Canada · Delayed Price · Currency is CAD Morguard Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 results were stable year-over-year, with retail strength offsetting office softness. Occupancy dipped to 84.8% due to tenant failures, but new leasing and redevelopment initiatives are underway. Liquidity remains solid, and refinancing plans are in place for maturing debt.
Fiscal Year 2025
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Q4 results met expectations with stable retail and soft office performance. Net operating income declined due to Penn West Plaza's transition, but retail fundamentals and occupancy remain strong. Liquidity and debt metrics are solid, with positive leasing trends expected in 2026.
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Q3 results were steady, with a notable $3.2M property tax refund offsetting declines from Penn West Plaza rent resets. Occupancy improved to 86.6%, and retail segments remain strong, while office leasing shows early signs of recovery.
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Second quarter NOI declined year-over-year, mainly due to Panama Plaza rent reset and tenant transitions, but strip centers remain nearly fully occupied and retail leasing fundamentals are strong. Interest expense fell, and management expects a limited downturn in 2025 with partial recovery in 2026.
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Q1 2025 saw a decline in net operating income and occupancy due to Penn West Plaza lease resets and retail tenant failures, but strong leasing at key assets and disciplined capital management support long-term recovery. Strategic redevelopment and positive leasing trends continue in retail and office segments.
Fiscal Year 2024
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Q4 2024 saw strong same-asset NOI growth across all asset classes, with retail and office segments performing well and overall occupancy rising to 91.2%. A $15 million NOI decrease is expected at Penn West Plaza in 2025, but an uptick is anticipated in 2026 as leasing incentives roll off.
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Q3 saw strong same-asset NOI growth across all asset classes, with retail and office segments performing well. FFO rose 7% year-over-year, and occupancy improved to 90.7%. Outlook includes a temporary NOI dip in 2025 due to Penn West Plaza, but recovery is expected in 2026.
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Q2 2024 saw strong NOI growth across all asset classes, with retail and office segments driving gains. Higher interest costs reduced FFO, and a fair value loss was recorded on office assets. Occupancy and leasing momentum remain positive, with elevated capital needs expected.