04:39 PM EDT, 07/30/2024 (MT Newswires) -- Morguard North American Residential REIT (MRG-UN.TO) on Tuesday said its second quarter net operating income (NOI) rose.

The REIT said NOI in quarter rose 2.2% to $54.6 million an increase of $1.2 million from the year-prior quarter.

Net income of $50.6 million was down 42% from the year-prior quarter, predominantly due to lower net fair value gains and partially offset by a decrease in deferred income tax, the REIT noted..

The REIT's units closed up $0.02 to $17.00 on the Toronto Stock Exchange.