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Morguard Real Estate Inv. Q1 NOI flat as occupancy falls to 84.8% and redevelopment and refinancing planned

Morguard Real Estate Inv. reported Q1 NOI of CAD 25.6 million, essentially flat year-over-year, while overall occupancy slipped to 84.8%, mainly due to two former Hudson’s Bay store failures and about 84,000 sq ft of returned office space in Ottawa and Vancouver. Management expects the office vacancies could be filled within one to two years and anticipates retail stability for 2026 amid active leasing and re-merchandising efforts at St. Laurent. The trust ended the quarter with CAD 61 million in liquidity, CAD 218 million in unencumbered assets, lowered its weighted average mortgage rate to 4.7%, and plans to reissue a roughly CAD 159 million convertible debenture maturing end-2026. St. Laurent redevelopment spending stands at CAD 6.2 million to date with total project costs expected at CAD 25–30 million as new tenants are added. » More on finance.yahoo.com

Historical dividends Dividends

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In 2026, MORGUARD NRTH AM.RES.REIT has already paid €0.37 in dividends. The last payout was in September.

Financials

In the last quarter, MORGUARD NRTH AM.RES.REIT had revenue of €53.79M and net profit of €14.27M

(EUR)	June 2026	YoY
Revenue	53.79M	2.58%
Gross profit	29.96M	5.54%
Net profit	14.27M	21.53%
EBITDA	30.86M	12.44%

Fundamentals

Metric	Value
Market capitalization	€320.61M
Number of shares	34.94M
52-week high/low	€12.30 - €9.17
Dividend yield	4.11%
Dividends TTM	€0.49
Next dividend	€0.041
Beta	0.85
P/E ratio	8.04
PEG ratio	-0.26
P/B ratio	0.37
P/S ratio	1.48

Company profile

Der REIT ist ein offener Immobilieninvestmentfonds ohne eigene Rechtspersönlichkeit, der nach den Gesetzen der Provinz Ontario gegründet wurde und diesen unterliegt. Die Anteile des REIT werden an der Toronto Stock Exchange unter dem Tickersymbol MRG.UN gehandelt. Der REIT konzentriert sich strategisch auf den Erwerb von hochwertigen Mehrfamilienhäusern in Kanada und den Vereinigten Staaten und maximiert den langfristigen Wert der Anteile durch aktives Asset- und Property-Management. Das Portfolio des REIT besteht aus 13.275 Wohneinheiten (Stand: 27. Oktober 2020) in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia und Maryland mit einem geschätzten Wert von ca. 3,1 Milliarden US-Dollar zum 30. September 2020.