Morguard Real Estate Investment Trust (FRA:T0L)

Q4 2025 Morguard Real Estate Investment Trust Earnings Call Transcript

Feb 12, 2026 / 09:00 PM GMT

Release Date Price: €3.8 (-1.96%)

Transcript

Key Points

Positve

Morguard Real Estate Investment Trust (MGRUF) reported stable retail results with good rental growth on lease renewals for both malls and retail strips.
The transition of Penn West Plaza to a multi-tenant building resulted in an occupancy rate of 81%, which is strong for the Calgary market.
The trust has $68 million in liquidity and $219 million in unencumbered assets, providing adequate liquidity for current development initiatives.
Interest expense declined by $1 million for the quarter and $4 million for the full year due to lower short-term variable interest rates.
The trust successfully renewed eight mortgages totaling $166 million, reducing the average interest rate from 5.4% to 4.94-4.95%.

Negative

Net operating income for the fourth quarter declined from $33.5 million in 2024 to $29.1 million in 2025, primarily due to the Penn West Plaza transition.
The expiration of the obsidian head lease at Penn West Plaza led to a $16 million decline in net operating income for 2025.
The trust's overall occupancy level decreased to 85.1% at the end of 2025, down from 86.6% in September, due to increased vacancy from the Bay at Saint Laurent.
The trust experienced $62 million in fair value losses for the year, primarily from the office asset class.
Liquidity decreased from $81 million at the end of 2024 to $68 million at the end of 2025.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MRT_u.TO - Morguard Real Estate Investment Trust
Q4 2025 Morguard Real Estate Investment Trust Earnings Call
Feb 12, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon, ladies and gentlemen, and welcome to the Morgar Real Estate Investment Trust 2025 4th quarter results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session.

If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded on Thursday, February 12, 2026.

I would now like to turn the conference over to Andrew Tamlin, Chief Financial Officer. Please go ahead.

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Unidentified_2 [2]
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