04:40 PM EDT, 07/29/2025 (MT Newswires) -- Morguard North American Residential REIT (MRG-UN.TO) after trade Tuesday reported lower second-quarter net income and higher funds from operations (FFO).

The REIT earned $30.06 million in the period, compared with $50.57 million a year ago.

FFO basic rose to $24.77 million, or $0.47 per unit, from $22.69 million, or $0.41, in the year-ago quarter. Diluted FFO rose to $25.61 million from $23.53 million.

For the three months ended June 30, net operating income (NOI) climbed 4.1% to $56.90 million from $54.65 million a year ago.

The company also said that it entered into a three-year deal to refinance a multi-suite residential property located in Chicago. The transaction is worth $163.7 million (US$120 million) at an interest rate of 5.35%, it added.

The maturing mortgage amounts to $153.6 million (US$112.6 million) and has an interest rate of 3.49%. The refinancing is set to close during the third quarter, the REIT said.

Morguard units closed down $0.14 to $18.06 on the Toronto Stock Exchange.