Q3 2025 Morguard North American Residential Real Estate Investment Trust Earnings Call Transcript

Oct 30, 2025 / 07:00 PM GMT

Release Date Price: $12.64

Transcript

Key Points

Positve

Morguard North American Residential Real Estate Investment Trust (MNARF) received a significant one-time net property tax refund of $3.2 million, positively impacting their financial results.
The occupancy rate at Penmas Plaza increased to 81% following its transition from a single-tenant to a multi-tenant building.
Interest expenses declined by $1 million for the quarter due to a decrease in short-term variable interest rates, contributing to overall financial stability.
The trust's liquidity improved to $76 million at the end of the quarter, up from $72 million in the previous quarter.
The trust successfully renewed or extended seven mortgages totaling $165 million, reducing the average interest rate from 5.4% to 4.95%.

Negative

Total net operating income for the third quarter declined from $32.2 million in 2024 to $31.3 million in 2025, reflecting a challenging market environment.
The expiration of the obsidian head lease at Penmas Plaza led to a $4.3 million decrease in income due to a rent reset.
The trust experienced increased vacancy at Penmas Plaza, contributing to a decrease in overall occupancy from 91.2% at the end of 2024 to 86.6% in September 2025.
The trust faced tenant failures in the first quarter, leading to softness in the enclosed mall segment.
A fair value loss of $10 million was recorded during the quarter, primarily due to changes in office asset costs.

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
Q3 2025 Morguard North American Residential Real Estate Investment Trust Earnings Call
Oct 30, 2025 / 07:00PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Good afternoon, ladies and gentlemen, and welcome to the Moreguard Real Estate Investment Trust 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 need assistance, please press 0 for the operator. This call is being recorded on Thursday, October 30, 2025. I would now let turn the conference over to Andrew Tumbling. Please go ahead.

--------------------------------------------------------------------------------
Unidentified_2 [2]
-----------------------------------------------------------------------------

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

30-Day 100% money back guarantee

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.