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Home CompaniesMorguard North American Residential Real Estate Investment Trust

Morguard North American Residential Real Estate Investment Trust

Real Estate REIT - Residential
PortfolioPortfolio WatchlistWatchlist
Company price
14.96 CAD -0.01 ( 0.07%)
Last update at 2026-11-05T20:47:00Z
VOLUME
25339
Market Cap
824.60M

Momentum Score

…

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. The REIT's portfolio is comprised of 13,089 residential suites and 229,500 square feet of commercial area (as of October 24, 2023) located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland with an appraised value of approximately $4.0 billion at September 30, 2023.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
14.90
Low
15.05
High
52 Week Price Range
12.97
Low
18.18
High

Momentum Score

…
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Morguard North American Residential REIT owns and manages residential rental properties across Canada and the United States. Long-term growth may be supported by sustained rental demand, limited housing supply and value-add asset management. Investors may find the trust attractive for steady rental cash flows, geographic diversification and the REIT income orientation.
Key risks include sensitivity to interest rates and refinancing, local rental-market cyclicality and occupancy, and regulatory constraints such as rent control that could limit revenue growth.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
14.97
Dividend Yield
5.04%
Revenue TTM
322.88M
Revenue Per Share
8.52
Gross Profit TTM
155.04M
Debt / Equity
0.85
ROE
-0.91%
Net Debt
1468.90M
ROCE
-1.05%
Diluted EPS TTM
-0.56

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Income before tax 309.90M 310.49M 164.51M 86.35M 198.23M
Minority interest -20.28M -2.89M 77.49M 89.43M 109.44M
Net income 219.28M 242.09M 175.22M 76.81M 172.22M
Selling general administrative - - 13.63M 13.00M 12.29M
Gross profit 131.86M 115.10M 120.30M 118.52M 117.93M
Ebit -38.60M -156.27M 135.53M 132.86M 118.98M
Ebitda 149.68M 68.22M 139.29M 81.84M 245.71M
Depreciation and amortization 188.28M 224.48M 3.76M -51.02M -
Operating income -38.60M -156.27M 135.53M 132.86M 131.69M
Other operating expenses 146.63M 130.46M 128.39M 127.08M 123.44M
Interest expense 49.88M 46.37M 48.70M 49.05M 49.96M
Tax provision 70.34M 65.52M -2.29M 6.22M 23.52M
Net interest income -65.43M -65.72M -64.01M -64.25M -64.50M
Income tax expense 70.34M 65.52M -2.29M 6.22M 23.52M
Total revenue 278.49M 245.57M 248.68M 245.60M 241.37M
Total operating expenses 29.56M -30.23M 15.24M 14.34M 13.77M
Cost of revenue 146.63M 130.46M 128.39M 127.08M 123.44M
Total other income expense net 348.50M 466.76M 28.98M -46.51M 66.54M
Net income from continuing ops 239.56M 244.97M 166.81M 80.13M 174.71M
Net income applicable to common shares 219.28M 242.09M 175.22M 76.81M 172.22M
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Total assets 3934.42M 3473.29M 3084.36M 3033.43M 3011.47M
Other current assets 80.69M 70.00M 17.16M 19.97M 17.34M
Total liab 2079.03M 1911.90M 1736.74M 1807.63M 1883.61M
Total stockholder equity 1753.47M 1484.74M 1270.13M 1136.36M 1018.42M
Other current liab 8.74M 11.66M 11.14M 11.26M 35.12M
Common stock 470.77M 469.96M 469.21M 468.58M 368.43M
Capital stock 470.77M 469.96M 469.21M 468.58M 368.43M
Retained earnings 1089.40M 897.60M 682.82M 534.89M 482.61M
Other liab 262.76M 175.66M 110.09M 115.21M 114.35M
Cash 14.64M 26.56M 27.30M 17.75M 16.79M
Total current liabilities 273.66M 144.69M 155.87M 78.14M 183.65M
Current deferred revenue - 11.66M 11.14M 11.26M 11.30M
Net debt 1468.90M 1357.38M 1282.99M 1308.24M 1410.67M
Short term debt 219.94M 96.98M 113.79M 29.72M 137.22M
Short long term debt 219.94M 96.98M 113.79M 29.72M 137.22M
Short long term debt total 1483.54M 1383.94M 1310.29M 1325.99M 1427.45M
Other stockholder equity 48.76M 48.76M 48.76M 48.76M 48.76M
Property plant equipment 3626.85M 3256.16M 2941.24M 2872.66M 2932.84M
Total current assets 202.10M 120.75M 50.11M 54.25M 37.77M
Long term investments 105.46M 96.38M 93.00M 106.52M 40.86M
Net tangible assets 1753.47M 1484.74M 1270.13M 1136.36M 1018.42M
Net receivables 11.40M 7.19M 5.65M 3.33M 3.65M
Long term debt 1247.36M 1277.90M 1187.40M 1286.98M 1280.48M
Inventory 95.37M 17.00M - 13.20M -
Accounts payable 44.98M 36.06M 30.94M 37.16M 35.12M
Accumulated other comprehensive income 144.54M 68.42M 69.33M 84.12M 118.62M
Non currrent assets other 3626.85M 3256.16M 2941.24M 2872.66M 2932.84M
Non current assets total 3732.32M 3352.53M 3034.25M 2979.18M 2973.69M
Capital lease obligations 16.23M 9.06M 9.10M 9.29M 9.75M
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Investments -11.06M -1.29M -1.29M -68.83M -68.83M
Change to liabilities 4.36M 5.72M -5.90M 2.73M 0.83M
Total cashflows from investing activities -11.06M -31.30M -28.06M -67.83M -44.98M
Net borrowings 36.74M 80.52M -8.09M -60.40M 5.89M
Total cash from financing activities -78.88M -33.05M -11.57M 6.07M -23.42M
Change to operating activities -0.89M 2.58M -3.78M -0.12M -0.10M
Net income 239.56M 244.97M 166.81M 80.13M 172.22M
Change in cash -11.93M -0.74M 9.56M 0.96M -8.34M
Begin period cash flow 26.56M 27.30M 17.75M 16.79M 25.12M
End period cash flow 14.64M 26.56M 27.30M 17.75M 16.79M
Total cash from operating activities 75.17M 63.70M 50.13M 62.48M 59.95M
Issuance of capital stock - - - 99.59M 0.00M
Dividends paid 26.66M 26.56M 26.66M 23.60M 21.82M
Change to account receivables -3.81M -1.56M -2.37M 0.19M 1.24M
Sale purchase of stock - - - 214.51M -
Other cashflows from financing activities 207.34M 162.87M 83.00M 205.00M 190.95M
Change to netincome -148.49M -189.49M -117.27M -21.66M -118.69M
Capital expenditures 0.00M 0.00M 0.00M 0.00M 0.00M
Change in working capital -0.34M 6.74M -12.04M 2.81M 1.96M
Other non cash items -234.25M -257.68M -102.79M -27.11M -138.09M
Free cash flow 75.17M 63.70M 50.13M 62.48M 59.95M

