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Morguard North American Residential Real Estate Investment Trust

Morguard North American Residential Real Estate Investment Trust

MRG-UN.TO
Morguard North American Residential Real Estate Investment TrustCA flagToronto Stock Exchange
16.99
CAD
+0.14
- -
593.66MMarket Cap
Morguard North American Residential Real Estate Investment Trust
MRG-UN.TO
(Toronto Stock Exchange)

Recent

price

16.99

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
638
634
654

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.TO) is an open-ended real estate investment trust focused on owning, acquiring, developing and managing a diversified portfolio of multi-suite residential rental properties and ancillary retail space across Canada and the United States; its core assets include 16 Canadian apartment communities in Alberta and Ontario, 26 U.S. apartment communities in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas and Virginia, plus one retail property offering 229,500 square feet of commercial gross leasable area, totaling 12,315 residential suites with assets valued at $4.6 billion as of September 30, 2025. Formed in 2012 and headquartered in Mississauga, Ontario, the REIT, sponsored by Morguard Corporation which holds an indirect 48.5% interest, targets stable cash distributions to unitholders through active asset management, property improvements and strategic expansion primarily via third-party acquisitions. Recent developments include ongoing normal course issuer bid programs renewed in January 2025 to repurchase up to 2,648,573 units through January 2026 and $4,900 principal of debentures, unit repurchases totaling 1,313,709 for $22.9 million in the nine months ended September 30, 2025, key mortgage refinancings such as a $79.4 million CMHC-insured 10-year loan at 4.02% in March 2025 for a Kitchener, Ontario property and a $166.1 million (US$120 million) three-year loan at 5.35% in July 2025 for a Chicago, Illinois property, $40.3 million in capital expenditures on real estate properties, and a $50.9 million net fair value gain on properties for the same period.