Morguard REIT (MORG) Q4 Income Falls 12% to $0.32

Q4 2025 results show Morguard North American Residential REIT (MORG) reporting net income of $0.32 per share, a 12% decline from $0.36 in Q4 2024. The drop follows softer demand in the multifamily and industrial housing sectors, with revenue down 10% year-over-year to $296.8 million. Management attributed the decline to higher interest rates and tighter lending conditions, with same-store NOI down 7% in the quarter. The REIT ended 2025 with a debt-to-EBITDA ratio of 6.2x, in line with its target range.