Morguard Corporation Announces 2025 Third Quarter Results and Regular Eligible Dividend

Executive Summary

• Morguard reported Q3 2025 revenue of $278.2 M (up $1.3 M YoY) and net income of $44.0 M, a sharp increase from $7.9 M in Q3 2024.
• Normalized funds from operations (FFO) rose 3.2% to $55.4 M ($5.18 per share).
• The Board declared a quarterly eligible dividend of $0.20 per common share payable Dec‑31‑2025.

Key Details

• Revenue Highlights – Total revenue $278,220 K (Q3) vs. $276,873 K (Q3 2024); real‑estate property revenue $254,665 K (+$1.3 M).
• Net Income – Q3 net income $44.0 M vs. $7.9 M prior year; driven by lower tax provision, reduced fair‑value losses and higher NOI.
• Adjusted NOI – Increased $1.5 M to $140.9 M for the quarter; driven by higher AMR, non‑recurring property‑tax refunds, offset by vacancy impacts at Penn West Plaza.
• Liquidity & Debt – Cash & credit facilities $273.0 M at quarter end. Issued $250.0 M 5.00% Series I senior unsecured debentures (due Oct 14 2028); repaid $195.0 M under operating lines of credit.
• Mortgage Refinancing – Gross proceeds $415.3 M; average rate 4.83%, term 5.9 yr; net cash proceeds $56.1 M after refinancing existing $359.2 M debt at 3.88%.
• Development Expenditures – $23.6 M incurred, primarily on a 431‑suite residential project in Mississauga, ON.
• Asset Base – Total assets $11.9 B (up from $11.8 B); unencumbered property pool $1.1 B. Shareholders’ equity per share $411.07 vs. $400.36 year‑end 2024.
• Lease Disclaimers – Remaining HBC leases (307,800 sf) disclaimed effective Nov 27 2025.
• Occupancy – Multi‑suite residential 93.5%; Retail 90.6%; Office 82.7% for Q3 2025.
• Dividend – Board declared a $0.20 per share eligible dividend, payable Dec 31 2025 to shareholders of record Dec 15 2025.

Notable Quotes

(No direct quotes were provided in the release.)