MORGUARD NORTH AMERICAN RESIDENTIAL REAL ESTATE INVESTMENT TRUST

Financial Ratios Morguard North American Residential Real Estate Investment Trust

Stocks

MRG.UN

CA61761E1007

Residential REITs

Market Closed - Toronto S.E. 21:00:00 18/09/2026 BST			5-day change	1st Jan Change
14.73 ^CAD	-1.67%		-3.54%	-15.20%

09-15	Morguard North American Residential Real Estate Investment Trust Declares September 2026 Distribution, Payable on October 15, 2026	CI
08-14	Morguard North American Residential REIT Declares August Distribution	MT

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Published financial data: MORGUARD NORTH AMERICAN RESIDENTIAL REAL ESTATE INVESTMENT TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (CAD)	2022 (CAD)	2023 (CAD)	2024 (CAD)	2025 (CAD)
Rental Revenues	246M	278M	332M	344M	355M
Other Revenues, Total	2.69M	3.82M	5.14M	4.96M	5.77M
Total Revenues	248M	282M	337M	349M	360M
Property Expenses	116M	127M	151M	163M	165M
Selling General & Admin Expenses, Total	14.39M	19.36M	21.98M	22.18M	23.24M
Total Operating Expenses	130M	147M	173M	185M	188M
Operating Income (REIT / Utility Template)	118M	136M	163M	164M	172M
Interest Expense, Total	-65.72M	-63.68M	-75.19M	-83M	-91.92M
Interest and Investment Income	-	-	-	441K	4.16M
Net Interest Expenses	-65.72M	-63.68M	-75.19M	-82.56M	-87.76M
Currency Exchange Gains (Loss)	-15K	69K	-22K	-565K	-7K
Other Non Operating Income (Expenses)	-30.23M	29.56M	23.94M	-38.92M	-1.8M
EBT, Excl. Unusual Items	21.83M	102M	112M	42.15M	82.71M
Gain (Loss) on Sale of Investments	-	-	232K	10.16M	1.83M
Asset Writedown	289M	208M	81M	60.37M	37.83M
EBT, Incl. Unusual Items	310M	310M	193M	113M	122M
Income Tax Expense	65.52M	70.34M	8.08M	13.28M	10.84M
Earnings From Continuing Operations	245M	240M	185M	99.4M	112M
Net Income to Company	245M	240M	185M	99.4M	112M
Minority Interest	-2.89M	-20.28M	-8.94M	2.46M	-8.57M
Net Income - (IS)	242M	219M	176M	102M	103M
Net Income to Common Incl Extra Items	242M	219M	176M	102M	103M
Net Income to Common Excl. Extra Items	242M	219M	176M	102M	103M
Per Share Items
Net EPS - Basic	6.2	5.61	4.67	2.81	2.95
Basic EPS - Continuing Operations	6.2	5.61	4.67	2.81	2.95
Basic Weighted Average Shares Outstanding	39.06M	39.11M	37.74M	36.28M	34.93M
Net EPS - Diluted	6.2	5.61	4.67	2.81	2.95
Diluted EPS - Continuing Operations	6.2	5.61	4.67	2.81	2.95
Diluted Weighted Average Shares Outstanding	39.06M	39.11M	37.74M	36.28M	34.93M
Normalized Basic EPS	0.28	1.11	1.62	0.79	1.23
Normalized Diluted EPS	0.28	1.11	1.62	0.79	1.23
Dividend Per Share	0.7	0.7	0.72	0.74	0.76
Payout Ratio	10.97	12.16	15.28	26.32	25.56
Supplemental Items
EBITA	118M	136M	163M	164M	172M
EBIT	118M	136M	163M	164M	172M
Effective Tax Rate - (Ratio)	21.1	22.7	4.18	11.79	8.86
Total Current Taxes	126K	132K	1.21M	1.49M	-618K
Total Deferred Taxes	65.39M	70.2M	6.87M	11.8M	11.46M
Normalized Net Income	10.76M	43.23M	61.14M	28.81M	43.13M
Interest on Long-Term Debt	46.16M	53.33M	63.44M	70.03M	78.73M
Supplemental Operating Expense Items
General and Administrative Expenses	14.39M	19.36M	21.98M	22.18M	23.24M

