The earnings call highlighted some positive trends such as strong occupancy in strip centers and reduced interest expenses, but these were overshadowed by significant challenges including a decline in net operating income, increased vacancies, and fair value losses. The positive aspects in leasing activities suggest potential future improvements, but current financial metrics present a challenging outlook.

Company Guidance -

Q3 2025

During the Morguard North American Residential REIT 2025 Second Quarter Results Conference Call, the company reported a decline in total net operating income from $31.8 million in 2024 to $25.7 million in 2025, largely due to a $4.7 million impact from the Penn West Plaza lease reset and a $431,000 decline in lease cancellation fees. The occupancy level at Penn West Plaza, following the transition from a single to a multi-tenant building, stood at 80%. The overall occupancy level decreased to 85.9% from 91.2% at the end of 2024, influenced by increased vacancies at Penn West Plaza and the disclaimed Bay lease at Cambridge. The Trust's interest expense declined by $1.3 million for the quarter due to lower short-term variable interest rates, with a total interest expense reduction of over $2 million for the six-month period. Liquidity was reported at $72 million, down from $81 million at the end of 2024. The Trust renewed or extended mortgages totaling $80 million, reducing the interest rate from an average of 6.4% to 5%. Additionally, real estate properties accounted for $11 million in fair value losses due to minor changes across asset classes.

Strong Occupancy at Penn West Plaza

Despite the expiration of the Obsidian head lease and market challenges, Penn West Plaza achieved an 80% occupancy rate immediately after transitioning to a multi-tenant building.

Interest Expense Reduction

The Trust's interest expense declined almost $1.3 million for the quarter and over $2 million for the 6-month period due to lower variable interest rates.

High Occupancy in Strip Centers

Community strip centers, largely grocery-anchored, are essentially full at 99% occupancy.

Positive Leasing Activity

Positive rental growth on lease renewals in the retail segment, with ongoing conversations involving well-known national brands.

Morguard Real Estate ate (TSE:MRT.UN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TSE:MRT.UN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	- / -	0.19	―	―	―
Jul 30, 2025	2025 (Q2)	- / -0.03	-0.03	0.00% (0.00)	―	―
Apr 30, 2025	2025 (Q1)	- / -0.18	-0.57	68.42% (+0.39)	―	―
Feb 12, 2025	2024 (Q4)	- / -0.55	-0.43	-27.91% (-0.12)	―	―
Oct 30, 2024	2024 (Q3)	- / 0.19	-0.62	130.65% (+0.81)	―	―
Jul 31, 2024	2024 (Q2)	- / -0.03	-0.03	0.00% (0.00)	―	―
May 01, 2024	2024 (Q1)	- / -0.57	-0.08	-612.50% (-0.49)	―	―
Feb 14, 2024	2023 (Q4)	- / -0.43	-1.48	70.95% (+1.05)	―	―
Oct 25, 2023	2023 (Q3)	- / -0.62	-0.91	31.87% (+0.29)	―	―
Jul 26, 2023	2023 (Q2)	- / -0.03	0.31	-109.68% (-0.34)	―	―

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
Jul 30, 2025	C$5.71	C$5.65	-1.05%
Apr 30, 2025	C$5.53	C$5.41	-2.17%
Feb 12, 2025	C$5.44	C$5.48	+0.74%
Oct 30, 2024	C$5.40	C$5.39	-0.19%

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 Oct 22, 2025, TBA (Confirmed).

What is Morguard Real Estate ate (TSE:MRT.UN) earnings time?

Morguard Real Estate ate (TSE:MRT.UN) earnings time is at Oct 22, 2025, TBA (Confirmed).

Where can I see when companies are reporting earnings?

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What is TSE:MRT.UN EPS forecast?

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