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Morguard Real Estate ate (TSE:MRT.UN)
TSX:MRT.UN
Earnings Data
Report Date
Apr 29, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.18Same Quarter Last Year
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call highlighted solid retail fundamentals (strong renewal uplifts, near-full occupancy in grocery-anchored centers, active redevelopment and contracted renewals) and progress on capital structure (debt reduction and lower mortgage rates). However, results were weighed down by office-sector challenges: a substantial rent reset impact at Penn West Plaza (~$16M), significant fair value losses ($62M for the year), lower overall occupancy versus prior year, and the loss of Bay leases (approx. $1.5M annual rent). Liquidity declined modestly and variable debt exposure increased. Management is cautiously optimistic about retail stability and a gradual office leasing recovery, but material office headwinds and near-term redevelopment costs temper the outlook.Company Guidance
Retail Rental Growth on Renewals
Enclosed malls saw ~5% uplift on renewals in 2025 and open-air/grocery-anchored strip centers saw ~9% uplift; management reports positive rental growth and strong retailer interest.
High Occupancy in Community Strip Centers
Community grocery-anchored strip centers are ~99% occupied, supporting stable cash flow and renewal leverage.
Penn West Plaza Successful Repositioning to Multi-Tenant
Penn West Plaza transitioned from a single-tenant to multi-tenant building with current occupancy of 81% after rent resets and inducements to attract tenants.
Liquidity and Unencumbered Asset Base
The Trust reported $68 million in liquidity and $219 million in unencumbered assets at year-end, with management noting adequate liquidity for current development initiatives.
Lower Interest Costs and Mortgage Renewals
Interest expense declined by almost $4 million for the full year; 8 mortgages totaling $166 million were renewed in 2025, lowering the average rate from 5.4% to 4.95%.
Substantial Debt Reduction Over Time
The Trust has reduced debt by more than $100 million over the last four years, indicating progress on deleveraging objectives.
Active Redevelopment and Tenant Additions
Development and redevelopment activity includes current $6.4 million spend (Sephora, H&M now open), planned $25–30 million repurposing at St. Laurent over ~2 years, and new No Frills openings (Parkland Mall $1.5M spent; Saskatoon ~ $5M planned).
Leasing Momentum and Contracted Renewals
Of ~1.6 million sq ft up for renewal in 2026, the majority is already contracted; all retail tenants >20,000 sq ft are renewed or expected to renew (including Walmart and Canadian Tire).
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 |
|---|---|---|---|
Feb 11, 2026 | C$6.38 | C$6.35 | -0.47% |
Oct 29, 2025 | C$5.79 | C$5.75 | -0.52% |
Jul 30, 2025 | C$5.58 | C$5.52 | -1.04% |
Apr 30, 2025 | C$5.41 | C$5.29 | -2.15% |
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 Apr 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 Apr 29, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is TSE:MRT.UN EPS forecast?
Currently, no data Available