Fiscal Period: December	2021 (CAD)	2022 (CAD)	2023 (CAD)	2024 (CAD)	2025 (CAD)
Assets
Net Property Plant And Equipment	3.26B	3.63B	4B	4.33B	4.31B
Total Real Estate Assets	3.26B	3.63B	4B	4.33B	4.31B
Cash And Equivalents	26.56M	14.64M	17.82M	51.26M	115M
Accounts Receivable, Total	2.01M	3.5M	2.4M	2.74M	3.34M
Other Receivables	5.18M	7.9M	7.17M	9.85M	7.28M
Notes Receivable (Collected)	70M	80.7M	2.63M	90M	12M
Restricted Cash	11.8M	89M	4.08M	4.86M	4.52M
Other Current Assets, Total	5.2M	6.37M	9.07M	8.98M	9.31M
Other Long-Term Assets, Total	96.38M	105M	53.28M	70.87M	72.64M
Total Assets	3.47B	3.93B	4.1B	4.57B	4.54B
Liabilities
Current Portion of Long-Term Debt	96.98M	220M	168M	219M	192M
Current Portion of Leases	434K	-	-	-	-
Short-Term Borrowings	-	-	-	-	-
Long-Term Debt	1.58B	1.53B	1.63B	1.85B	1.86B
Long-Term Leases	8.63M	16.24M	16.06M	17.61M	16.94M
Accounts Payable, Total	35.62M	44.98M	45.62M	64.06M	54.59M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	11.66M	8.74M	9.15M	9.56M	9.37M
Deferred Tax Liability Non-Current	175M	263M	263M	299M	296M
Other Non Current Liabilities	434K	-	-	-	-
Total Liabilities	1.91B	2.08B	2.14B	2.46B	2.43B
Common Stock, Total	470M	471M	448M	423M	399M
Additional Paid In Capital	48.76M	48.76M	48.76M	48.76M	48.76M
Retained Earnings	898M	1.09B	1.24B	1.31B	1.39B
Comprehensive Income and Other	68.42M	145M	118M	218M	159M
Total Common Equity	1.48B	1.75B	1.85B	2B	1.99B
Minority Interest	76.65M	102M	107M	111M	111M
Total Equity	1.56B	1.86B	1.96B	2.11B	2.11B
Total Liabilities And Equity	3.47B	3.93B	4.1B	4.57B	4.54B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	39.07M	39.06M	37.74M	36.21M	34.93M
ECS Total Common Shares Outstanding	39.06M	39.11M	37.74M	36.28M	34.93M
Book Value / Share	38.01	44.83	49.1	55.16	57.1
Tangible Book Value	1.48B	1.75B	1.85B	2B	1.99B
Tangible Book Value Per Share	38.01	44.83	49.1	55.16	57.1
Total Debt	1.69B	1.76B	1.82B	2.09B	2.07B
Net Debt	1.66B	1.75B	1.8B	2.04B	1.96B
Minority Interest, Total (Incl. Fin. Div)	76.65M	102M	107M	111M	111M
Equity Method Investments, Total	96.38M	105M	53.28M	70.87M	72.64M
Account Code - Inventory Valuation	3	3	3	3	3
Accumulated Allowance for Doubtful Accounts (Supple)	1.28M	1.54M	2.28M	2.72M	2.28M

