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    REIT - Residential
Morguard North American Residential Real Estate Investment Trust

Morguard North American Residential Real Estate Investment Trust

MNARF
Morguard North American Residential Real Estate Investment TrustUS flagOther OTC
12.18
USD
- -
- -
425.41MMarket Cap
Morguard North American Residential Real Estate Investment Trust
MNARF
(Other OTC)

Recent

price

12.18

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
8.72
3.83
4.88
5.96
6.76
7.46
6.72
7.16
6.3
6.37
6.29
7.12
8.79
9.49
6.8
9.84
Revenue per Share
10.52
8.95
1.93
1.3
1.32
1
4.76
5.11
1.97
4.49
6.2
5.61
4.67
2.81
1.97
2.65
Basic EPS, GAAP
1.58
-4.77
-7.36
0.27
-1.67
-1.2
-9.74
1.78
1.6
1.28
1.63
1.92
2.36
2.37
1.68
2.79
Free Cash Flow per Basic Share
- -
0.23
0.54
0.59
0.59
0.59
0.62
0.65
0.61
0.68
0.68
0.68
0.71
0.74
0.5
0.74
Dividend per Share
- -
15.24
15.38
16.08
16.79
17.2
20.8
25.24
25.74
29.52
35.01
39.89
44.68
47.81
34.27
49.36
Book Value per Share
29.88
18.43
17.86
19.57
23.35
23.35
27.24
33.44
31.45
34.54
39.97
47.44
51.93
58.21
40.38
57.96
Tangible Book Value per Share
8
21
29
29
29
29
34
34
39
39
39
39
38
36
52
36
Basic Weighted Avg Shares
72
80
143
175
198
218
226
241
246
249
246
278
332
344
355
352
Sales/Revenue/Turnover
50.63
48.88
50.85
46.77
47.38
47.29
48.62
48.86
48.26
48.37
46.87
47.35
47.72
46.27
46.95
45.68
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
87
188
56
38
39
29
160
172
77
175
242
219
176
102
103
95
Net Income, GAAP
14.82
- -
12.91
40.08
45.67
50.72
- -
11.87
7.21
- -
21.1
22.7
4.18
11.79
8.86
10.75
Effective Tax Rate (%)
120.69
233.86
39.44
21.83
19.54
13.39
70.83
71.35
31.28
70.46
98.58
78.74
53.17
29.59
29.03
26.97
Profit Margin (%)
-42
-12
-223
-55
-42
-109
-167
-146
-24
-106
-24
-72
-179
-125
-105
-162
Working Capital
331
331
738
950
1,116
1,087
1,182
1,290
1,296
1,197
1,287
1,264
1,396
1,573
1,579
1,514
LT Debt
247
387
523
574
685
684
918
1,128
1,226
1,348
1,561
1,855
1,960
2,112
2,106
2,076
Total Equity
- -
- -
5.54
3.2
2.95
2.7
- -
4.31
4.31
- -
3.24
3.24
4.42
3.78
3.9
3.78
Return on Invested Capital (%)
- -
- -
7.9
4.25
3.85
2.88
- -
9.42
4.95
- -
10.28
7.95
6.94
4.66
4.45
4.49
Return on Capital (%)
- -
117.42
14.64
8.28
8.05
5.87
26.64
22.2
8.28
16.26
19.22
14.98
10.86
5.96
5.85
5.42
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
219
243
256
LT Borrowings
1,555
1,570
1,497
LT Finance Leases
18
18
17
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
36
36
35
Market Capitalization
641
641
653

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
168
193
176
Cash, Cash Equivalents & STI
51
49
66
Accounts Receivable, Net
13
8
8
Inventories
- -
- -
- -
Total Current Liabilities
293
333
339
Payables & Accruals
74
91
83
ST Debt
219
243
256
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12.33%
9.56%
-0.28%
Free Cash Flow
73.21%
12.43%
1.88%
Net Income, GAAP
47.18%
-6.4%
1.09%
Sales/Revenue/Turnover
6.14%
7.61%
3.04%
Total Cash Common Dividend
4.49%
-0.25%
-1.83%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
85
86
86
88
344
2025
90
89
88
- -
355
2026
86
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.68
1.3
-0.57
- -
2.81
2025
1.07
0.83
- -
- -
1.97
2026
0.72
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.18
0.18
- -
0.74
2025
0.19
0.19
- -
- -
0.5
2026
0.13
- -
- -
- -
- -
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Business
Morguard North American Residential Real Estate Investment Trust (MRG.UN) is an open-ended real estate investment trust listed on the Toronto Stock Exchange that acquires, owns and actively manages a diversified portfolio of multi-suite residential rental apartment communities and limited commercial properties across Canada and the United States; its core assets comprise 16 Canadian residential properties located in Alberta and Ontario totaling thousands of suites, 26 U.S. residential apartment communities situated in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas and Virginia encompassing approximately 12,315 residential suites, and one retail property providing 229,500 square feet of commercial gross leasable area; total assets stand at $4.6 billion as of September 30, 2025, with the portfolio appraised at around $4.3 billion and operations segmented between Canada and the U.S., the latter generating the majority of revenue from middle-market multi-family rentals targeting stable occupancy and rent growth. Founded in 2012 and headquartered in Mississauga, Ontario, the REIT has more than doubled its portfolio size since its initial public offering through strategic acquisitions, property improvements and capital recycling. In October 2025, the REIT announced third-quarter results reflecting net operating income growth of 4.0% year-over-year to $54.1 million, proportionate net operating income up 2.7%, funds from operations per unit rising 7.5% to $0.43, and an increase in its annual cash distribution by $0.03 per unit to $0.79 effective November 2025; it also refinanced a Chicago, Illinois property mortgage for US$120.0 million at 5.35% interest, yielding net proceeds of US$7.4 million, while U.S. average monthly rent rose 1.5% and occupancy improved to 92.5%.

Company News

APIChatGPT

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MRG.UN:CA) Q1 2026 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MRG.UN:CA) Q4 2025 Earnings Call Transcript

  • defenseworld.net

    Morguard North American Residential Real Estate Investment Trust (OTCMKTS:MNARF) Shares Down 1.7% – Time to Sell?

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MRG.UN:CA) Q3 2025 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q2 2025 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q1 2025 Earnings Call Transcript

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    Canadian REITs: Can They Weather Tariff Uncertainty?

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q4 2024 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q3 2024 Earnings Call Transcript

  • seekingalpha.com

    Rate Cuts Open Door For Potential Opportunity In REITs

  • seekingalpha.com

    Morguard North American Residential REIT (MNARF) Q2 2024 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q1 2024 Earnings Call Transcript

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    Why Lower Rates Could Lead To Opportunities In REITs This Year

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q4 2023 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q3 2023 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q2 2023 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q1 2023 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q4 2022 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) Q3 2022 Earnings Call Transcript

  • seekingalpha.com

    Morguard North American Residential Real Estate Investment Trust (MNARF) CEO Rai Sahi on Q2 2022 Results - Earnings Call Transcript