Morguard residential FFO fell 11.8% while a $478M portfolio deal waits on approvals
Morguard North American Residential REIT's Q3 results show a familiar split for rental owners: property values lifted reported income while operating funds flow moved the other way.
The REIT reported Q3 results on Oct 27, with the call on Oct 29 and the transcript reported Oct 31. Net income was $31.1M, up from $12.5M, on fair value gains. Basic FFO fell 11.8% to $19.7M.
In Canada, rent was $1,878, up 2.2%, with turnover growth of 7.2% and occupancy of 93.8%.
The portfolio transaction is the larger story. On the TDAM portfolio, the REIT's share is about $478M gross for about a 22% interest in 60 properties. Due diligence is done and conditions are waived, and closing is pending CMHC and lender approvals.
In Florida, two properties were refinanced for US$45.6M at 6.33% for 10 years. The distribution was raised 2.53%.
For investors, separate the two income lines. Fair value gains drove the net income increase, while FFO, the operating measure, fell. The Florida refinance rate of 6.33% for a 10 year term is a concrete cost of debt data point for US multifamily underwriting, and the pending CMHC and lender approvals are the gating item on a $478M gross portfolio close.
Source: Morguard North American Residential REIT Q3 results, Oct 27, 2026, call Oct 29, transcript reported Oct 31, 2026.
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