Fiscal Period: December	2021 (CAD)	2022 (CAD)	2023 (CAD)	2024 (CAD)	2025 (CAD)
Net Income	242M	219M	176M	102M	103M
Amortization of Deferred Charges, Total	4.35M	4.72M	4.64M	4.83M	5.66M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	-289M	-208M	-81M	-60.37M	-37.83M
(Income) Loss On Equity Investments - (CF)	-2.41M	-2.03M	-1.99M	-12.38M	-5.26M
Change in Accounts Receivable	-1.56M	-3.81M	2.68M	-2.49M	1.56M
Change in Accounts Payable	5.72M	4.36M	562K	16.72M	-753K
Change in Other Net Operating Assets (Collected)	2.58M	-891K	-1.24M	776K	-703K
Other Operating Activities	102M	61.79M	-11.03M	48.56M	22.12M
Cash from Operations	63.7M	75.17M	88.97M	97.5M	87.76M
Acquisition of Real Estate Assets, Total	-30.01M	-262M	-209M	-59.4M	-71.3M
Sale of Real Estate Assets, Total	-	251M	-	-	-
Net Sale / Acquisition of Real Estate Assets	-30.01M	-11.06M	-209M	-59.4M	-71.3M
Investment in Marketable and Equity Securities, Total	-1.29M	-	-	-	-
Cash from Investing	-31.3M	-11.06M	-209M	-59.4M	-71.3M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	194M	213M	241M	319M	246M
Total Debt Issued	194M	213M	241M	319M	246M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-114M	-176M	-225M	-173M	-218M
Total Debt Repaid	-114M	-176M	-225M	-173M	-218M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-23.53M	-26.29M	-24.34M
Common Dividends Paid	-26.56M	-26.66M	-26.95M	-26.81M	-26.32M
Common & Preferred Stock Dividends Paid	-26.56M	-26.66M	-26.95M	-26.81M	-26.32M
Other Financing Activities, Total	-87.01M	-88.96M	155M	-99.77M	72M
Cash from Financing	-33.05M	-78.88M	121M	-6.74M	49.14M
Foreign Exchange Rate Adjustments	-85K	2.84M	2.4M	2.08M	-2.23M
Net Change in Cash	-742K	-11.93M	3.19M	33.43M	63.38M
Supplemental Items
Cash Interest Paid	44.94M	49.01M	58.36M	64.24M	72.31M
Net Debt Issued / Repaid	80.52M	36.74M	16.1M	146M	27.8M
Levered Free Cash Flow	-28.85M	-37.55M	223M	-16.66M	126M
Unlevered Free Cash Flow	9.15M	-1.2M	266M	30.89M	179M
Change In Net Working Capital	65.75M	87.27M	-163M	72.24M	-70.31M

