Morguard Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	1,064	1,068	1,162	1,079	976.61
Property Management Fees	41.24	39.68	43.57	41.34	45.3
Other Revenue	0.97	-0.72	4.33	1.21	-29.4
Total Revenue	1,125	1,126	1,228	1,138	1,001
Revenue Growth (YoY	-0.16%	-8.30%	7.95%	13.67%	-3.03%
Property Expenses	594.61	589.01	654.04	619.66	568.81
Depreciation & Amortization	6.86	11.01	23.08	26.51	32.5
Total Operating Expenses	601.47	600.02	677.12	646.18	601.31
Operating Income	523.08	526.35	551.23	491.71	399.69
Interest Expense	-254.92	-256.21	-266.46	-231.63	-222.96
Interest & Investment Income	0.58	0.19	0.26	1.13	0.96
Currency Exchange Gain (Loss)	-0.14	-0.32	-0.06	0	1.37
Other Non-Operating Income	-29.71	-87.75	16.64	3.84	4.89
EBT Excluding Unusual Items	238.89	182.25	301.61	265.05	183.95
Gain (Loss) on Sale of Investments	0.47	-16.26	-29.38	7.31	2.92
Gain (Loss) on Sale of Assets	-	150.59	-	-8.51	-
Asset Writedown	1.06	-17.85	-190.65	-130.15	221.68
Other Unusual Items	-	-0.26	-	1.75	-0.45
Pretax Income	240.42	298.47	81.59	135.46	408.1
Income Tax Expense	61.51	58.84	23.35	23.21	151.48
Earnings From Continuing Operations	178.9	239.63	58.24	112.25	256.62
Minority Interest in Earnings	-4.03	22.17	15.94	10.52	-6.86
Net Income	174.87	261.8	74.18	122.77	249.76
Net Income to Common	174.87	261.8	74.18	122.77	249.76
Net Income Growth	-33.20%	252.94%	-39.58%	-50.84%	-
Basic Shares Outstanding	11	11	11	11	11
Diluted Shares Outstanding	11	11	11	11	11
Shares Change (YoY)	-0.98%	-0.89%	-1.59%	-0.20%	-0.93%
EPS (Basic)	16.34	24.23	6.80	11.08	22.50
EPS (Diluted)	16.34	24.23	6.80	11.08	22.50
EPS Growth	-32.54%	256.11%	-38.61%	-50.75%	-
Dividend Per Share	0.800	0.650	0.600	0.600	0.600
Dividend Growth	23.08%	8.33%	-	-	-
Operating Margin	46.52%	46.73%	44.88%	43.21%	39.93%
Profit Margin	15.55%	23.24%	6.04%	10.79%	24.95%
EBITDA	529.94	537.36	574.31	518.22	432.14
EBITDA Margin	47.13%	47.71%	46.76%	45.54%	43.17%
D&A For Ebitda	6.86	11.01	23.08	26.51	32.44
EBIT	523.08	526.35	551.23	491.71	399.69
EBIT Margin	46.52%	46.73%	44.88%	43.21%	39.93%
Funds From Operations (FFO)	221.6	206.65	214.12	211.6	187.92
Adjusted Funds From Operations (AFFO)	221.6	206.65	214.12	211.6	187.92
FFO Payout Ratio	3.85%	3.38%	3.03%	3.13%	3.51%
Effective Tax Rate	25.59%	19.71%	28.62%	17.13%	37.12%

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.