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