Morguard Real Estate Investment Trust (MRT.DB.A) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the Moorgard North American Residential REIT 2025 Second Quarter Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, July 31, 2025. I'd now like to turn the conference over to Andrew Tamlin. Please go ahead. Thank you and good afternoon, everyone. My name is Andrew Tamlin, Chief Financial Officer of Moorgard REIT. Welcome to the Moorgard REIT second quarter 2025 earnings conference call. I am joined this afternoon by John Guinness, Vice President of Retail Asset Management, Tom Johnson, Senior Vice President of Western Asset Management, along with Rick Claremont, Assistant Vice President of Asset Management, Eastern Canada. Thank you all for taking the time to join the call. Before we jump into the call, I would like to point out that our comments will mostly refer to the second quarter 2025 MD&A and financial statements, which have been posted to our website. I refer you specifically to the cautionary language at the front of the MD&A, which would also apply to any comments that we make on this call. Our second quarter results were consistent with the same trends that we saw in the first quarter and were also very consistent with expectations for the quarter. We have known for some time that 2025 was going to be a tough year due to the market rent resets at Pan West Plaza in Calgary, the impact of which will continue throughout the year. Further to that, we have seen some pockets of softness in the enclosed mall segment from some tenant failures. But we are also seeing some...