04:49 PM EDT, 04/29/2025 (MT Newswires) -- Morguard North American Residential REIT (MRG-UN.TO) after trade Tuesday reported higher first-quarter net income and funds from operations (FFO).

The REIT earned $38.3 million in the period, compared with $24.8 million, a year ago. The 55% increase was mainly due to higher fair value gains and lower deferred income taxes, it said.

FFO basic rose to $23.2 million from $22.5 million, with FFO per unit growing to $0.44 from $0.41 year-over-year. Diluted FFO increased to $24 million from $23.4 million, with FFO per diluted unit rising to $0.43 from $0.41 a year earlier.

For the three months ended March 31, net operating income (NOI) rose 1.1% year-over-year to $20.8 million from $20.6 million. Proportionate NOI increased 4.8%, driven by a $0.4 million gain in Canada and a favorable $1.8 million impact from foreign exchange, partially offset by a US$0.1 million decline in the U.S, the company said.

Morguard ( MRCBF ) units closed up $0.05 to $16.75 on the Toronto Stock Exchange.