Operator

Good afternoon, ladies and gentlemen, and welcome to the Morguard North American Residential REIT 2025 Fourth Quarter Results Conference Call. [Operator Instructions] This call is being recorded on Thursday, February 12, 2026. I would now like to turn the conference over to Chris Newman, Chief Financial Officer. Please go ahead.

Christopher Newman
Chief Financial Officer

Thank you for joining us today. With me here is President and CEO, Angela Sahi; SVP, Paul Miatello; SVP, Legal Counsel, Beverley Flynn; SVP U.S. Operations, John Talano; and Ruth Grabel, VP of the Canadian Operation.

As is customary, I will provide comments on the REIT’s financial position and performance. In terms of our financial position, the REIT completed the fourth quarter of 2025 with total assets amounting to $4.5 billion, lower compared to $4.6 billion from December 31, 2024. This was mainly driven by a change in the U.S. dollar exchange rate, partly offset by a fair value increase on the REIT’s income producing property.

The REIT finished the fourth quarter with approximately $115 million of cash on hand and $12 million advanced to Morguard Corporation.

The following is a brief summary of the REIT’s notable achievements throughout 2025. During the year, the REIT refinanced maturing mortgages for gross proceeds of $245.6 million at a weighted average interest rate of 4.92% for a weighted average term of

Chevron’s flagship Gulf Coast refinery is processing its first Venezuelan oil shipment since the U.S. capture of Nicolás Maduro in Caracas last month, turning heavy, tar-like crude into gasoline, diesel and jet fuel for American consumers.

“We’ve been [in Venezuela] for a long time, and it looks like things are starting to go better for both the Venezuelan people and I would say for the American people too, because what’s going to happen is the more that oil that flows to a place like Pascagoula or some of the other refineries here, it drives down the cost,” Andy Walz, President of Downstream, Midstream & Chemicals at Chevron, told FOX Business in an exclusive interview Thursday. 

“That oil is going to be cheaper, it’s closer, and it’s going to help these refineries run the way they were designed, so I think it’s a really good thing.”

Walz’s comments were among the first public acknowledgments by Chevron of processing Venezuelan crude in U.S. refineries under the company’s renewed sanctioned operations.

AMERICAN ENERGY DOMINANCE GIVES US THE POWER TO FEND OFF ENEMIES AND RESCUE VENEZUELA

FOX Business was granted exclusive access inside Chevron’s facility in Pascagoula, Mississippi on Thursday, where correspondent Lauren Simonetti reported near distillation units processing Venezuelan oil that arrived weeks ago. 

FOX Business was granted access to Chevron’s Pascagoula, Mississippi, facility Thursday, where correspondent Lauren Simonetti reported near distillation units processing Venezuelan crude that arrived in recent weeks.

The refinery currently processes about 50,000 barrels per day of Venezuelan crude, and Chevron has indicated it could take on another 100,000 barrels per day across its U.S. system as additional shipments arrive.

Chevron’s Pascagoula refinery is among a limited number of U.S. Gulf Coast facilities configured to process heavy sour crude like Venezuela’s, alongside complex refineries in New Orleans, Lake Charles, Port Arthur, Houston and Corpus Christi.

VENEZUELA RELEASES ALL KNOWN AMERICAN DETAINEES FOLLOWING MADURO CAPTURE AND GOVERNMENT TAKEOVER

The refinery also has the advantage of bringing Venezuelan oil directly into its harbor, eliminating the need to offload to smaller ships or rely on offshore pipelines.

“It’s a pretty efficient system,” Walz said, pointing to a large ship in the background.

“This refinery runs 300,000 [total] barrels a day, so you’ve got to have ships showing up here all the time, and it’s really convenient to have it close, but it’s also important, and it’s a better way to run your operation.”

Chevron CEO Mike Wirth recently told FOX Business that the company is expanding its Venezuelan operations, highlighting its long-standing presence and growth in output under its current sanctioned authorization.

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“We’ve been there for most of the last 100 years. We’ve got an important partner in the development and growth of Venezuela. We’re being repaid debt that we’re owed, and others that have left have had more difficulty with that,” Wirth said. 

“We’ve grown our production over the last couple of years from 50,000 barrels a day to 250,000, so five-fold. And over the next 18 to 24 months, we see the potential to grow by another 50%.”

New Delhi: UN climate boss Simon Stiell, in his first major public address since COP30 in Brazil, reminded that climate action and cooperation on climate remain “not-so-secret weapon we need to deliver security and prosperity” and the way to “deliver stability” in an unstable world”.

