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Morguard
Morguard (MRC) investor relations material
Morguard Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Total revenue for Q3 2025 increased by $1.3 million (0.5%) year-over-year to $254.7 million, driven by higher average monthly rent and foreign exchange gains, partially offset by increased vacancy in multi-suite residential and office segments.
Net income for Q3 2025 rose by $36.1 million to $44.0 million, mainly due to lower income tax provision and reduced net fair value loss.
Normalized FFO for Q3 2025 was $55.4 million ($5.18 per share), up 3.2% year-over-year.
Financial highlights
Q3 2025 total revenue: $278.2 million, up from $276.9 million in Q3 2024.
Q3 2025 net operating income (NOI): $155.7 million, up from $153.2 million in Q3 2024.
Q3 2025 net income attributable to common shareholders: $37.8 million ($3.54 per share), compared to $0.5 million ($0.05 per share) in Q3 2024.
Q3 2025 FFO: $59.6 million ($5.57 per share), down from $63.0 million ($5.83 per share) in Q3 2024.
Q3 2025 Normalized FFO: $55.5 million ($5.18 per share), up from $53.7 million ($4.97 per share) in Q3 2024.
Outlook and guidance
Strong liquidity position at quarter-end with $273.0 million in cash and available credit, and $1.1 billion in unencumbered properties and investments.
Fourth quarterly eligible dividend of $0.20 per share to be paid on December 31, 2025.
Strategy for 307,800 sq ft HBC lease disclaimers
Office occupancy drop to 82.7% - mitigation plan?
Impact of higher mortgage refinancing rates on interest expense?
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Next Morguard earnings date
Q4 202520 Feb, 2026
Morguard
Next Morguard earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Morguard Corporation is a real estate investment and management company with a diverse portfolio that spans across Canada and the United States. The company's operations encompass the acquisition, ownership, development, and management of multi-suite residential, commercial, and hotel properties. Morguard offers a range of real estate management services, including acquisitions, development, dispositions, leasing, performance measurement, and asset and property management. In addition, it provides real estate investment advisory services and investment products across equity, fixed income, and balanced portfolios to institutional clients and private investors. The company's real estate assets include multi-suite residential properties, retail spaces, office buildings, industrial properties, and hotels, featuring residential suites, commercial leasable space, and hotel rooms. The company is headquartered in Mississauga, Canada, and its shares are listed on the Toronto Stock Exchange.
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