Northwire Canada EditionThursday, October 15, 2026
Sign inSubscribe
Northwire
⌕
GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4% GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4%
Earnings

Morguard North American Residential REIT Announces 2025 Results

By The Northwire Desk — AI Analysis Feb 10, 2026 · 16:15 MRG · 18.67 None
MRG · Price

Executive Summary

  • Morguard North American Residential REIT reported a strong 2025 year‑end performance, with NOI of $189.7 M (+4.6%) and net income of $111.5 M (+12.2%) versus 2024.
  • Basic FFO increased to $1.79 per Unit (+8.5%), driven by higher fair‑value gains and improved rental income in the U.S. market.
  • The REIT refinanced $245.6 M of mortgages at a weighted‑average rate of 4.92% for an average term of 5.3 years, and secured additional net mortgage financing proceeds of $86.6 M expected to close in Q1–Q2 2026.

Key Details

  • Net Operating Income (NOI): $189.7 M for FY‑2025, up $8.3 M (4.6%) YoY.
  • Proportionate NOI: $188.6 M, up 4.1% YoY; increase driven by U.S. NOI (+US$3.3 M) and FX effect (+US$3.7 M).
  • Net Income: $111.5 M, up $12.1 M (12.2%) YoY, primarily from higher net fair‑value gains.
  • Basic Funds From Operations (FFO): $1.79 per Unit, an 8.5% increase over $1.65 in 2024.
  • Liquidity: $226.5 M total ($114.5 M cash + $112.0 M revolving credit). Additional $86.6 M mortgage financing expected Q1‑Q2 2026.
  • Mortgage Refinancing: Gross proceeds $245.6 M at 4.92% average rate, weighted term 5.3 years; net proceeds $58.9 M after costs. Prior maturing mortgages: $186.7 M at 3.29%.
  • Unit Repurchases: 1,398,709 Units bought for $24.3 M at $17.40 per Unit under normal course issuer bid program.
  • Rental & Occupancy Trends:
  • Canada AMR up 4.5% YoY to $1,851; occupancy down to 93.3% (Sept‑2025: 94.3%).
  • U.S. AMR up 1.2% YoY to US$1,930; occupancy down to 91.3% (Sept‑2025: 92.5%).
  • Indebtedness Ratio: 39.5% of gross book value (down from 39.7% in 2024).
  • Portfolio Overview (as of Dec 31 2025): 43 properties, 13,089 suites; total assets/gross book value $4.54 B.
  • Quarterly Highlights (Q4‑2025): NOI $57.9 M (+6.9% YoY); Proportionate NOI $47.6 M (+4.5%). Drivers: U.S. revenue growth, favorable FX, lower realty taxes in Chicago.
  • Subsequent Event: Entered CMHC‑insured refinancing agreements for three Canadian multi‑suite properties – up to $163.9 M gross proceeds, weighted term 11.2 years, interest 2.88%; expected close Q1‑Q2 2026.
  • Conference Call: Thursday, Feb 12 2026 at 3:00 p.m. ET (ID 98216).

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

More from None

Apr 28, 2026 · 16:15

Morguard REIT Occupancy and FFO Diverge as Refinancing Support Lags Operational Headwinds

Earnings Apr 15, 2026 · 11:30

Morguard Secures Investment Grade Status Following Aggressive Debt Reduction and TDAM Partnership

Other Feb 25, 2026 · 18:19

Morguard Announces Strategic Relationship with TD Asset Management on Multi-Suite Residential Real Estate Portfolio

M&A / Property Jan 07, 2026 · 09:00

Morguard North American Residential REIT Announces Normal Course Issuer Bid

Other Oct 27, 2025 · 16:05

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

Earnings