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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
See Regulatory Filings on SEDAR
Company Contact
Address: 1000 - 55 City Centre Drive
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 unincorporated, open-ended real estate investment trust. The objectives of the REIT are to generate stable and growing cash distributions on a tax-efficient basis; enhance the value of its assets and maximize long-term unit value through active asset and property management, and expand the asset base of the REIT and increase adjusted funds from operations per unit primarily through acquisitions and improvement of its properties. The REIT owns a diversified real estate portfolio of approximately 43 multi-suite residential properties in North America. The real estate portfolio consists of approximately 16 Canadian residential apartment communities located in Alberta and Ontario and 27 United States low-rise and mid-rise apartment communities located in Colorado, Florida, Georgia, Illinois, Louisiana, Maryland, North Carolina, Texas and Virginia consisting of 12,255 residential suites.
Financial Overview
For the nine months ended 30 September 2021,Morguard North American Residential REIT revenues decreased3% to C$182.1M. Net income decreased 23% to C$129.5M.Revenues reflect United States segment decrease of 3% toC$112.6M, Canada segment decrease of 2% to C$69.5M, FFO perShare (Basic) decrease of 9% to C$0.29, FFO per Share(Diluted) decrease of 12% to C$0.28.
Reporting Currency: Canadian Dollars
Enterprise value: $1,963M as of Sep 30, 2021
Annual revenue (TTM): $243.12M as of Sep 30, 2021
EBITDA (TTM): $127.89M as of Sep 30, 2021
Net annual income (TTM): $136.72M as of Sep 30, 2021
Free cash flow (TTM): $28.06M as of Sep 30, 2021
Net Debt Last Fiscal Year: $1,283M as of Sep 30, 2021
Shares outstanding: 56,279,957 as of Nov 15, 2021
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization