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Canada's Morguard REIT Q3 net operating income falls 12.6% yr/yr

By Reuters News


Overview

  • Canada REIT's fiscal Q3 revenue from real estate properties rose 4.7% yr/yr

  • Net operating income fell 12.6% yr/yr in fiscal Q3

  • Lower net operating income and AFFO reflect absence of prior year one-time tax refund


Outlook

  • Company did not provide specific guidance for future quarters or the full year


Result Drivers

  • ONE-TIME TAX REFUND - Co said lower net operating income was mainly due to absence of a one-time tax refund received in 2025

  • STRIP CENTRE OCCUPANCY - Community strip centres operated at near full occupancy, supporting rental growth on lease renewals

  • OFFICE SEGMENT VARIANCE - Higher office NOI driven by Penn West Plaza, partly offset by tenant downsizing at other locations


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

C$14.01 mln

Q3 Adjusted FFO

C$2.31 mln

Q3 FFO

C$11.18 mln

Q3 Operating Income

C$27.33 mln


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the commercial reits peer group is "buy."

  • Wall Street's median 12-month price target for Morguard Real Estate Investment Trust is C$6.50, about 5.9% below its October 27 closing price of C$6.91

  • The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • Oct 27 - Canada's Morguard REIT Q3 FFO, NOI fall as occupancy rates decrease

  • Oct 27 - WP Carey Q3 revenue beats estimates, raises annual AFFO forecast on strong investment activity

  • Oct 27 - American Assets Trust Q3 FFO rises on higher rental rates; lifts outlook


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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