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Highlights
Morguard Corporation (TSX: MRC) is a North American real estate company engaged in property ownership, development, REIT investments, and real estate advisory and management services across residential, retail, office, industrial, and hotel sectors.
In the first quarter of the financial year 2025 (Q1FY25), the company’s revenue from real estate properties increased by 2.3% YoY to CAD 263.0 million, primarily driven by higher rental income from its multi-suite residential and industrial portfolios. Total revenue surged by 0.2% YoY to CAD 282.2 million, due to lower revenue by lower contributions from other sources, including property management fees and the hospitality segment. Net operating income increased by 56.3% YoY to CAD 70.0 million. Net income attributable to common shareholders fell by 55.4% YoY to CAD 58.1 million, compared to CAD 130.4 million in Q1FY24. The decline was primarily due to the absence of significant one-time gains recorded in Q1 FY24 from the sale of hotel properties.
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