Morguard Real Estate Investment Trust (MRT.DB.A) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the Moorgard Real Estate Investment Trust 2025 Fourth 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, February 12, 2026. I would now like to turn the conference over to Andrew Tamlin, Chief Financial Officer. Please go ahead. Thank you, and good afternoon, everyone. My name, as mentioned, my name is Andrew Tamlin, Chief Financial Officer of Morgaard REIT. Welcome to the Morgaard REIT fourth quarter 2025 earnings conference call. I am joined this afternoon by John Guinness, Vice President of Retail Asset Management, Tom Johnson, Senior VP of Western Office Management, and Todd Bebo, Vice President of Office Asset Management, Eastern Canada. Thank you all for taking the time to join the call. Before we get into the call, I would like to point out that our comments will mostly refer to the fourth 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 fourth quarter results were very much in line with expectations. We have continued to see softness in the office numbers with an expected decline in net operating income from MLS Plaza transitioning to a multi-tenant building. Our retail results were stable with good rental growth on lease renewals for both our malls and retail strips. In the third quarter, we had highlighted that we had a large one-time prior year property tax refund received for ...