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Q2 results weakened: Net income fell to C$26.1 million, while FFO declined 11.1% year over year to C$22 million, or C$0.42 per unit, as vacancy, operating costs and interest expense increased.
Occupancy remained under pressure in both Canada and the U.S., falling to 91.4% and 92.8%, respectively. Management said leasing activity has improved ahead of the summer season, although incentives and elevated repair costs continue to weigh on operations.
The REIT completed C$162.8 million of Canadian CMHC-insured refinancing and a US$29.2 million U.S. refinancing, ending the quarter with approximately C$204 million in cash. It is also advancing due diligence on a potential C$1 billion Canadian residential portfolio acquisition expected to close in the second half of 2026.
Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) reported lower second-quarter net income and funds from operations as higher vacancy, operating costs and interest expense weighed on results, while management said leasing activity has improved heading into the busier summer season.
#residential #morguard #real #investment
Q2 results weakened: Net income fell to C$26.1 million, while FFO declined 11.1% year over year to C$22 million, or C$0.42 per unit, as vacancy, operating costs and interest expense increased.
Occupancy remained under pressure in both Canada and the U.S., falling to 91.4% and 92.8%, respectively. Management said leasing activity has improved ahead of the summer season, although incentives and elevated repair costs continue to weigh on operations.
The REIT completed C$162.8 million of Canadian CMHC-insured refinancing and a US$29.2 million U.S. refinancing, ending the quarter with approximately C$204 million in cash. It is also advancing due diligence on a potential C$1 billion Canadian residential portfolio acquisition expected to close in the second half of 2026.
Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) reported lower second-quarter net income and funds from operations as higher vacancy, operating costs and interest expense weighed on results, while management said leasing activity has improved heading into the busier summer season.
#residential #morguard #real #investment
