Morguard North American Residential Real Estate Investment Trust (MRG.UN:CA) Q2 2026 Earnings Call Transcript

SA Transcripts 161.35K Followers Follow Morguard North American Residential Real Estate Investment Trust ( MRG.UN:CA ) Q2 2026 Earnings Call July 30, 2026 3:00 PM EDT Company Participants Christopher Newman - Chief Financial Officer Ruth Grabel - Asset Manager Paul Miatello - Senior Vice President John Talano - Senior Vice President of U.S. Operations Conference Call Participants Jonathan Kelcher - TD Cowen, Research Division Khing Shan - RBC Capital Markets, Research Division Alex Leon - Desjardins Securities Inc., Research Division Presentation Operator Good afternoon, ladies and gentlemen, and welcome to the Morguard North American Residential REIT 2026 Second Quarter Results Conference Call. [Operator Instructions] This call is being recorded on Thursday, July 30, 2026. I would now like to turn the call over to Chris Newman, CEO. Please go ahead. Christopher Newman Chief Financial Officer Thank you. Hi, everyone. Welcome to the Q2 MRG conference call. With me today is Angela Sahi, President and CEO; Paul Miatello, Senior Vice President; Beverley Flynn, Senior Vice President and General Counsel; John Talano, Senior Vice President, U.S. Operations; and Ruth Grabel, Vice President, Canadian Operations. And as is customary, I'll provide some comments on the REIT's financial position and performance. In terms of our financial position, the REIT completed the second quarter with total assets of $4.8 billion, higher compared to $4.5 billion at December 31, 2025. The increase in total assets was due to a change in the U.S. dollar exchange rate, a fair value increase on the REIT's income-producing properties and an increase in cash from refinancings completed during the quarter. During the second quarter, the REIT completed a CMHC insured refinancing of three residential properties located in Ontario and Alberta for an aggregate amount of $162.8 million at a weighted average interest rate of 4.26% and for a weighted average term of 11.2 years. As well, the REIT completed the refinancing of a residential property