Morguard Balance Sheet

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Property, Plant & Equipment	11,121	11,029	10,721	10,796	10,629	10,160
Total Real Estate Assets	11,244	11,154	10,854	10,908	10,722	10,247
Cash & Equivalents	172.36	140.73	116.52	111.81	173.66	142.09
Accounts Receivable	19.11	17.02	24.25	26.21	24.61	42.65
Other Receivables	35.59	37.11	35.61	53.95	39.36	50.28
Investment In Debt and Equity Securities	136.59	144.22	154.41	177.75	195.57	204.52
Goodwill	24.49	24.49	24.49	24.49	24.49	24.49
Other Intangible Assets	9.28	10	14.59	21.1	26.25	32.2
Other Current Assets	71.5	39.05	429.55	146.92	52.69	37.82
Other Long-Term Assets	158.78	148.52	-76.25	188.28	213.89	271.65
Total Assets	11,914	11,759	11,623	11,705	11,493	11,053
Current Portion of Long-Term Debt	834.66	758.94	1,579	1,021	856.1	794.35
Current Portion of Leases	1.77	1.54	1.61	1.58	1.73	1.8
Long-Term Debt	4,627	4,753	4,258	4,872	5,263	5,138
Long-Term Leases	168.55	169.92	169.14	170.93	166.53	162.46
Accounts Payable	225.85	215.33	211.13	208.41	189.99	178.83
Accrued Expenses	19.63	4.87	4.29	5.79	12.92	10.78
Current Income Taxes Payable	-	13.3	-	-	5.16	-
Other Current Liabilities	31.1	30.41	29.8	29.51	30.5	29.16
Long-Term Deferred Tax Liabilities	949.74	904.3	835.48	821.44	784.78	648.23
Total Liabilities	7,138	7,040	7,280	7,320	7,319	7,140
Common Stock	97.18	97.55	98.36	100.24	100.93	100.94
Retained Earnings	3,932	3,775	3,531	3,465	3,351	3,109
Comprehensive Income & Other	360.45	419.74	258.52	300.34	179.95	162.32
Total Common Equity	4,389	4,292	3,888	3,865	3,632	3,372
Minority Interest	386.84	426.83	455.54	520.22	541.57	540.35
Shareholders' Equity	4,776	4,719	4,343	4,385	4,174	3,913
Total Liabilities & Equity	11,914	11,759	11,623	11,705	11,493	11,053
Total Debt	5,911	5,872	6,199	6,255	6,295	6,273
Net Cash (Debt)	-5,739	-5,731	-6,083	-6,143	-6,122	-6,131
Net Cash Per Share	-535.04	-530.38	-557.90	-554.46	-551.46	-547.16
Filing Date Shares Outstanding	10.68	10.72	10.81	11.02	11.1	11.1
Total Common Shares Outstanding	10.68	10.72	10.81	11.02	11.1	11.11
Book Value Per Share	411.07	400.36	359.51	350.68	327.20	303.57
Tangible Book Value	4,356	4,258	3,848	3,820	3,581	3,316
Tangible Book Value Per Share	407.91	397.15	355.90	346.55	322.63	298.47
Land	14.58	14.58	55.42	55.42	82.13	90.84
Buildings	85.33	84.85	332.14	319.37	411.26	469.91
Construction In Progress	120.02	55.16	12.18	21.6	12.36	25.42

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