In his address to the media, at the end of two days of meetings in Istanbul, Stiell said that COP31 will take “place in extraordinary times” when “we find ourselves in a new world disorder… a period of instability and insecurity. Of strong arms and trade wars. The very concept of international cooperation is under attack.”

The UN climate boss made it clear that the challenges are real and serious. Calling on countries to “drive forward a new era of international climate cooperation“, Stiell reminded that in 2025, despite the economic uncertainty and “gale-force political headwinds” investments in clean energy grew at a pace double that that of fossil fuels, with renewables overtaking coal as the world’s top source of electricity and for the first time there is a drop in global emissions.
Stiell acknowledged that though the global transition is now irreversible “it’s clearly still not fast or fair enough” however “it’s hard to think of a decade when international climate cooperation has delivered more real-world progress.” Without a direct mention to the US, Stiell referred to the “unprecedented threat” to the real-world progress from “those determined to use their power to defy economic and scientific logic, and increase dependence on polluting coal, oil and gas – even though that means worsening climate disasters and spiralling costs for households and businesses.”

Activist investor Elliott Investment Management has taken a stake in the London Stock Exchange LSEG 0.87%increase; green up pointing triangle Group, according to people familiar with the matter, and is likely to push for increased stock buybacks and action to lift profit margins.

The hedge-fund firm is making a somewhat contrarian bet. LSEG stock is down 35% over the past year, amid mounting investor concerns that new artificial-intelligence tools will reduce the need for financial data and analytics that the company and others offer.

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New Delhi: India is witnessing a rare phenomenon of elevated growth and low inflation, finance minister Nirmala Sitharaman said on Thursday, adding that it is no “fluke or coincidence” but the result of sustained efforts, detailed planning, and timely interventions and reforms by the government.

Replying to a general discussion on the budget for 2026-27 in the Rajya Sabha, Sitharaman said the high personal income tax mop-up does not mean the middle class is being crushed in any manner, as is being alleged by the opposition.

If anything, she added, the middle class is expanding, as reflected in the growing income tax payer base despite last year’s tax slab revision that made incomes up to ₹12 lakh per year tax free.

Sitharaman said a high-level committee on the services sector, proposed in the budget, will suggest steps to expand artificial intelligence (AI), cloud-based services and other new-age technologies and boost such exports.

The panel will focus on segments such as fintech, logistics, healthcare, tourism and creative services on top of doubling down on the traditional Indian edge in software and IT services, she suggested.
India is estimated to grow 7.4% in the current fiscal, against 6.5% a year before, and is projected to remain the world’s fastest-growing major economy at least over the next two years. Retail inflation has eased to 1.7% this fiscal. On a 10-year horizon, retail inflation has remained at its lowest point ever, the minister said, highlighting India’s macroeconomic stability.The budget, she stressed, isn’t just an annual accounting statement of the government; it provides a clear pathway for India to realise its target of emerging as a developed nation by 2047 while addressing both short and medium-term challenges and goals.

No middle-class suppression
Sitharaman refuted the opposition’s charges that the middle class is being suppressed and sandwiched between the rich and the poor because personal income tax collections have exceeded the corporate tax mop-up.

“Actually, there is enough evidence of a historic middle-class expansion, and formalisation driven by the economic reforms that have been undertaken in the last ten years,” she said. “So, the economy is no longer narrow, and it’s not just confined to the elite.”

Between 2013-14 and 2024-25, the number of taxpayers – people filing returns or whose tax is deducted at sources – more than doubled to 121.3 million from 52.6 million.

The taxpayer base is expanding despite the I-T relief announced last year. On top of that, GST cuts, announced in September 2025, have lowered household expenses, she said. “So, somewhere the notion of the suppression of the middle class cannot coexist with real incomes rising and with record low inflation.”

No slashing of funds
Sitharaman rejected charges that the government has achieved fiscal consolidation by compressing expenditure in many social and rural sector schemes.

The government’s revised estimates of spending in 14 such schemes are barely 1% lower than the cumulative budget estimates over the past decade, way below the 6.4% gap during the UPA period, she said.

The statistics ministry on Thursday unveiled a new Consumer Price Index (CPI) series, updating the base year to 2024 from 2012. The revision resets the benchmark for measuring prices to better assess inflation. The CPI is the Reserve Bank of India‘s primary inflation gauge and plays a central role in monetary policy and interest rate decisions. Anoushka Sawhney explains:

What is CPI and why is the base year revised?
The CPI measures changes in prices of goods and services consumed by households, serving as a key indicator of cost-of-living inflation. The base year is the reference point against which price changes are measured, with its index fixed at 100.

