Morguard Real Estate Inv. Q1 Earnings Call Highlights

2 hours ago 1

MarketBeat

Sat, May 2, 2026 astatine 5:07 PM CDT 7 min read

Morguard Real Estate Inv. logo

Key Points

Q1 NOI was fundamentally level astatine CAD 25.6 million versus CAD 25.7 million a twelvemonth agone arsenic improved retail show offset bureau softness, but wide occupancy fell to 84.8% (from 87.7%) mostly owed to 2 erstwhile Hudson’s Bay store failures.
Office NOI weakness was driven by astir 84,000 quadrate feet returned successful Ottawa and Vancouver; absorption expects those vacancies could beryllium filled “in the adjacent twelvemonth oregon two” and does not spot broader near‑term downsizing risk.
The spot ended the 4th with CAD 61 million successful liquidity and CAD 218 million successful unencumbered assets, plans to reissue a astir CAD 159 million convertible debenture maturing end‑2026, has chopped owe rates to 4.7% (from 5.4%) and is pursuing redevelopment spending astatine St. Laurent (CAD 6.2m spent to date; CAD 25–30 million expected total).
Interested successful Morguard Real Estate Inv.? Here are 5 stocks we similar better.

Morguard Real Estate Inv. (TSE:MRT.UN) reported first-quarter 2026 results that absorption said were successful enactment with expectations and mostly accordant with the anterior year, arsenic improved retail show helped offset softness successful bureau nett operating income tied to 2 notable tenant move-outs.

First-quarter show and portfolio trends

Chief Financial Officer Andrew Tamlin said the REIT generated nett operating income (NOI) of CAD 25.6 million successful the archetypal quarter, somewhat beneath CAD 25.7 million successful the archetypal 4th of 2025. Tamlin noted that year-over-year comparisons see the nonaccomplishment of income related to 2 failed Hudson’s Bay (The Bay) stores that impacted 2025 results, though helium said the REIT has added “other prime tenants” implicit the past 12 months and benefited from “positive leasing spreads passim 2025,” supporting retail NOI.

→ Meta Posted Its Best Sales Growth Since 2021—So Why Did Shares Fall?

Tamlin described continued momentum successful the assemblage portion portfolio, which posted 2.2% same-store growth, adjusting for 1 plus affected by a failed Peavey Mart. He added that the REIT remains focused connected “short-term options” for the 2 erstwhile Bay spaces, portion broader initiatives—particularly astatine St. Laurent—are receiving further redevelopment attention.

Overall occupancy astatine March 31, 2026 was 84.8%, down from 87.7% a twelvemonth earlier. Tamlin attributed the diminution chiefly to the Bay failures astatine Cambridge and Ottawa, on with the bureau vacancies discussed connected the call. He said absorption expects occupancy to emergence successful coming quarters arsenic caller leasing deals are completed.