Morguard Balance Sheet

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
Property, Plant & Equipment	10,926	11,029	10,721	10,796	10,629
Total Real Estate Assets	11,049	11,154	10,854	10,908	10,722
Cash & Equivalents	184.62	140.73	116.52	111.81	173.66
Accounts Receivable	19.02	17.02	24.25	26.21	24.61
Other Receivables	33.76	37.11	35.61	53.95	39.36
Investment In Debt and Equity Securities	133.97	144.22	154.41	177.75	195.57
Goodwill	24.49	24.49	24.49	24.49	24.49
Other Intangible Assets	9.51	10	14.59	21.1	26.25
Other Current Assets	185.62	37.61	429.55	146.92	52.69
Other Long-Term Assets	160.5	149.95	-76.25	188.28	213.89
Total Assets	11,842	11,759	11,623	11,705	11,493
Current Portion of Long-Term Debt	1,191	758.94	1,579	1,021	856.1
Current Portion of Leases	1.79	1.54	1.61	1.58	1.73
Long-Term Debt	4,405	4,753	4,258	4,872	5,263
Long-Term Leases	167.81	169.92	169.14	170.93	166.53
Accounts Payable	213.73	215.33	211.13	208.41	189.99
Accrued Expenses	4.77	4.87	4.29	5.79	12.92
Current Income Taxes Payable	0.57	13.3	-	-	5.16
Other Current Liabilities	28.43	30.41	29.8	29.51	30.5
Long-Term Deferred Tax Liabilities	950.09	904.3	835.48	821.44	784.78
Other Long-Term Liabilities	22.75	-	-	-	-
Total Liabilities	7,074	7,040	7,280	7,320	7,319
Common Stock	97.19	97.55	98.36	100.24	100.93
Retained Earnings	3,956	3,775	3,531	3,465	3,351
Comprehensive Income & Other	332.05	419.74	258.52	300.34	179.95
Total Common Equity	4,385	4,292	3,888	3,865	3,632
Minority Interest	383.22	426.83	455.54	520.22	541.57
Shareholders' Equity	4,769	4,719	4,343	4,385	4,174
Total Liabilities & Equity	11,842	11,759	11,623	11,705	11,493
Total Debt	5,853	5,872	6,199	6,255	6,295
Net Cash (Debt)	-5,669	-5,731	-6,083	-6,143	-6,122
Net Cash Per Share	-529.79	-530.38	-557.90	-554.46	-551.46
Filing Date Shares Outstanding	10.68	10.72	10.81	11.02	11.1
Total Common Shares Outstanding	10.68	10.72	10.81	11.02	11.1
Book Value Per Share	410.70	400.36	359.51	350.68	327.20
Tangible Book Value	4,351	4,258	3,848	3,820	3,581
Tangible Book Value Per Share	407.51	397.15	355.90	346.55	322.63
Land	14.58	14.58	55.42	55.42	82.13
Buildings	85.34	84.85	332.14	319.37	411.26
Construction In Progress	144.31	55.16	12.18	21.6	12.36

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