Morguard Corporation Announces 2026 Third Quarter Results and Regular Eligible Dividend

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Morguard Corporation Announces 2026 Third Quarter Results and Regular Eligible Dividend

• MRC.TO
• MRG-UN.TO

MISSISSAUGA, ON, Nov. 4, 2026 /CNW/ — Morguard Corporation (“Morguard” or the “Company”) (TSX:MRC) is pleased to announce its financial results for the three and nine months ended September 30, 2026.

OPERATIONAL AND BALANCE SHEET HIGHLIGHTS

• The Company has advanced its previously announced joint acquisition with Morguard North American Residential REIT of a Canadian multi-suite residential portfolio, representing a combined gross purchase price of approximately $1.1 billion across 91 properties.

• During the three months ended September 30, 2026, the Company sold its leasehold interest in 131 Queen Street, Ottawa, Ontario, consisting of 328,500 square feet, for net proceeds of $147.8 million including closing costs, and repaid the mortgage payable secured by the property in the amount of $29.6 million.

• The Company ended the third quarter in a strong liquidity position with $723.5 million of cash and available credit facilities, and has a $1.2 billion pool of unencumbered properties and other investments.

• During the third quarter, the Company refinanced maturing mortgages for gross proceeds of $169.7 million at an average interest rate of 5.20% and an average term of 9.5 years.

• As at September 30, 2026, shareholders’ equity per common share was $439.81, compared to $410.70 at December 31, 2025.

• Net income increased by $52.5 million to $96.4 million, for the three months ended September 30, 2026, compared to $43.9 million for the same period in 2025, primarily due to an increase in non-cash net fair value gain and an increase in management and advisory fees, partially offset by lower NOI and an increase in income tax expense (current and deferred).

• Total revenue from real estate properties increased by $4.0 million, or 1.6%, to $258.7 million for the three months ended September 30, 2026, compared to $254.7 million for the same period in 2025.

• Normalized funds from operations(1) (“Normalized FFO”) was $55.5 million, or $5.20 per common share, for the three months ended September 30, 2026, compared to $55.5 million, or $5.18 per common share for the same period in 2025.

• Adjusted NOI(1) decreased by $3.7 million, or 2.6%, to $137.2 million for the three months ended September 30, 2026, compared to $140.9 million for the same period in 2025.

• Comparative NOI(1) increased by $0.5 million, or 0.3%, to $136.8 million for the three months ended September 30, 2026, compared to $136.3 million for the same period in 2025.