Fiscal Period: December	2021 (CAD)	2022 (CAD)	2023 (CAD)	2024 (CAD)	2025 (CAD)
Profitability
Return on Assets	2.25	2.29	2.54	2.37	2.36
Return on Total Capital	2.38	2.47	2.76	2.57	2.57
Return On Equity %	16.84	14.02	9.71	4.88	5.29
Return on Common Equity	17.58	13.54	9.78	5.29	5.15
Margin Analysis
Gross Profit Margin %	53.25	54.92	55.05	53.38	54.24
SG&A Margin	5.8	6.86	6.53	6.35	6.45
EBITA Margin %	47.45	48.06	48.52	47.03	47.8
EBIT Margin %	47.45	48.06	48.52	47.03	47.8
Income From Continuing Operations Margin %	98.68	84.86	55.02	28.47	30.95
Net Income Margin %	97.52	77.67	52.36	29.17	28.57
Net Avail. For Common Margin %	97.52	77.67	52.36	29.17	28.57
Normalized Net Income Margin	4.33	15.31	18.16	8.25	11.97
Levered Free Cash Flow Margin	-11.62	-13.3	66.2	-4.77	35.01
Unlevered Free Cash Flow Margin	3.69	-0.42	78.94	8.85	49.58
Asset Turnover
Asset Turnover	0.08	0.08	0.08	0.08	0.08
Fixed Assets Turnover	0.08	0.08	0.09	0.08	0.08
Receivables Turnover (Average Receivables)	138.62	101.12	112.34	133.93	116.62
Short Term Liquidity
Current Ratio	0.83	0.74	0.19	0.57	0.59
Quick Ratio	0.23	0.1	0.12	0.22	0.49
Operating Cash Flow to Current Liabilities	0.44	0.27	0.4	0.33	0.34
Days Sales Outstanding (Average Receivables)	2.63	3.61	3.25	2.73	3.13
Average Days Payable Outstanding	103.97	116.2	109.23	123.31	131.3
Long Term Solvency
Total Debt/Equity	108.17	95	92.78	98.81	98.28
Total Debt / Total Capital	51.96	48.72	48.13	49.7	49.57
LT Debt/Equity	101.93	83.14	84.22	88.45	89.18
Long-Term Debt / Total Capital	48.97	42.64	43.69	44.49	44.98
Total Liabilities / Total Assets	55.05	52.84	52.16	53.8	53.57
EBIT / Interest Expense	1.79	2.13	2.17	1.98	1.87
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.95	13.72	18.44	3.68	3.23
Gross Profit, 1 Yr. Growth %	5.19	17.29	18.03	0.54	4.9
EBITA, 1 Yr. Growth %	6.67	15.18	18.66	0.48	4.91
EBIT, 1 Yr. Growth %	6.67	15.18	18.66	0.48	4.91
Earnings From Cont. Operations, 1 Yr. Growth %	46.86	-2.21	-22.66	-46.35	12.21
Net Income, 1 Yr. Growth %	38.17	-9.42	-19.58	-42.24	1.09
Diluted EPS Before Extra, 1 Yr. Growth %	38.01	-9.53	-16.65	-39.93	5.01
Normalized Net Income, 1 Yr. Growth %	-83.72	301.89	37.35	-52.89	49.71
Net Property, Plant and Equip., 1 Yr. Growth %	10.71	11.38	10.27	8.34	-0.48
Accounts Receivable, 1 Yr. Growth %	30.51	74.58	-31.41	13.99	22.13
Total Assets, 1 Yr. Growth %	12.61	13.28	4.11	11.61	-0.78
Common Equity, 1 Yr. Growth %	16.9	18.1	5.66	8.02	-0.34
Tangible Book Value, 1 Yr. Growth %	16.9	18.1	5.66	8.02	-0.34
Cash From Operations, 1 Yr. Growth %	27.07	18.02	18.35	9.6	1.88
Levered Free Cash Flow, 1 Yr. Growth %	-169.07	32.15	-714.45	-107.47	-857.43
Unlevered Free Cash Flow, 1 Yr. Growth %	-88.17	-112.5	392K	-88.38	478.54
Dividend Per Share, 1 Yr. Growth %	0	0.49	2.89	2.77	2.91
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	0.52	8.73	16.47	10.81	3.45
Gross Profit, 2 Yr. CAGR %	-0.29	11.07	18.42	8.93	2.69
EBITA, 2 Yr. CAGR %	-0.35	10.85	17.78	9.2	2.67
