04:54 PM EST, 02/11/2025 (MT Newswires) -- Morguard North American Residential REIT (MRG-UN.TO) after trade Tuesday reported lower funds from operations in the fourth quarter compared to a year earlier, although its net income for the period rose.

The REIT for Q4 reported FFO basic of $22.79 million compared to $24.34 million, and FFO diluted of $23.63 million versus $25.19 million. Q4 FFO per Unit Basic and Diluted was $0.42, compared to $0.44 for both a year earlier.

For the three months ended December 31, NOI from the REIT's properties decreased by $0.8 million, or 1.6%, to $54.2 million, compared to $55.0 million in 2023. It said the decrease in NOI is due to an increase in Canada of $0.8 million, or 4.9%, a decrease in the U.S. of US$1.5 million, or 5.4%, and the change in foreign exchange rate which decreased NOI by $0.1 million.

Proportionate net operating income (NOI) from the REIT's properties decreased by $2.1 million, or 4.4%, to $45.6 million, compared to $47.7 million in 2023. It added the decrease in Proportionate NOI is due to an increase in Canada of $0.8 million, or 4.9%, a decrease in the U.S. of US$2.7 million, or 11.7%, and the change in foreign exchange rate which increased Proportionate NOI by $0.2 million.

Among other highlights, Q4 revenue from real estate properties rose to $87.89 million from $85.0 million, and net income rose to $42.88 Million from $24.37 million

The REIT's units closed down $0.12 to $17.00 on the Toronto Stock Exchange.