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Highlights
- In FY24, Morguard Corporation reported a net operating income (NOI) of CAD 566.9 million, down 4.8% from the previous year
- Other income turned positive in FY24, reaching CAD 28.1 million, compared to a loss of CAD 211.6 million in FY23
- Net income surged by 311.7% in FY24, reaching CAD 239.6 million, fueled by reduced expenses and higher other income
- The company reported CAD 333.0 million in cash and credit facilities at year-end and announced the start of a new 431-suite rental community in Mississauga, Ontario
Morguard Corporation (TSX:MRC) is a real estate company that acquires, owns, and develops properties in Canada and the United States.
In the fiscal year 2024 (FY24), Morguard Corporation reported a net operating income (NOI) of CAD 566.9 million, a 4.8% decline from the CAD 595.4 million recorded in FY23. This drop was primarily due to a lower contribution from hotel properties, alongside higher property operating costs and realty taxes.
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