As household consumption patterns evolve, the base year is periodically updated to ensure the index remains representative. The new series adopts 2024 as the base year, drawing item weights from the Household Consumption Expenditure Survey (HCES) 2023-24.

The revised weights reflect changing consumption patterns. The share of food and beverages has declined to 36.75% from 45.86% earlier, while weights of transport and communication, housing and utilities, and personal care have increased.

What has changed?
The CPI basket has been expanded to 358 items (308 goods and 50 services), up from 299 earlier. These are organised across 12 divisions, 43 groups and 92 classes. Price collection has also widened, now covering 1,465 rural markets (up from 1,181) and 1,395 urban markets (up from 1,114). Newly added items include AirPods, hand sanitisers, OTT subscriptions, air purifiers, ecommerce purchases, and international airfares. Outdated items such as library charges, radio and horse-cart fares have been removed. Despite the overhaul, about 98% of the basket remains comparable with the previous series.

The government has also released more granular data, including state-wise and sector-wise indices across all classification levels.
What is new in the latest series?
For the first time, prices from 12 online markets in cities with populations above 2.5 million have been included to better capture ecommerce trends. Items supplied free under government schemes – such as foodgrains distributed through the Public Distribution System – have been excluded, as the CPI measures household expenditure rather than consumption per se.Several service prices will now be sourced directly from official or digital platforms: airfares (from airline websites), OTT subscription rates (provider platforms), telecom tariffs (operators), postal charges (India Post), and fuel prices (ministry database).

What next?
Going forward, the base year will be revised every five years to keep pace with economic shifts, while the Household Consumption Expenditure Survey will be conducted every three years.

A new study finds that the median American worker has just $955 saved for retirement through a defined contribution plan like a 401(k) account, with most falling well short of recommended retirement savings targets for their ages.

The study by the National Institute on Retirement Security (NIRS) found that among all workers between the ages of 21 and 64, including those who haven’t saved anything for retirement, the median amount saved in a defined contribution plan was just $955 as of 2023.

By contrast, among those who have positive retirement plan wealth — or at least $1 saved in a defined contribution (DC) plan — the median savings were much higher at $40,000.

The report found that the average account balance among workers aged 21 to 64, including those with no savings, was $93,229. However, among those who have saved at least $1 in a DC plan, the average savings was $179,082.

AMERICANS SURGE TOWARD FINANCIAL RESOLUTIONS FOR 2026 AMID HOUSEHOLD BUDGET CONCERNS

NIRS’ study also compared Americans’ retirement savings balances against the targets used by Fidelity, which developed guidelines based on age and income levels. 

Fidelity recommends Americans save their annual income in retirement by age 30, have three-times their income saved by age 40, six-times their income by age 50, eight-times their income at age 60 and 10-times their income when they reach the normal retirement age of 67.

NIRS found that for all the median respondents analyzed in the study across age, race, education and gender groups – none have retirement savings or net worth that’s at or above their age-based savings target.

IRS REVEALS UPDATED CONTRIBUTION LIMITS FOR 2026

Across all respondents, the median amount of DC retirement savings as a percentage of their savings targets is 4%. When using net worth instead of DC retirement savings, the median percentage of all respondents hitting their savings target is 41%.

Among those who have positive DC retirement balances, the median percentage of all respondents who hit the savings target was 18%.

HERE’S HOW MUCH TRUMP ACCOUNT BALANCES COULD GROW OVER TIME

The median amount of DC retirement savings as a share of the savings target was 19% for men and 17% for women, while among racial groups, Asian (23%) and White (20%) workers saved more than Black and Hispanic workers (11% each).

The amount saved rises with higher levels of education from 10% for workers whose highest education was high school or less, to 15% for those holding associates degrees, 21% with bachelor’s degrees and 26% for those with master’s, doctorate or professional degrees.

Across age groups, the most successful savers were the youngest cohort of workers between 21 and 34, with 21% saved as a share of the target, followed by 19% of workers between the ages of 55 and 64.

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“As expected, those with some amount of savings is closer to their savings target than those with no savings. But even for those with savings, these amounts are quite low if the expectation is that retirement savings in a DC plan will constitute an important source of retirement income,” NIRS said.