Morguard Real Estate ate (TSE:MRT.UN)
TSX:MRT.UN
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Earnings Data
Report Date
Jul 29, 2026TBA (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
―Last Year’s EPS
-0.03Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call balanced clear operational strengths in retail (same-store growth, positive leasing spreads, active redevelopment at St. Laurent, new grocery and tenant wins) and financing improvements (lowered mortgage rates on renewals, sizeable unencumbered asset pool) against near-term challenges in office (two sizable returned office spaces in Ottawa and Vancouver), the lingering impact of two failed Bay stores, a year-over-year occupancy decline (~2.9 percentage points), and a material $159M convertible debenture maturing later this year that will be refinanced at a higher rate. Management is optimistic about retail fundamentals and expects to work through office vacancies, but the headwinds mean the positives and negatives are relatively balanced.Company Guidance
Net Operating Income Largely Stable
Q1 2026 net operating income of $25.6 million versus $25.7 million in Q1 2025 (down ~0.4%), described as in line with expectations and consistent with prior year.
Retail Outperformance and Positive Leasing Spreads
Improved retail results driven by enclosed model asset performance and positive leasing spreads through 2025; management expects retail results to remain stable for the remainder of 2026.
Community Strip Same-Store Growth
Community strip portfolio produced same-store net operating income growth of 2.2% (adjusted to allow for one asset with a failed Peavey Mart).
Penn West Plaza Improvement Expected
Penn West Plaza occupancy ~80%; management expects NOI for this asset to be approximately $2.0 million higher in 2026 versus 2025 as inducements booked in 2025 burn off (impact to be realized in final three quarters).
Capital Deployment and Redevelopment Pipeline
Current St. Laurent development spend of $6.2 million (includes Sephora and H&M which are now open); management plans total redevelopment spend of $25–30 million to remerchandise former Sears and add high-traffic national brands.
Targeted Value-Adding Re-tenants
Two No Frills grocery openings (Parkland Mall cost $1.5M; Saskatoon ~ $5M) are now contributing income; Airdrie Peavey Mart box to be re-tenanted as a gym with ~ $1.5M spend expected to be accretive to income beginning in 2027.
Improved Financing Costs on Renewals
Interest expense declined by $0.4 million in Q1 2026 due mainly to lower mortgage rates on renewals; two mortgages totalling $27 million were renewed in 2026, lowering the average rate from 5.4% to 4.7%.
Liquidity and Balance Sheet Flexibility
Trust liquidity of $61 million at quarter-end and $218 million of unencumbered assets along with active discussions for up-financing opportunities; operating capital reserve maintained at $35 million for 2026.
Office Market Interest Improving
Leasing teams report increasing tour interest for office space in major urban areas as companies emphasize back-to-office policies; management is cautiously optimistic about future office leasing in 2026–2027.
TSE:MRT.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:MRT.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 29, 2026 | C$6.57 | C$6.58 | +0.15% |
Feb 11, 2026 | C$6.34 | C$6.31 | -0.46% |
Oct 29, 2025 | C$5.75 | C$5.72 | -0.52% |
Jul 30, 2025 | C$5.54 | C$5.49 | -1.06% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Morguard Real Estate ate (TSE:MRT.UN) report earnings?
Morguard Real Estate ate (TSE:MRT.UN) is schdueled to report earning on Jul 29, 2026, TBA (Confirmed).
What is Morguard Real Estate ate (TSE:MRT.UN) earnings time?
Morguard Real Estate ate (TSE:MRT.UN) earnings time is at Jul 29, 2026, TBA (Confirmed).
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What is TSE:MRT.UN EPS forecast?
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