Morguard Real Estate Investment Trust Announces 2025 Second Quarter Results

MISSISSAUGA, ON, July 30, 2025 /CNW/ - Morguard Real Estate Investment Trust ("the Trust") (TSX:MRT) today is pleased to announce its 2025 Second Quarter Results.

In thousands of dollars, except per-unit amounts

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Revenue from real estate properties

$58,301

$64,046

$118,648

$128,444

Net operating income

25,661

31,832

51,361

62,737

Fair value losses on real estate properties

(10,683)

(16,242)

(31,569)

(66,465)

Net loss

(1,698)

(2,226)

(13,363)

(39,001)

Funds from operations 1

9,269

14,108

18,431

27,527

Adjusted funds from operations 1,2

217

8,033

1,024

15,442

Amounts presented on a per unit basis

Net loss, basic

($0.03)

($0.03)

($0.21)

($0.61)

Net loss, diluted

($0.03)

($0.03)

($0.21)

($0.61)

Funds from operations, basic 1

$0.14

$0.22

$0.29

$0.43

Funds from operations, diluted 1

$0.13

$0.19

$0.27

$0.37

Adjusted funds from operations, basic 1,2

$—

$0.12

$0.02

$0.24

Adjusted funds from operations, diluted 1,2

$—

$0.12

$0.02

$0.23

1.

The following represents a non-GAAP financial measure/ratio that does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries. This measure should be considered as supplemental in nature and not as substitutes for related financial information prepared in accordance with IFRS. Additional information on this non-GAAP financial measure/ratio can be found under the MD&A section Part I, "Specified Financial Measures".

2.

The Trust uses normalized productive capacity maintenance expenditures to calculate adjusted funds from operations.

SELECTED FINANCIAL INFORMATION

The table below sets forth selected financial data relating to the Trust's fiscal three and six months ended June 30, 2025, and 2024. This financial data is derived from the Trust's condensed consolidated statements which are prepared in accordance with IFRS.

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

% Change

2025

2024

% Change

Revenue from real estate properties

$58,301

$64,046

(9.0 %)

$118,648

$128,444

(7.6 %)

Property operating expenses

(18,264)

(17,939)

1.8 %

(37,919)

(36,348)

4.3 %

Property taxes

(12,391)

(12,080)

2.6 %

(25,317)

(24,946)

1.5 %

Property management fees

(1,985)

(2,195)

(9.6 %)

(4,051)

(4,413)

(8.2 %)

Net operating income

25,661

31,832

(19.4 %)

51,361

62,737

(18.1 %)

Interest expense

(15,983)

(17,243)

(7.3 %)

(31,997)

(34,119)

(6.2 %)

General and administrative

(961)

(922)

4.2 %

(1,921)

(1,946)

(1.3 %)

Other items

11



— %

23



— %

Fair value losses on real estate properties

(10,683)

(16,242)

(34.2 %)

(31,569)

(66,465)

(52.5 %)

Net income from equity-accounted investment

257

349

(26.4 %)

740

792

(6.6 %)

Net loss

($1,698)

($2,226)

(23.7 %)

($13,363)

($39,001)

(65.7 %)

CONSOLIDATED OPERATING HIGHLIGHTS

The following is an analysis of net operating income by asset type:

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

% Change

2025

2024

% Change

Enclosed regional centres

$9,926

$10,878

(8.8 %)

$19,074

$21,049