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Morguard Real Estate Investment Trust
Morguard Real Estate Investment Trust (MRT-UN) investor relations material
Morguard Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Fourth quarter results aligned with expectations, with continued softness in office segment and stable retail performance supported by rental growth on renewals.
Net operating income (NOI) for 2025 was $189.7 million, up 4.6% year-over-year, with proportionate NOI rising 4.1% due to gains in both Canada and the U.S. and favorable foreign exchange rates.
Net income reached $111.5 million, a 12.2% increase from 2024, primarily from higher net fair value gains.
Transition of Penn West Plaza from single-tenant to multi-tenant led to a significant decline in net operating income, but occupancy stabilized at 81%.
Retail fundamentals remain positive despite the loss of The Bay as a tenant, with strong occupancy in community strip centers and robust sales and traffic at enclosed malls.
Financial highlights
Net operating income for Q4 declined to CAD 29.1 million from CAD 33.5 million in 2024, mainly due to Penn West Plaza.
Revenue from real estate properties for 2025 was $354.6 million, up from $344.2 million in 2024.
NOI margin (IFRS) improved to 53.5% from 52.7% year-over-year; proportionate NOI margin also increased to 53.5%.
Interest expense decreased by CAD 1 million for the quarter and nearly CAD 4 million for the year, driven by lower short-term variable rates.
Fair value losses of CAD 20 million in Q4 and CAD 62 million for the year, primarily from office assets.
Outlook and guidance
Retail results expected to remain stable in 2026, with continued positive fundamentals and new retail developments underway.
Additional net mortgage financing proceeds of $86.6 million are expected to close in the first half of 2026.
Office segment anticipated to experience ongoing softness in 2026 due to vacancies, but increased interest in office leasing tours may lead to future deals.
NOI from repurposed HBC space at St. Laurent expected in 2026, with Sears space NOI contribution anticipated in 2027.
Renewal spreads for 2025 were about 5% for malls and 9% for strip centers, with similar trends expected in 2026.
Explain occupancy decline despite AMR growth
Future interest expense impact from refinancings
Drivers of Canada's Q4 NOI decline
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Next Morguard Real Estate Investment Trust earnings date
Q1 202630 Apr, 2026
Morguard Real Estate Investment Trust
Next Morguard Real Estate Investment Trust earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Morguard Real Estate Investment Trust is a Canadian REIT that invests in income-producing retail, office, and industrial properties. The trust owns assets across major Canadian markets and focuses on long-term value creation through active management. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
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