EBIT, 2 Yr. CAGR %	-0.35	10.85	17.78	9.2	2.67
Earnings From Cont. Operations, 2 Yr. CAGR %	74.85	19.84	-13.03	-35.59	-22.41
Net Income, 2 Yr. CAGR %	77.53	11.87	-14.65	-31.85	-23.58
Diluted EPS Before Extra, 2 Yr. CAGR %	77.33	11.74	-13.16	-29.24	-20.57
Normalized Net Income, 2 Yr. CAGR %	-17.15	-19.11	138.4	-19.56	-16.01
Net Property, Plant and Equip., 2 Yr. CAGR %	6.47	11.05	10.83	9.3	3.84
Accounts Receivable, 2 Yr. CAGR %	54.35	50.95	9.43	-11.58	17.99
Total Assets, 2 Yr. CAGR %	7	12.94	8.59	7.79	5.23
Common Equity, 2 Yr. CAGR %	14.31	17.5	11.71	6.83	3.76
Tangible Book Value, 2 Yr. CAGR %	14.31	17.5	11.71	6.83	3.76
Cash From Operations, 2 Yr. CAGR %	0.97	22.46	18.18	13.89	-0.68
Levered Free Cash Flow, 2 Yr. CAGR %	10.64	-5.18	180.11	-32.24	-24.77
Unlevered Free Cash Flow, 2 Yr. CAGR %	-61.35	-87.55	426.64	2.03K	-18.01
Dividend Per Share, 2 Yr. CAGR %	1.24	0.24	1.68	2.83	2.84
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.8	4.74	12.14	12.04	8.22
Gross Profit, 3 Yr. CAGR %	-0.14	5.25	13.84	12.13	7.57
EBITA, 3 Yr. CAGR %	-0.33	4.58	13.95	11.71	7.75
EBIT, 3 Yr. CAGR %	-0.33	4.58	13.95	11.71	7.75
Earnings From Cont. Operations, 3 Yr. CAGR %	11.93	44.06	3.56	-25.97	-22.49
Net Income, 3 Yr. CAGR %	12.02	41.86	0.21	-25.07	-22.27
Diluted EPS Before Extra, 3 Yr. CAGR %	6.66	41.7	1.34	-23.2	-19.29
Normalized Net Income, 3 Yr. CAGR %	5.27	40.25	-2.56	38.86	-1.05
Net Property, Plant and Equip., 3 Yr. CAGR %	3.55	8.08	10.79	9.99	5.94
Accounts Receivable, 3 Yr. CAGR %	29.91	60.82	16.05	10.93	-1.53
Total Assets, 3 Yr. CAGR %	4.87	9.06	9.92	9.59	4.86
Common Equity, 3 Yr. CAGR %	13.39	15.56	13.41	10.46	4.39
Tangible Book Value, 3 Yr. CAGR %	13.39	15.56	13.41	10.46	4.39
Cash From Operations, 3 Yr. CAGR %	2.04	6.36	21.07	15.25	5.3
Levered Free Cash Flow, 3 Yr. CAGR %	-8.18	16.8	74.76	-16.3	51.51
Unlevered Free Cash Flow, 3 Yr. CAGR %	-50.41	-73.06	50.93	47.71	1.28K
Dividend Per Share, 3 Yr. CAGR %	1.8	0.99	1.12	2.04	2.86
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.59	4.5	6.79	7.28	8.58
Gross Profit, 5 Yr. CAGR %	2.77	4.78	6.91	6.99	9.24
EBITA, 5 Yr. CAGR %	2.66	4.26	6.55	6.72	9.3
EBIT, 5 Yr. CAGR %	2.66	4.26	6.55	6.72	9.3
Earnings From Cont. Operations, 5 Yr. CAGR %	50.26	6.71	1.18	4.4	-7.73
Net Income, 5 Yr. CAGR %	52.59	6.45	0.47	5.81	-10.09
Diluted EPS Before Extra, 5 Yr. CAGR %	44.05	3.32	-1.76	7.33	-8.07
Normalized Net Income, 5 Yr. CAGR %	17.4	69.62	45.98	12.95	-8.18
Net Property, Plant and Equip., 5 Yr. CAGR %	7.92	7.13	6.4	8.57	7.95
Accounts Receivable, 5 Yr. CAGR %	11.52	28.31	21.29	26.6	16.82
Total Assets, 5 Yr. CAGR %	8.73	8.22	6.34	8.55	8.02
Common Equity, 5 Yr. CAGR %	17.87	16.58	12.71	11.99	9.45
Tangible Book Value, 5 Yr. CAGR %	17.87	16.58	12.71	11.99	9.45
Cash From Operations, 5 Yr. CAGR %	3.9	4.8	8.22	9.31	11.85
Levered Free Cash Flow, 5 Yr. CAGR %	1.32	-14.4	43.01	-6.7	24.75
Unlevered Free Cash Flow, 5 Yr. CAGR %	-30.96	-59.85	28.79	-12.8	18.24
Dividend Per Share, 5 Yr. CAGR %	2.89	1.79	1.75	1.72	1.8