Morguard REIT’s third-quarter revenue increased, but lower property-level income and funds from operations (FFO) paint a more cautious picture than net income alone.
Morguard Real Estate Investment Trust (TSX: MRT.UN; MRT-UN.TO) reported results on October 28, 2026, for the quarter ended September 30. Calendar data lists earnings per share of C$0.176 but provides no estimate, so there’s no basis to call it a beat or miss. Supplemental results show revenue up 4.7% year over year, while net operating income (NOI) fell 12.6% and FFO declined to C$11.2 million from C$15.0 million. Net income rose to C$14.0 million, partly due to a fair-value gain. For Canadian investors, operating performance and recurring cash generation offer more insight than the increase in net income alone.
Recent earnings trend
Morguard Real Estate Investment Trust
MRT-UN.TO
MRT-UN.TO
Morguard Real Estate Investment Trust
WealthAwesomeMarket cap
$475.68M
P/E
35.1x
Div. yield
3.43%
Div. / share
$0.24
52W high
$7.29
52W low
$5.53
1W change
+0.29%
Beta
0.02
Analyst Price Targets
Based on analyst covering MRT-UN · as of Sep 17, 2026
Wall Street analysts forecast MRT-UN stock price to fall 5.0% over the next 12 months.
Consensus
Moderately BearishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$6.67
-5.0% Upside
Current Price
C$7.02
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on MRT-UN's historical volatility
30-Day Vol
10.9%
Annualized
90-Day Vol
18.5%
Annualized
Trend (90d)
-0.6%
Annualized drift
90d Mean
C$7.01
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$7.02 | C$6.76 – C$7.28 |
| 60 trading days | C$7.01 | C$6.65 – C$7.39 |
| 90 trading days | C$7.01 | C$6.56 – C$7.48 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-28 | 0.1760 | — | — |
| 2026-06-30 | 2026-07-29 | 0.0297 | — | — |
| 2026-03-31 | 2026-04-29 | 0.0907 | — | — |
| 2025-12-31 | 2026-02-11 | -0.1191 | — | — |
| 2025-09-30 | 2025-10-29 | 0.0713 | — | — |
| 2025-06-30 | 2025-07-30 | -0.0262 | — | — |
Investor takeaway: The quarter was mixed. Revenue and net income rose, but NOI and FFO fell. The calendar’s earnings-per-share figure has no estimate for comparison, and the supplied company-news field is empty. The operating details come from supplemental headlines, so check them against the full release. MRT.UN’s listed dividend yield is 3.43%, but the yield alone doesn’t show whether the distribution is sustainable. Review the full results, including property-level performance, financing costs and distribution coverage, before drawing conclusions.
FFO fell to C$11.2 million from C$15.0 million
The drop in FFO is a more cautious signal about recurring performance than the rise in net income, which partly reflected a fair-value gain. Revenue grew 4.7%, but NOI fell 12.6%, showing that top-line growth didn’t translate into stronger property-level results.
Bull case
Revenue growth shows the trust continued to increase its top line. Figures supplied for the previous quarter also showed year-over-year gains in NOI and FFO. At the latest supplied close, the unit price remained above its 200-day moving average. If operating income stabilizes and recurring cash flow improves, that could support the case for income-focused investors.
Bear case
NOI and FFO both fell year over year in the third quarter. Net income rose partly because of a fair-value gain, not a clear improvement in recurring operations. The latest supplied close of C$7.02 was below the 50-day moving average, and the average analyst target was C$6.67. Consider the reported 3.43% yield alongside cash flow and distribution coverage, not on its own.
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