Morguard (MRC) Q3 2025 earnings summary

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.