Canada · Delayed Price · Currency is CAD Morguard North American Residential Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw lower net income and NOI due to higher vacancies and operating costs, but average rents rose in both Canada and the U.S. Occupancy is expected to stabilize, with incentives trending down and leasing activity improving. Leverage remains conservative, and liquidity is strong.
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Q1 2026 saw stable net income and NOI, but FFO declined 7.6% year-over-year amid higher vacancies and FX headwinds. Canadian and U.S. AMR rose, though occupancy fell in both regions. A major CAD 1B portfolio acquisition is progressing, with closing expected in H2 2026.
Fiscal Year 2025
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Net income and NOI grew year-over-year, supported by refinancing, rent increases, and disciplined capital allocation. Occupancy declined in both Canada and the U.S. due to new supply, but management expects improvement as markets stabilize and new opportunities emerge.
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Q3 2025 saw improved net income, higher NOI, and increased distributions, with strong AMR growth in both Canada and the U.S. Occupancy dipped in Canada due to competition and renovations, while U.S. Sun Belt markets faced rent pressure. CapEx remains elevated, with ongoing garage projects.
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Q2 2025 saw higher NOI and FFO, with strong rent growth in Canada but lower net income due to fair value losses. U.S. and Canadian portfolios both showed stable occupancy, while acquisition focus shifted to Canada amid softening cap rates and increased deal flow.
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Q1 2025 saw higher net income and asset growth, with strong rent increases in Canada and stable U.S. occupancy. Capital allocation focused on unit buybacks and refinancing, while acquisition activity shifted toward Canada amid U.S. market caution.
Fiscal Year 2024
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Total assets grew to CAD 4.6B, with stable FFO per unit and a conservative payout ratio. Canadian rent growth and U.S. occupancy improved, while management considers enhanced buybacks amid a significant unit price discount.
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Total assets grew to $4.4B, but Q3 saw a net loss of CAD 18.8M due to non-cash items. Canadian rents and NOI rose, while U.S. occupancy and NOI declined, though post-quarter U.S. occupancy improved. Capital is focused on unit buybacks and selective acquisitions.
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Q2 2024 saw asset growth, stable Canadian performance, and U.S. occupancy pressure from new supply and economic slowdown. FFO and net income declined year-over-year, but capital remains available for acquisitions or buybacks, with management actively evaluating both.