The call highlighted some positive developments, such as strong occupancy rates in certain segments and successful mortgage renewals. However, significant challenges were noted, including a decrease in net operating income, increased vacancies, and impacts from tenant issues like the Bay's creditor protection. While there are positive elements, the negative aspects are substantial, leading to a cautiously pessimistic outlook.

Company Guidance

During the Morguard North American Residential REIT 2025 Second Quarter Results Conference Call, CFO Andrew Tamlin highlighted several key metrics and trends. The total net operating income (NOI) for the second quarter saw a decline from $31.8 million in 2024 to $25.7 million in 2025, primarily due to the lease reset at Penn West Plaza, accounting for $4.7 million of this $6 million drop. Occupancy at Penn West Plaza stood at 80% following the expiration of the Obsidian head lease. The Trust's overall occupancy level decreased to 85.9% from 91.2% at the end of 2024. Interest expense declined by $1.3 million for the quarter due to lower short-term variable interest rates, while liquidity was slightly down at $72 million compared to $81 million at the end of 2024. The Trust renewed or extended four mortgages totaling $80 million, reducing the average interest rate from 6.4% to 5%. Despite challenges, there was positive sentiment for retail assets, with strip centers nearly full at 99% occupancy. The Trust's focus remains on maintaining strong fundamentals in retail and office leasing environments, anticipating a bounce-back in 2026 after addressing current challenges.

Strong Occupancy in Challenging Market

Despite a tough market, Penn West Plaza achieved an 80% occupancy rate after transitioning from a single tenant to a multi-tenant building.

Decline in Interest Expense

The trust's interest expense declined by $1.3 million for the quarter due to lower short-term variable interest rates, with a total decrease of over $2 million for the six-month period.

Successful Lease Renewals and Extensions

The Trust renewed or extended four mortgages totaling $80 million, lowering the interest rate from an average of 6.4% to 5%.

High Occupancy in Strip Centers

With the exception of one location, community strip centers are nearly full at 99% occupancy.

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?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

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What is TSE:MRT.UN EPS forecast?

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