Morguard North American Residential Real Estate Investment Trust (MRG.UN:CA) Q4 2025 Earnings Call Transcript

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