Morguard North American Residential Real Estate Investment Trust (T:MRG.UN)
Business Focus: Residential REITs
| Sector: Real Estate | Industry: Residential REITs |
| Company Contact | |
| Address: | 55 City Centre Drive, Suite 800 MISSISSAUGA ON L5B 1M3 |
| Tel: | 1-905-2815359 |
| Website: | https://www.morguard.com |
| IR: | See website |
| Key People | ||
| Kuldip Sahi Chairman of the Board of Trustees, Chief Executive Officer | Christopher Alexander Newman Chief Financial Officer | Beverley G. Flynn Senior Vice President, General Counsel, Secretary |
| Paul Miatello Senior Vice President | Angela Sahi Senior Vice President | John Talano Vice President - Operations, U.S. | Brian Athey Vice President |
| Business Overview |
| Morguard North American Residential Real Estate Investment Trust (the REIT) is an open-ended real estate investment trust. The REIT owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and United States residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland. The objectives of the REIT are to generate stable and growing cash distributions to Unitholders on a tax-efficient basis; to enhance the value of its portfolio and the long-term value of its units through active asset and property management; and to expand the REIT's asset base, primarily through acquisitions and property improvements. The REIT's multi-suite residential property portfolio consists of about 16 Canadian properties and 27 United States properties, having a total of approximately 13,089 residential suites and 239,500 square feet of commercial area. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Morguard Nrth mrcn Rsdntl Rl stt nvstmnt revenues increased 19% to C$331.6M. Net income decreased 20% to C$176.3M. Revenues reflect United States segment increase of 25% to C$224.6M, Canada segment increase of 8% to C$107M, FFO per Share (Basic) increase of 12% to C$1.65, FFO per Share (Diluted) increase of 14% to C$1.63. Dividend per share increased from C$0.64 to C$0.72. |
| Reporting Currency: | Canadian Dollars |
| Enterprise value: | $2,133M as of Dec 31, 2023 |
| Annual revenue (TTM): | $331.62M as of Dec 31, 2023 |
| EBITDA (TTM): | $180.24M as of Dec 31, 2023 |
| Net annual income (TTM): | $176.34M as of Dec 31, 2023 |
| Free cash flow (TTM): | $62.01M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $1,546M as of Dec 31, 2023 |
| Shares outstanding: | 54,947,927 as of Apr 3, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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