Morguard North American Residential Real Estate Investment Trust (MNARF)

MNARF Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Rental Revenue	352.49	344.19	331.62	278.49	245.57	248.68
Other Revenue	6.03	4.96	5.14	5.85	2.69	-9.87
Total Revenue	358.51	349.15	336.76	284.34	248.26	238.81
Revenue Growth (YoY	3.15%	3.68%	18.44%	14.53%	3.95%	-2.80%
Property Expenses	168.58	162.77	151.38	127.28	116.07	113.15
Selling, General & Administrative	22.88	22.18	21.98	19.36	14.39	15.24
Total Operating Expenses	191.46	184.95	173.36	146.63	130.46	128.39
Operating Income	167.05	164.2	163.41	137.71	117.79	110.43
Interest Expense	-89.3	-83	-75.19	-63.68	-65.72	-62.11
Interest & Investment Income	0.44	0.44	-	2.98	-	-
Currency Exchange Gain (Loss)	-0.56	-0.57	-0.02	0.07	-0.02	-0.22
Other Non-Operating Income	-42.6	-38.92	23.94	26.6	-30.23	44.18
EBT Excluding Unusual Items	35.04	42.15	112.14	103.67	21.83	92.27
Gain (Loss) on Sale of Investments	10.16	10.16	0.23	-2.03	-	-
Asset Writedown	58.37	60.37	81	208.25	288.66	72.24
Pretax Income	103.56	112.68	193.36	309.9	310.49	164.51
Income Tax Expense	11.13	13.28	8.08	70.34	65.52	-2.29
Earnings From Continuing Operations	92.43	99.4	185.28	239.56	244.97	166.81
Minority Interest in Earnings	2.62	2.46	-8.95	-20.28	-2.89	8.41
Net Income	95.05	101.86	176.34	219.28	242.09	175.22
Net Income to Common	95.05	101.86	176.34	219.28	242.09	175.22
Net Income Growth	-31.94%	-42.24%	-19.59%	-9.42%	38.16%	128.10%
Basic Shares Outstanding	35	36	38	39	39	39
Diluted Shares Outstanding	35	36	38	39	39	39
Shares Change (YoY)	-5.79%	-3.85%	-3.52%	0.12%	0.11%	0.10%
EPS (Basic)	2.71	2.81	4.67	5.61	6.20	4.49
EPS (Diluted)	2.71	2.81	4.67	5.61	6.20	4.49
EPS Growth	-27.76%	-39.92%	-16.65%	-9.53%	38.01%	127.87%
Dividend Per Share	0.753	0.743	0.723	0.703	0.700	0.700
Dividend Growth	2.72%	2.77%	2.89%	0.49%	-	2.49%
Operating Margin	46.60%	47.03%	48.52%	48.43%	47.45%	46.24%
Profit Margin	26.51%	29.17%	52.36%	77.12%	97.52%	73.37%
EBIT	167.05	164.2	163.41	137.71	117.79	110.43
EBIT Margin	46.60%	47.03%	48.52%	48.43%	47.45%	46.24%
Funds From Operations (FFO)	92.61	89.86	91.94	82.8	-	-
FFO Per Share	1.72	1.64	1.63	1.43	-	-
Adjusted Funds From Operations (AFFO)	-	89.86	91.94	82.8	-	-
AFFO Per Share	-	1.58	1.57	1.37	-	-
FFO Payout Ratio	28.77%	29.84%	29.32%	32.20%	-	-
Effective Tax Rate	10.75%	11.79%	4.18%	22.70%	21.10%	-

Updated Feb 11, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.