The earnings call presented a mixed picture with some positive aspects such as the large property tax refund, increased occupancy at Penn West Plaza, and successful retail leasing. However, these were countered by significant challenges like the decline in net operating income, fair value losses, and reduced overall occupancy rates. Despite the challenges, there is optimism about future leasing and retail growth.

Company Guidance

During the Morguard Real Estate Investment Trust's third-quarter 2025 earnings call, several key metrics were discussed. Notably, the Trust's total net operating income declined from $32.2 million in 2024 to $31.3 million in 2025, partially due to a $4.3 million decrease tied to the Penn West Plaza lease reset. However, this was slightly offset by a $3.2 million property tax refund. The occupancy rate at Penn West Plaza stands at 81%, following a transition from single to multi-tenant occupancy. Interest expenses have decreased, with a $1 million reduction in the quarter and over $3 million year-to-date, attributed to lower short-term variable interest rates. The Trust's liquidity increased slightly to $76 million by quarter-end. The overall occupancy level rose to 86.6%, spurred by heightened leasing activity in malls and office spaces. Additionally, the Trust renewed $165 million in mortgages, reducing the interest rate from 5.4% to 4.95%. Despite challenges, including the expiration of key leases and tenant failures, the Trust remains optimistic about future leasing opportunities and maintaining strong fundamentals in the retail sector.

Property Tax Refund

A large one-time net property tax refund of $3.2 million was received for one of the Trust's enclosed shopping malls, which positively impacted financial results.

Occupancy Improvement at Penn West Plaza

Occupancy at Penn West Plaza increased to 81% after transitioning from a single-tenant to a multi-tenant building.

Interest Expense Decline

Interest expense declined by $1 million for the quarter and over $3 million for the nine-month period due to lower short-term variable interest rates.

Retail Leasing Success

Community strip centers are nearly full at 99% occupancy, and there are positive rental growths on lease renewals in the retail sector.

Increased Liquidity

The Trust has increased its liquidity from $72 million in the second quarter to $76 million by the end of the third quarter.

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
Feb 18, 2026	2025 (Q4)	- / -	-0.55	―	―	―
Oct 29, 2025	2025 (Q3)	- / 0.07	0.19	-63.16% (-0.12)	―	―
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)	―	―

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
Oct 29, 2025	C$5.86	C$5.83	-0.51%
Jul 30, 2025	C$5.65	C$5.59	-1.06%
Apr 30, 2025	C$5.48	C$5.36	-2.19%
Feb 12, 2025	C$5.39	C$5.43	+0.74%

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 Feb 18, 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 Feb 18, 2026, TBA (Confirmed).

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