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. 01:30:00 12/09/2026 am IST			5-day change	1st Jan Change
15.27 ^CAD	+0.07%		-2.99%	-12.09%

14/08	Morguard North American Residential REIT Declares August Distribution	MT
14/08	Morguard North American Residential Real Estate Investment Trust Declares Distribution for the Month of August 2026, Payable on September 15, 2026	CI

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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	25Cr	28Cr	33Cr	34Cr	35Cr
Other Revenues, Total	26.91L	38.22L	51.44L	49.58L	57.72L
Total Revenues	25Cr	28Cr	34Cr	35Cr	36Cr
Property Expenses	12Cr	13Cr	15Cr	16Cr	16Cr
Selling General & Admin Expenses, Total	1.44Cr	1.94Cr	2.2Cr	2.22Cr	2.32Cr
Total Operating Expenses	13Cr	15Cr	17Cr	18Cr	19Cr
Operating Income (REIT / Utility Template)	12Cr	14Cr	16Cr	16Cr	17Cr
Interest Expense, Total	-6.57Cr	-6.37Cr	-7.52Cr	-8.3Cr	-9.19Cr
Interest and Investment Income	-	-	-	4L	41.62L
Net Interest Expenses	-6.57Cr	-6.37Cr	-7.52Cr	-8.26Cr	-8.78Cr
Currency Exchange Gains (Loss)	-15T	69T	-22T	-6L	-7T
Other Non Operating Income (Expenses)	-3.02Cr	2.96Cr	2.39Cr	-3.89Cr	-17.95L
EBT, Excl. Unusual Items	2.18Cr	10Cr	11Cr	4.22Cr	8.27Cr
Gain (Loss) on Sale of Investments	-	-	2L	1.02Cr	18.34L
Asset Writedown	29Cr	21Cr	8.1Cr	6.04Cr	3.78Cr
EBT, Incl. Unusual Items	31Cr	31Cr	19Cr	11Cr	12Cr
Income Tax Expense	6.55Cr	7.03Cr	80.83L	1.33Cr	1.08Cr
Earnings From Continuing Operations	24Cr	24Cr	19Cr	9.94Cr	11Cr
Net Income to Company	24Cr	24Cr	19Cr	9.94Cr	11Cr
Minority Interest	-28.86L	-2.03Cr	-89.45L	24.62L	-85.67L
Net Income - (IS)	24Cr	22Cr	18Cr	10Cr	10Cr
Net Income to Common Incl Extra Items	24Cr	22Cr	18Cr	10Cr	10Cr
Net Income to Common Excl. Extra Items	24Cr	22Cr	18Cr	10Cr	10Cr
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	3.91Cr	3.91Cr	3.77Cr	3.63Cr	3.49Cr
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	3.91Cr	3.91Cr	3.77Cr	3.63Cr	3.49Cr
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	12Cr	14Cr	16Cr	16Cr	17Cr
EBIT	12Cr	14Cr	16Cr	16Cr	17Cr
Effective Tax Rate - (Ratio)	21.1	22.7	4.18	11.79	8.86
Total Current Taxes	1L	1L	12.09L	14.87L	-6L
Total Deferred Taxes	6.54Cr	7.02Cr	68.74L	1.18Cr	1.15Cr
Normalized Net Income	1.08Cr	4.32Cr	6.11Cr	2.88Cr	4.31Cr
Interest on Long-Term Debt	4.62Cr	5.33Cr	6.34Cr	7Cr	7.87Cr
Supplemental Operating Expense Items
General and Administrative Expenses	1.44Cr	1.94Cr	2.2Cr	2.22Cr	2.32Cr

