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Morguard Real Estate Investment Trust

Morguard Real Estate Investment Trust

MRT-UN.TO
Morguard Real Estate Investment TrustCA flagToronto Stock Exchange
7.07
CAD
+0.07
- -
472.10MMarket Cap
Morguard Real Estate Investment Trust
MRT-UN.TO
(Toronto Stock Exchange)

Recent

price

7.07

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
3.88
4.13
4.1
4.41
4.8
4.71
4.62
4.6
4.55
4.5
4.09
3.76
3.78
3.97
4.03
3.67
3.87
Revenue per Share
3.07
2.77
3.82
3.35
1.83
0.43
0.94
1.11
1.2
0.24
-5.75
0.08
-1.34
-1.16
-0.92
-0.25
-0.51
Basic EPS, GAAP
-0.77
-0.39
1.38
1.41
1.68
1.59
1.9
1.66
1.54
1.47
0.76
1.25
1.15
1.03
0.86
0.62
0.67
Free Cash Flow per Basic Share
0.89
0.89
0.94
0.95
0.95
0.95
0.94
0.93
0.95
0.95
0.35
0.26
0.25
0.24
0.24
0.06
0.17
Dividend per Share
18.51
20.51
23.96
24.47
25.84
25.16
25.49
25.72
25.93
25.22
18.54
17.75
16.16
14.75
13.59
13.09
13.28
Book Value per Share
18.54
20.55
23.93
24.47
25.85
25.19
25.6
25.83
26.03
25.32
18.64
17.96
16.37
14.96
13.76
13.27
13.45
Tangible Book Value per Share
57
57
60
63
62
62
61
61
61
61
62
64
64
64
64
65
65
Basic Weighted Avg Shares
220
236
245
280
298
291
281
279
276
273
254
241
243
255
259
239
249
Sales/Revenue/Turnover
54.03
54.75
53.82
56.05
55.06
55.52
55.49
54.71
53.28
53.32
47.33
48.96
48.79
47.85
48.09
45.06
45.41
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
174
158
228
212
114
27
57
67
73
15
-357
5
-86
-74
-59
-17
-33
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
79.15
67.16
93.29
75.95
38.16
9.15
20.38
24.15
26.41
5.43
-140.85
2.02
-35.49
-29.19
-22.7
-6.92
-13.31
Profit Margin (%)
-78
-91
-405
-188
-28
-90
-102
-162
-273
-290
-429
-228
-388
-446
-345
-574
-387
Working Capital
801
810
795
1,170
1,258
1,230
1,193
1,158
1,082
1,084
929
1,085
906
849
917
695
882
LT Debt
1,054
1,173
1,431
1,553
1,607
1,556
1,555
1,566
1,580
1,537
1,158
1,152
1,051
961
884
865
868
Total Equity
7.51
6.48
5.63
5.69
5.6
5.53
5.32
5.22
5.09
5.01
- -
4.76
- -
- -
- -
- -
- -
Return on Invested Capital (%)
16.97
10.42
11.75
9.8
5.91
2.84
3.81
4.14
4.4
2.46
- -
2.28
- -
- -
- -
- -
3.88
Return on Capital (%)
- -
14.24
17.55
14.23
7.21
1.68
3.69
4.33
4.66
0.96
-26.65
0.43
-7.91
-7.5
-6.46
-1.92
-3.78
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
316
320
368
LT Borrowings
900
904
866
LT Finance Leases
16
16
16
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
64
65
65
Market Capitalization
355
355
372

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
19
28
34
Cash, Cash Equivalents & STI
8
7
7
Accounts Receivable, Net
3
4
6
Inventories
- -
- -
- -
Total Current Liabilities
365
374
421
Payables & Accruals
48
54
53
ST Debt
316
320
368
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-5.39%
-5.6%
-2.21%
Free Cash Flow
-4.48%
1.85%
-26.78%
Net Income, GAAP
-451.73%
-414.04%
-71.85%
Sales/Revenue/Turnover
-1.86%
-1.06%
-7.65%
Total Cash Common Dividend
-16.96%
-21.14%
-75.29%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
64
64
63
67
259
2025
60
58
63
- -
239
2026
60
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.57
-0.03
0.24
- -
-0.92
2025
-0.18
-0.03
- -
- -
-0.25
2026
0.09
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.04
0.06
0.06
- -
0.24
2025
0.02
0.01
- -
- -
0.06
2026
0.01
- -
- -
- -
- -
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Business
Morguard Real Estate Investment Trust (TSX: MRT.UN) is a closed-end real estate investment trust that owns, manages and invests in a diversified portfolio of high-quality commercial income-producing properties across Canada. The Trust's portfolio comprises 45 properties totaling approximately 8.1 million square feet of gross leasable area in six provinces, including well-located office properties in major urban centers such as single-/dual-tenant and multi-tenant buildings as well as Penn West Plaza; dominant enclosed full-scale regional shopping malls and neighbourhood/community strip centres in the retail segment; and a select group of industrial properties. Established in 1997 and headquartered in Mississauga, Ontario, the Trust operates within the retail, office and industrial segments, generating the majority of its revenue from retail properties, with total real estate assets valued at $2.2 billion as of September 30, 2025. Morguard Corporation, its sponsor, recently increased its ownership position to approximately 83.49% of the outstanding units through market purchases and distribution reinvestment plan participation between April and July 2025. In 2025, the Trust reported third quarter net operating income declines in certain segments, including community strip centres following the 2024 sale of Heritage Towne Centre and significant reductions at Penn West Plaza due to the Obsidian Energy lease expiry and rent resets in February 2025, partially offset by tax refunds and industrial growth; additionally, Morguard Corporation announced a CEO transition in November 2025, appointing Angela Sahi as President and CEO with K. Rai Sahi as Executive Chair.