Morguard North American Residential REIT Announces 2025 Third Quarter Results and an Increase to Monthly Cash Distribution

Executive Summary

• Morguard North American Residential REIT reported Q3 2025 net operating income of $54.1 M (up 4.0%) and net income of $12.5 M, a 166% increase year‑over‑year driven by higher fair‑value gains and lower deferred tax expense.
• The REIT announced an annual cash distribution increase of $0.03 per Unit (3.95%), raising the annualized payout to $0.79 per Unit effective with the November 2025 distribution.
• Completed refinancing of a Chicago property, generating net proceeds of $10.3 M after paying off a $155.8 M mortgage at 3.49% and issuing a new $166.1 M mortgage at 5.35%.

Key Details

• Net Operating Income (NOI): $54.1 M for Q3 2025 vs. $52.0 M in Q3 2024 (+$2.1 M, +4.0%).
• Proportionate NOI: $45.55 M (+2.7% YoY); U.S. contribution up $0.9 M (4.2%) offset by Canada down $0.3 M (‑1.6%). FX effect added $0.6 M.
• Net Income: $12.5 M vs. a loss of $(18.8) M in Q3 2024 (+$31.3 M, +166.2%).
• Basic FFO per Unit: $0.43 (up 7.5% from $0.40).
• FFO – Basic: $22.28 M (up $0.43 M, +2.0%).
• Distribution Increase: Annual cash distribution raised by $0.03 per Unit to $0.79 annually; effective for November 2025 payout (paid December 2025).
• Refinancing – Chicago Property: Gross mortgage proceeds $166.1 M (US$120.0 M) at 5.35%; prior mortgage balance $155.8 M (US$112.6 M) at 3.49%; net cash received $10.3 M (US$7.4 M) before financing costs.
• Occupancy & Rent:
• Canada AMR up 4.7% YoY; occupancy down to 94.3% (from 97.8%).
• U.S. AMR up 1.5% YoY; occupancy up to 92.5% (from 91.7%).
• Indebtedness / Gross Book Value: 39.5% at Sep‑30‑2025 vs. 39.7% Dec‑31‑2024.
• Weighted Average Mortgage Rate: 4.08% (up from 3.88%).
• Portfolio Size: 43 properties, 13,089 suites; total assets/gross book value $4.596 B.

Notable Quotes

(No direct quotes were provided in the release.)