Fiscal Period: December	2021 (CAD)	2022 (CAD)	2023 (CAD)	2024 (CAD)	2025 (CAD)
Assets
Net Property Plant And Equipment	325.62Cr	362.69Cr	399.95Cr	433.31Cr	431.22Cr
Total Real Estate Assets	325.62Cr	362.69Cr	399.95Cr	433.31Cr	431.22Cr
Cash And Equivalents	2.66Cr	1.46Cr	1.78Cr	5.13Cr	11Cr
Accounts Receivable, Total	20.06L	35.02L	24.02L	27.38L	33.44L
Other Receivables	51.82L	79L	71.69L	98.46L	72.82L
Notes Receivable (Collected)	7Cr	8.07Cr	26.27L	9Cr	1.2Cr
Restricted Cash	1.18Cr	8.9Cr	40.75L	48.57L	45.25L
Other Current Assets, Total	52.02L	63.73L	90.7L	89.83L	93.13L
Other Long-Term Assets, Total	9.64Cr	11Cr	5.33Cr	7.09Cr	7.26Cr
Total Assets	347.33Cr	393.44Cr	409.59Cr	457.16Cr	453.59Cr
Liabilities
Current Portion of Long-Term Debt	9.7Cr	22Cr	17Cr	22Cr	19Cr
Current Portion of Leases	4L	-	-	-	-
Short-Term Borrowings	-	-	-	-	-
Long-Term Debt	158.29Cr	152.64Cr	163.44Cr	185.04Cr	186.11Cr
Long-Term Leases	86.31L	1.62Cr	1.61Cr	1.76Cr	1.69Cr
Accounts Payable, Total	3.56Cr	4.5Cr	4.56Cr	6.41Cr	5.46Cr
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	1.17Cr	87.37L	91.54L	95.58L	93.73L
Deferred Tax Liability Non-Current	18Cr	26Cr	26Cr	30Cr	30Cr
Other Non Current Liabilities	4L	-	-	-	-
Total Liabilities	191.19Cr	207.9Cr	213.63Cr	245.96Cr	242.99Cr
Common Stock, Total	47Cr	47Cr	45Cr	42Cr	40Cr
Additional Paid In Capital	4.88Cr	4.88Cr	4.88Cr	4.88Cr	4.88Cr
Retained Earnings	90Cr	108.94Cr	123.79Cr	131.21Cr	138.8Cr
Comprehensive Income and Other	6.84Cr	14Cr	12Cr	22Cr	16Cr
Total Common Equity	148.47Cr	175.35Cr	185.28Cr	200.13Cr	199.46Cr
Minority Interest	7.66Cr	10Cr	11Cr	11Cr	11Cr
Total Equity	156.14Cr	185.54Cr	195.97Cr	211.2Cr	210.6Cr
Total Liabilities And Equity	347.33Cr	393.44Cr	409.59Cr	457.16Cr	453.59Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.91Cr	3.91Cr	3.77Cr	3.62Cr	3.49Cr
ECS Total Common Shares Outstanding	3.91Cr	3.91Cr	3.77Cr	3.63Cr	3.49Cr
Book Value / Share	38.01	44.83	49.1	55.16	57.1
Tangible Book Value	148.47Cr	175.35Cr	185.28Cr	200.13Cr	199.46Cr
Tangible Book Value Per Share	38.01	44.83	49.1	55.16	57.1
Total Debt	168.9Cr	176.25Cr	181.81Cr	208.69Cr	206.98Cr
Net Debt	166.24Cr	174.79Cr	180.03Cr	203.56Cr	195.51Cr
Minority Interest, Total (Incl. Fin. Div)	7.66Cr	10Cr	11Cr	11Cr	11Cr
Equity Method Investments, Total	9.64Cr	11Cr	5.33Cr	7.09Cr	7.26Cr
Account Code - Inventory Valuation	3	3	3	3	3
Accumulated Allowance for Doubtful Accounts (Supple)	12.82L	15.37L	22.8L	27.15L	22.78L

Fiscal Period: December	2021 (CAD)	2022 (CAD)	2023 (CAD)	2024 (CAD)	2025 (CAD)
Net Income	24Cr	22Cr	18Cr	10Cr	10Cr
Amortization of Deferred Charges, Total	43.52L	47.18L	46.41L	48.34L	56.58L
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	-29Cr	-21Cr	-8.1Cr	-6.04Cr	-3.78Cr
(Income) Loss On Equity Investments - (CF)	-24.08L	-20.26L	-19.91L	-1.24Cr	-52.56L
Change in Accounts Receivable	-15.56L	-38.06L	26.85L	-24.9L	15.62L
Change in Accounts Payable	57.24L	43.57L	6L	1.67Cr	-8L
Change in Other Net Operating Assets (Collected)	25.76L	-9L	-12.4L	8L	-7L
Other Operating Activities	10Cr	6.18Cr	-1.1Cr	4.86Cr	2.21Cr
Cash from Operations	6.37Cr	7.52Cr	8.9Cr	9.75Cr	8.78Cr
Acquisition of Real Estate Assets, Total	-3Cr	-26Cr	-21Cr	-5.94Cr	-7.13Cr
Sale of Real Estate Assets, Total	-	25Cr	-	-	-
Net Sale / Acquisition of Real Estate Assets	-3Cr	-1.11Cr	-21Cr	-5.94Cr	-7.13Cr
Investment in Marketable and Equity Securities, Total	-12.88L	-	-	-	-
Cash from Investing	-3.13Cr	-1.11Cr	-21Cr	-5.94Cr	-7.13Cr
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	19Cr	21Cr	24Cr	32Cr	25Cr
Total Debt Issued	19Cr	21Cr	24Cr	32Cr	25Cr
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-11Cr	-18Cr	-22Cr	-17Cr	-22Cr
Total Debt Repaid	-11Cr	-18Cr	-22Cr	-17Cr	-22Cr
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-2.35Cr	-2.63Cr	-2.43Cr
Common Dividends Paid	-2.66Cr	-2.67Cr	-2.7Cr	-2.68Cr	-2.63Cr
Common & Preferred Stock Dividends Paid	-2.66Cr	-2.67Cr	-2.7Cr	-2.68Cr	-2.63Cr
Other Financing Activities, Total	-8.7Cr	-8.9Cr	16Cr	-9.98Cr	7.2Cr
Cash from Financing	-3.31Cr	-7.89Cr	12Cr	-67.43L	4.91Cr
Foreign Exchange Rate Adjustments	-85T	28.39L	23.95L	20.75L	-22.33L
Net Change in Cash	-7L	-1.19Cr	31.89L	3.34Cr	6.34Cr
Supplemental Items
Cash Interest Paid	4.49Cr	4.9Cr	5.84Cr	6.42Cr	7.23Cr
Net Debt Issued / Repaid	8.05Cr	3.67Cr	1.61Cr	15Cr	2.78Cr
Levered Free Cash Flow	-2.88Cr	-3.76Cr	22Cr	-1.67Cr	13Cr
Unlevered Free Cash Flow	91.51L	-11.98L	27Cr	3.09Cr	18Cr
Change In Net Working Capital	6.57Cr	8.73Cr	-16Cr	7.22Cr	-7.03Cr

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	4L	-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	2.03T	-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	1.28T
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