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Morguard North American Residential Real Estate Investment Trust

Morguard North American Residential Real Estate Investment Trust

10.20
USD
-0.12
(-1.16%)
1.97EPS
6.43P/E
626.26MMarket Cap
Oct 27Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
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
7.9
Basic EPS, GAAP
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
Free Cash Flow per Basic Share
-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
2.36
Dividend per Share
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
0.6
Book Value per Share
17.45
19.13
22.37
22.28
24.17
30.2
29.15
32.55
38.01
44.83
49.1
55.16
38.24
39.99
Tangible Book Value per Share
17.45
19.13
22.37
22.28
24.17
30.2
29.15
32.55
38.01
44.83
49.1
55.16
38.24
39.99
Basic Weighted Avg Shares
29
29
29
29
34
34
39
39
39
39
38
36
52
44
Sales/Revenue/Turnover
143
175
198
218
226
241
246
249
246
278
332
344
355
350
Operating Margin (%)
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
47.67
Depreciation Expense
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
56
38
39
29
160
172
77
175
242
219
176
102
103
118
Effective Tax Rate (%)
12.91
40.08
45.67
50.72
- -
11.87
7.21
- -
21.1
22.7
4.18
11.79
8.86
12.89
Profit Margin (%)
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
33.56
Working Capital
-223
-55
-42
-109
-167
-146
-24
-106
-24
-72
-179
-125
-105
28
LT Debt
738
950
1,116
1,087
1,182
1,290
1,296
1,197
1,287
1,264
1,396
1,573
1,579
1,767
Total Equity
523
574
685
684
918
1,128
1,226
1,348
1,561
1,855
1,960
2,112
2,106
2,205
Return on Invested Capital (%)
6.01
3.53
3.27
3.01
- -
4.81
4.83
- -
3.65
3.72
5.03
4.31
4.45
4.11
Return on Capital (%)
7.5
4.04
3.57
2.64
- -
8.87
4.66
- -
9.84
7.56
6.57
4.39
4.18
4.36
Return on Common Equity (%)
12.72
7.12
6.37
4.47
21.87
18.79
7.13
14.56
17.58
13.54
9.78
5.29
5.15
5.72

Capital Structure

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
192
192
114
LT Borrowings
1,562
1,572
1,750
LT Finance Leases
17
17
18
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
52
52
52
Market Capitalization
870
879
889

Working Capital

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
151
140
224
Cash, Cash Equivalents & STI
115
81
204
Accounts Receivable, Net
11
9
10
Inventories
- -
- -
- -
Total Current Liabilities
256
276
195
Payables & Accruals
64
84
81
ST Debt
192
192
114
Deferred Revenue
- -
- -
- -

Growth Rates

CAD

•

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

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
85
86
86
88
344
2025
90
89
- -
88
355
2026
86
87
- -
- -
- -

Quarterly Earnings Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.68
1.3
-0.57
1.3
2.81
2025
1.07
0.83
- -
0.73
1.97
2026
0.72
0.44
- -
- -
- -

Quarterly Dividends Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.18
0.18
0.18
0.74
2025
0.19
0.19
- -
0.17
0.5
2026
0.13
0.13
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Angela Sahi
Full Time Employees
1,300
Sector
Finance
Industry
Real estate investment trusts
Address
55 City Centre Drive Mississauga ON Canada L5B 1M3
IPO Date
Apr 5, 2012
Website
morguard.com
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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.

Company News

Company News APIChatGPT

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

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

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