Morguard Real Estate Investment Trust (MRT-UN) Q1 2026 earnings summary

Executive summary

• Revenue from real estate properties was $60.0 million for Q1 2026, down 0.5% year-over-year.

• Net operating income (NOI) decreased 0.4% to $25.6 million compared to Q1 2025.

• Net income was $6.0 million, a significant improvement from a net loss of $11.7 million in Q1 2025, mainly due to lower fair value losses.

• Funds from operations (FFO) increased 4.3% to $9.6 million; adjusted funds from operations (AFFO) decreased 5.7% to $2.7 million.

Financial highlights

• Rental revenue declined by $1.0 million year-over-year, while CAM recoveries increased by $1.2 million.

• Property operating expenses rose 1.5% to $20.0 million, mainly due to higher maintenance costs in malls.

• Interest expense decreased 2.4% due to lower rates on variable and renewed fixed debt.

• Fair value losses on real estate properties were $3.6 million, down from $20.9 million in Q1 2025.

Outlook and guidance

• Management emphasizes the use of non-GAAP measures (FFO, AFFO) to assess core performance and provide a comprehensive view for investors.