Q2 2025 Morguard North American Residential Real Estate Investment Trust Earnings Call Transcript

Jul 31, 2025 / 07:00 PM GMT

Release Date Price: $13.17 (-1.35%)

Transcript

Key Points

Positve

Morguard North American Residential Real Estate Investment Trust (MNARF) completed Q2 2025 with total assets of $4.5 billion, indicating a strong asset base.
The company repurchased approximately 1.2 million units under its NCIB at an average price of $17.25, reflecting a strategic use of capital.
Net Operating Income (NOI) increased by 4.1% compared to the previous year, showcasing operational growth.
The Funds from Operations (FFO) payout ratio was a conservative 40.3%, allowing for significant cash retention.
Average monthly rent in Canada increased by 5.3% to $1,821, reflecting the quality and demand for the Canadian portfolio.

Negative

Total assets decreased from $4.6 billion at the end of 2024, primarily due to a decrease in the US dollar exchange rate.
Net income for Q2 2025 was $30.1 million, a significant decrease from $50.6 million in 2024, mainly due to a $23.6 million fair value loss on class B LP units.
Interest expenses increased by $3.4 million compared to the previous year, driven by higher principal and interest rates.
Occupancy in Canada decreased to 95.2% from 98% in the previous year, due to increased competition from new and existing properties.
The US portfolio's Average Monthly Rent (AMR) growth was modest at 0.1%, indicating limited rental growth in that market.

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

MRG_u.TO - Morguard North American Residential Real Estate Investment Trust
Q2 2025 Morguard North American Residential Real Estate Investment Trust Earnings Call
Jul 31, 2025 / 07:00PM GMT

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Presentation
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For thirty seconds, press 5 to pause or regard North American residential 2025, 2nd quar conference call.

At this time, all lines are in listen-only mode.

Following the presentation, we will conduct a quarter session.

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This call is being recorded on Thursday.

July 31st, 2025.

I would now like to turn the conference over to Paul Muello, please go ahead.

Thank you very much and good afternoon everybody and thank you for joining us for the resho to results, I'll just do a

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