Canada's Morguard 2025 net income falls

Morguard

19/02/2026 21:43

Overview

Canada real estate firm's 2025 revenue stable at C$1.1 bln

Net income decreased due to prior hotel sales gain and lower NOI

Outlook

Company did not provide specific guidance for future quarters or full year 2026

Result Drivers

OFFICE VACANCY - Decrease in NOI largely due to increased vacancies in the office segment, particularly from the Obsidian Lease Expiry at Penn West Plaza

HOTEL REVENUE DECLINE - Decrease in total revenue partly due to C$3.8 mln drop in hotel revenue following sale of 14 hotels in 2024

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Net Income
C$178.9 mln
FY Normalized Funds from Operations
C$220.5 mln


Analyst Coverage

The one available analyst rating on the shares is "hold"

The average consensus recommendation for the real estate rental, development & operations peer group is "buy."

Wall Street's median 12-month price target for Morguard Corp is C$140.00, about 21.9% above its February 18 closing price of C$114.89

The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nCNWYbxqva

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)