Morguard Real Estate Investment Trust (MRT.DB.A) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the Moorgard Real Estate Investment Trust 2026 Second Quarter Results Conference Call. At this time, all lines are in a 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 operators. This call is being recorded on Thursday, July 30, 2026. I would now like to turn the conference over to Andrew Tamlin, your Chief Executive Officer. Please go ahead. Thank you and good afternoon, everyone. My name is Andrew Tamlin, Chief National Officer of Moorgard REIT. Welcome to the Moorgard REIT Second Quarter 2026 Earnings Conference Call. I am joined this afternoon by John Guinness, Vice President of Retail Asset Management, Tom Johnson, Senior VP of Western Office Asset Management, and Todd Prevost, Senior VP Office and Asset Management of 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 2026 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 have exceeded expectations and reflect solid combined same asset growth of 7.5% for the quarter. We continue to see a rebound in our office results and our retail results have continued to produce solid growth in the resilience sector. The REIT's net operating income for the second quarter was $27.1 million, which was up 5.5% from $25.7 million in 2025. Year-to-date 2026 net operating income was up 2.5% over 2025. While our office result...