Morguard NA REIT UN (MNARF) AI Stock Analysis

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Morguard NA REIT UN

(Other OTC:MNARF)

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Positive Factors

Strong revenue growthThe strong TTM revenue increase indicates meaningful recent growth in the rental-property platform and can support higher recurring operating income. Although reported margins have been volatile, sustained top-line expansion would improve the REIT’s ability to fund investment and preserve scale.

Negative Factors

Meaningful leverage and modest returnsLeverage of roughly 0.90 times equity increases exposure to financing costs and refinancing conditions, while modest ROE indicates limited efficiency in converting the asset base into shareholder returns. Together, these factors constrain financial flexibility and earnings quality.

Morguard NA REIT UN (MNARF) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $520.86M
Dividend Yield: 5.55%
Average Volume (3M): 4,664
Price to Earnings (P/E): 6.9
Beta (1Y): 0.26
Revenue Growth: -0.23%
EPS Growth: -5.73%
Country: US
Employees: 0
Sector: Real Estate
Sector Strength: 65
Industry: REIT - Residential

Morguard NA REIT UN Business Overview & Revenue Model

Company Description

This open-ended, unincorporated real estate investment trust (REIT) is organized and operates under the legal framework of the Province of Ontario, Canada. Its shares are listed and actively traded on the Toronto Stock Exchange (TSX) using the ticker...

Morguard NA REIT UN Earnings Call Summary

Earnings Call Date:Oct 27, 2026(Q3-2026)|% Change Since:1.38%|Next Earnings Date:Feb 16, 2027

Earnings Call SentimentPositive

The call was broadly positive, supported by higher total assets, strong liquidity, a distribution increase, acquisition progress, rent growth, a conservative FFO payout ratio, and ongoing capital investment. These positives were offset by declines in NOI and FFO, lower occupancy in both Canada and the U.S., higher interest expense and debt metrics, seasonal leasing pressure, and pending approvals for the acquisition.

Positive Updates

Higher Total Assets

Total assets ended the third quarter at $4.8 billion, compared with $4.5 billion at December 31, 2025. The increase was due to a change in the USD exchange rate, a fair value increase on income-producing properties, and higher cash from refinancings completed during the year.

Negative Updates

Proportionate NOI Decline

IFRS net operating income decreased by $0.4 million, or 0.7%, to $53.7 million for the quarter. On a proportionate basis, NOI decreased 1.7% compared with 2025.

Company Guidance

The transaction is expected to close in one tranche subject to the timing of CMHC and lender approvals; management believes market conditions will improve as new supply is absorbed and incentive-driven competition moderates, expects occupancy in the U.S. to stabilize with a combination of modest suite turnover and moderate AMR growth, and said Canadian availability is very close to reported occupancy at 94%, while leasing activity is seeing a little bit of a slowdown; U.S. financing rates settled back down to around 6% all-in rates and could go up or down depending on what the USTs do moving forward, with the next U.S. refinancing in June followed by June, July, and September maturities, and Canadian rates roughly between 4.25% and 4.5% for 10 years.

Morguard NA REIT UN Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

MNARF against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
TSE:BEI.UN	60Neutral	CAD 3.01B	-61.77	-1.01%	2.90%	3.19%	-115.36%
TSE:KMP.UN	60Neutral	CAD 2.09B	107.81	0.57%	4.17%	3.97%	-97.35%

* Real Estate Sector Average

Performance Comparison

MNARF and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
MNARF	Morguard NA REIT UN	10.43	-1.38	-11.69%
TSE:KMP.UN	Killam Apartment REIT Un	17.25	1.34	8.40%
TSE:BEI.UN	Boardwalk Real Estate Investment Trust	59.92	-1.40	-2.29%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Morguard NA REIT UN AI Stock Analysis