Peer Comparison*

Sector: Real Estate Industry: REIT - Residential

Stock Name
Change
(CAD)
Price
(CAD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
MRG-UN
Morguard North American Residential Real Estate Investment Trust		 -0.01
0.07%		 14.96 - 25.32 2.55 0.30 6.58 55.94
CAR-UN
Canadian Apartment Properties Real Estate Investment Trust		 0.46
1.44%		 32.45 - 17.83 7.60 0.85 14.21 -114.18
BEI-UN
Boardwalk Real Estate Investment Trust		 0.39
0.62%		 63.17 6.35 18.28 7.15 0.95 13.19 11.47
KMP-UN
Killam Apartment Real Estate Investment Trust		 0.26
1.47%		 17.92 8.59 15.24 6.32 0.88 12.62 12.24
MHC-U
Flagship Communities Real Estate Investment Trust		 0.20
0.93%		 21.75 4.94 14.35 9.42 0.72 7.94 6.75

Profile*

Morguard North American Residential Real Estate Investment Trust

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. The REIT's portfolio is comprised of 13,089 residential suites and 229,500 square feet of commercial area (as of October 24, 2023) located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland with an appraised value of approximately $4.0 billion at September 30, 2023.

55 City Centre Drive, Mississauga, ON, Canada, L5B 1M3

(905) 281-3800

https://www.morguard.com

Name Title Year Born
Mr. Kuldip Rai Sahi FCA, FCGA, FCPA Chairman & CEO 1947
Mr. Christopher A. Newman Chief Financial Officer NA
Ms. Beverley Gail Flynn L.L.B., LLB Sr. VP, Gen. Counsel & Sec. NA
Mr. Paul Miatello CA, CPA Sr. VP 1970
Mr. John Talano Sr. VP of U.S. Operations NA
Ms. Angela Sahi Exec. VP of Residential, Office & Industrial NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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