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Morguard Real Estate (TSE:MRT.UN)
:MRT.UN
Earnings Data
Report Date
Apr 23, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.81Same Quarter Last Year
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 12, 2025
|% Change Since: -0.90%
|Next Earnings Date:Apr 23, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects a mixed performance with positive growth in same-asset net operating income, strong retail performance, and improved occupancy. However, challenges remain with increased interest expenses, fair value losses, tenant failures, and projected income declines at Penn West Plaza. The call balances its positives with ongoing operational and market challenges.Company Guidance
During Morguard REIT's fourth quarter 2024 earnings call, CFO Andrew Tamlin reported a 2.7% increase in same-asset net operating income for the standalone fourth quarter, despite a decline due to the sale of Heritage Towne Centre earlier in the year. The REIT achieved a 5% increase in same-asset net operating income across all asset classes for the year, with unclosed malls seeing a 6.8% year-over-year rise. Retail leasing rates from renewals rose approximately 5%, although tenant failures, such as the Comark Group and Peavey in Airdrie, Alberta, were noted. Office assets saw a 3% increase in same-asset net operating income, driven by leasing activities in Alberta. Interest expense rose 7% to $67.4 million for the year due to mortgage rollovers, but was down 4.4% for the quarter due to lower debt levels. The REIT's funds from operations (FFO) increased 5% to $16.5 million for the quarter. The occupancy level improved to 91.2%, with a notable 160 basis point increase in office tenancy. The Penn West Plaza anticipated a $15 million decrease in net operating income for 2025 due to lease-up and vacancy costs, although a $4 million to $6 million uptick is expected in 2026. The REIT's PCME reserve was increased to $35 million starting in 2025, following higher than anticipated capital spending of $38.2 million for the year. The trust maintains $81 million in liquidity, down from $100 million at the end of 2023, and continues efforts to enhance its asset portfolio and tenant mix.Positive Same-Store Net Operating Income Growth
Same-asset net operating income increased by 2.7% in Q4 and by 5% for the year, marking the third consecutive year of positive growth across all asset classes.
Strong Retail Performance
Retail leasing rates increased by approximately 5% from renewals, with strong sales and traffic metrics.
Office Leasing Growth in Alberta
Same-asset net operating income for the office asset class increased by 3%, driven by increased leasing activity in Alberta, particularly at Penn West Plaza.
Improved Occupancy Levels
Overall occupancy increased by 90 basis points to 91.2%, with office tenancy increasing by 160 basis points, mainly due to Alberta assets.
Debt Reduction and Lower Interest Expense
Debt reduced by $120 million over four years, with interest expense for the quarter down 4.4% compared to 2023.
FFO Increase
Funds from operations (FFO) increased by 5% to $16.5 million due to lower interest expenses.
Positive Leasing Outlook
Expectations for every expiring retail tenant over 10,000 square feet to renew in 2025, with 79% of Penn West Plaza's space already renewed.
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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
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TSE:MRT.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 12, 2025 | C$5.56 | C$5.60 | +0.72% |
| Oct 30, 2024 | C$5.52 | C$5.50 | -0.36% |
| Jul 31, 2024 | C$5.23 | C$5.26 | +0.57% |
| May 01, 2024 | C$5.15 | C$5.27 | +2.33% |
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.
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FAQ
When does Morguard Real Estate (TSE:MRT.UN) report earnings?
Morguard Real Estate (TSE:MRT.UN) is schdueled to report earning on Apr 23, 2025, TBA Not Confirmed.
What is Morguard Real Estate (TSE:MRT.UN) earnings time?
Morguard Real Estate (TSE:MRT.UN) earnings time is at Apr 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:MRT.UN EPS forecast?
Currently, no data Available
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