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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 1000
Tel: 1-905-2815359
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 three months ended 31 March 2024, Morguard Nrth mrcn Rsdntl Rl stt nvstmnt revenues increased 6% to C$84.8M. Net income decreased 13% to C$25.7M. Revenues reflect United States segment increase of 7% to C$57.2M, Canada segment increase of 6% to C$27.6M, FFO per Share (Basic) increase of 5% to C$0.41, FFO per Share (Diluted) increase of 8% to C$0.41. Net income was offset by United States segment income decrease of 7% to C$4.9M.
Reporting Currency: Canadian Dollars
Enterprise value: $2,148M as of Mar 31, 2024
Annual revenue (TTM): $336.73M as of Mar 31, 2024
EBITDA (TTM): $181.52M as of Mar 31, 2024
Net annual income (TTM): $172.57M as of Mar 31, 2024
Free cash flow (TTM): $62.69M as of Mar 31, 2024
Net Debt Last Fiscal Year: $1,562M as of Mar 31, 2024
Shares outstanding: 54,653,575 as of Jun 13, 2024
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization