly due to higher utilities costs in Ontario.
Interest expense declined by $1 million for the quarter and over $3 million for the nine-month period, driven by lower short-term variable rates.
Fair value losses on real estate properties totaled $10.3 million in Q3.
Outlook and guidance
Management expects the downturn in 2025 to be limited, with some recovery anticipated in 2026 as lease inducements at Penn West Plaza expire and new commitments begin.
Positive rental growth is seen on lease renewals, and strong fundamentals are expected to continue 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?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Morguard Real Estate Investment Trust earnings date
Q4 202511 Feb, 2026
Next Morguard Real Estate Investment Trust earnings date
Q4 202511 Feb, 2026
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage