Overview

* Morguard Q2 2025 revenue rises 0.7% yr/yr, driven by higher average monthly rent

* Normalized FFO for Q2 2025 up 9.3%, reflecting improved operational performance

* Net income for Q2 2025 declines due to higher tax provisions

Result Drivers

* HIGHER RENT - Revenue from real estate properties increased due to higher average monthly rent despite increased vacancies

* LEASE EXPIRY - Obsidian Energy's lease expiry at Penn West Plaza contributed to increased vacancy costs

* TAX IMPACT - Net income decreased due to higher tax provisions, partially offset by reduced non-cash net fair value loss

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Net C$54.90

Income mln

Q2 C$56 mln

Normaliz

ed Funds

from

Operatio

ns

Analyst Coverage

* The one available analyst rating on the shares is "hold"

* The average consensus recommendation for the real estate rental, development & operations peer group is "buy."

* Wall Street's median 12-month price target for Morguard Corp ( MRCBF ) is C$140.00, about 15.7% above its August 5 closing price of C$118.00

* The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)