Morguard Real Estate Investment Trust reported third-quarter EPS of C$0.176. But that figure is only part of the story. Supplemental coverage says revenue rose while key property and cash-flow measures fell.
Morguard Real Estate Investment Trust (TSX: MRT.UN) reported results after market close on October 28 for the quarter ended September 30, 2026. The earnings calendar lists EPS of C$0.176, but provides no estimate for the quarter, so there’s no basis for calling it a beat or miss. Supplemental coverage reports revenue of C$60.4 million and net income of C$14.0 million, alongside declines in net operating income (NOI), funds from operations (FFO) and adjusted funds from operations (AFFO).
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
-0.57%
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 4.6% over the next 12 months.
Consensus
NeutralBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$6.67
-4.6% Upside
Current Price
C$6.99
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)
-2.4%
Annualized drift
90d Mean
C$6.93
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$6.97 | C$6.71 – C$7.24 |
| 60 trading days | C$6.95 | C$6.59 – C$7.33 |
| 90 trading days | C$6.93 | C$6.49 – C$7.40 |
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 | — | — |
For Canadian income investors, the key question is whether recurring property cash flow supports the distribution—not just whether revenue grew. See the MRT-UN stock page for more company and market data.
Investor takeaway: The quarter looks mixed. Revenue reportedly rose year over year, while NOI, FFO and AFFO fell. These measures help investors assess property performance and the cash available for distributions. The information provided doesn’t show how much they declined, or include occupancy, same-property results, debt metrics or management’s explanation. That’s not enough to assess distribution coverage or the direction of underlying operations.
The trust’s monthly distribution was reported at C$0.02 per unit in October. Compare the payout with current AFFO and review the full release before drawing conclusions. The reported EPS of C$0.176 has no matching estimate, so it shouldn’t be described as a beat or miss.
C$0.176
That’s the reported calendar EPS for the quarter ended September 30. No estimate is available, so there’s no supported comparison to expectations. Supplemental coverage reports revenue of C$60.4 million and net income of C$14.0 million, along with lower NOI, FFO and AFFO.
Bull case
Revenue growth and reported net income offer some positive context. The October distribution declaration also shows that the trust maintained its monthly payout of C$0.02 per unit at that time. In October, Morguard marked the topping-off of a 431-suite rental development in Mississauga. The project could add rental capacity once completed.
These points don’t prove that same-property performance is improving or that the distribution is covered. Investors need the full quarterly filing and later operating updates to assess that.
Bear case
Supplemental coverage reports lower NOI, FFO and AFFO. That’s a concern because it points to weaker property-level income and cash generation despite higher revenue. The supplied fundamentals snapshot also lists a 5.80% profit margin and a P/E ratio of 35.1. Those figures alone don’t establish a REIT’s valuation or distribution safety.
Analyst price targets suggest modest downside from the supplied last close, while the statistical forecast is close to that price. Neither replaces an assessment of property cash flow, financing costs and the trust’s balance sheet.
Analysis
Morguard Real Estate Investment Trust’s third-quarter report covers the period ended September 30, 2026, and was released after market close on October 28. The earnings calendar lists EPS of C$0.176 but no estimate for the quarter, so there’s no basis for calling the result a beat or miss.
Supplemental coverage says revenue rose year over year to C$60.4 million and net income was C$14.0 million, while NOI, FFO and AFFO fell. The information provided doesn’t quantify those declines or include management’s detailed comments. See the quarterly release for the full operating and financial details. The automatically inserted recent-earnings trend table offers historical context, but no comparable estimate for this quarter.
Analysis
For a REIT, higher revenue doesn’t always mean more cash for unitholders. NOI helps show how properties are performing, while FFO and AFFO are commonly used to assess recurring real estate cash flow and the ability to fund distributions.
The reported declines in all three measures deserve attention, but the information provided doesn’t show their size or cause. Morguard declared a monthly distribution of C$0.02 per unit in October. That declaration alone doesn’t show whether the payout is fully covered. Compare the distribution with quarterly AFFO, review debt and interest costs, and consider whether operating trends are temporary or ongoing. For more company data, visit the MRT-UN overview.
Analysis
The supplied analyst data shows an average target of C$6.67, compared with a last close of C$6.99. That implies 4.6% downside. The consensus label is Neutral, based on the average target relative to the last close. A formal rating isn’t available for this Canadian listing. The target is an estimate, not a guaranteed outcome. See the analyst ratings section for details.
Analysis
Wealth Awesome’s statistical 90-day model gives a mean forecast of C$6.93, compared with a supplied current price of C$6.99. Its 68% range is C$6.49–C$7.40, and its 95% range is C$6.08–C$7.89. The model’s annualized drift is -2.4%.
This is a statistical model, not financial advice or a price target. It doesn’t assess the trust’s distribution coverage or business fundamentals. See the price-prediction section for details.
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