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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Morguard Real Estate Investment Trust
Morguard Real Estate Investment Trust (MRT-UN) investor relations material
Morguard Real Estate Investment Trust 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 revenue rose 4.7% YoY to $60.4M, while NOI fell 12.6% to $27.3M; the comparison was affected by a one-time 2025 property tax refund.
Q3 net income increased to $14.0M from $4.7M as fair-value results shifted to a $3.1M gain from a $10.3M loss.
Financial highlights
Nine-month revenue rose 1.5% to $179.1M, while NOI declined 3.2% to $80.0M; net income was $22.0M versus a net loss of $8.7M in 2025.
Q3 FFO was $11.2M, down 25.4%, and AFFO was $2.3M, down 62.7%; nine-month FFO fell 5.4% to $31.6M and AFFO fell 23.2% to $5.5M.
A one-time $3.2M Ontario property tax refund received in 2025, mostly related to vacant space and covering 2021–2024, affected the comparison; nine-month 2026 property tax expense rose 16.8% to $36.8M.
Nine-month operating cash flow was $25.4M versus $22.3M; investing cash use was $24.7M and period-end cash was $8.9M.
Segment performance
Q3 retail NOI declined 20.6% to $16.1M; enclosed regional centre NOI fell 28.5%, while community strip centre NOI grew 0.9%. Nine-month retail NOI fell 6.8% to $46.5M.
Community strip centres delivered 2.5% same-store growth YTD, with near-full occupancy and rental growth on renewals; nine-month community strip NOI rose 2.5%.
Office NOI rose 3.5% in Q3 and 2.7% for nine months to $30.8M; Penn West Plaza growth was partly offset by major-tenant downsizing at 111 Dunsmuir and Standard Life Centre.
Nine-month industrial NOI declined 2.7% to $2.7M; $0.3M of higher vacancy costs was partly offset by $0.2M of higher basic rent.
Nine-month same-asset NOI grew 0.6% to $78.7M; multi-tenant office rose 32.3%, while single-/dual-tenant office fell 8.5%.
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Latest events from Morguard Real Estate Investment Trust
- Revenue grew, but FFO and AFFO fell amid higher interest costs and office vacancy.MRT-UN
Q4 2023 - Net income rebounded on lower fair value losses, with strong retail and office segment growth.MRT-UNQ2 2026
- Net income rebounded to $6.0 million as retail outperformed office and debt metrics stayed stable.MRT-UNQ1 2026
- Net loss narrowed as retail and industrial outperformed office, with stable debt and liquidity.MRT-UNQ4 2025
- Net income dropped 70% in Q3 as fair value losses and lease expiries weighed on results.MRT-UNQ3 2025
- Revenue and NOI fell on lease expiries and rent resets, but industrial segment improved.MRT-UNQ2 2025
- Higher interest costs and fair value losses offset NOI and revenue growth, widening net loss.MRT-UNQ2 2024
- Revenue and NOI fell, but net loss narrowed as industrial outperformed and risks remain.MRT-UNQ1 2025
- Revenue and NOI rose, but Q4 net loss increased and Penn West Plaza will impact 2025.MRT-UNQ4 2024
Next Morguard Real Estate Investment Trust earnings date
Q4 202611 Feb, 2027
Morguard Real Estate Investment Trust
Next Morguard Real Estate Investment Trust earnings date
Q4 202611 Feb, 2027
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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.