Q4 2025 Morguard North American Residential Real Estate Investment Trust Earnings Call Transcript

Feb 12, 2026 / 08:00 PM GMT

Release Date Price: $13.82

Transcript

Key Points

Positve

Morguard North American Residential Real Estate Investment Trust (MNARF) completed the fourth quarter of 2025 with total assets amounting to $4.5 billion, showing resilience despite currency fluctuations.
The REIT successfully refinanced maturing mortgages for gross proceeds of $245.6 million at a favorable weighted average interest rate of 4.92% for a term of 5.3 years.
The REIT increased its annual cash distribution by $0.03 per unit, a 3.95% increase, reflecting strong financial health.
Net income for the year ended December 31, 2025, was $111.5 million, a significant increase from $99.4 million in 2024.
The REIT's average monthly rent in Canada increased by 4.5% to $1,851, indicating strong demand and portfolio quality.

Negative

Total assets decreased from $4.6 billion in December 2024 to $4.5 billion in December 2025, primarily due to changes in the US dollar exchange rate.
Occupancy rates in Canada and the US decreased, with Canada at 93.3% and the US at 91.3% by the end of 2025, due to increased competition and tenant relocations.
Interest expense increased by $8.9 million for the year ended December 31, 2025, due to higher principal and interest rates.
The REIT's debt to gross book value ratio was slightly reduced to 39.5% from 39.7%, indicating limited progress in debt reduction.
The US portfolio experienced lumpy occupancy rates, reflecting market volatility and challenges in maintaining stable occupancy.

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
Q4 2025 Morguard North American Residential Real Estate Investment Trust Earnings Call
Feb 12, 2026 / 08:00PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Good afternoon ladies and gentlemen and welcome to the Morgard North American Residential R 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 of 2026.

I would now like to turn the conference over to Chris Newman, Chief Financial Officer, please go ahead.

---------------------------------------------------------------------------

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.