Morguard's $4.6B Residential Book Keeps Compounding Quietly

Morguard North American Residential REIT is doing the unglamorous thing well. The trust reported its Q1 2026 results on April 28, 2026, carrying total assets of $4.6 billion across 43 properties and 12,315 suites in Canada and the U.S. per Morguard. The payout still sits above where it was two years ago, and occupancy is near full on both sides of the border.

Key Takeaways

• $4.6B book across 43 properties and 12,315 suites.
• 2024 revenue from real estate grew 3.8% to $344.2 million.
• Distribution running above the $0.06167/unit paid in 2024.

Rents Are Still Doing the Work

The income story is built on rent growth, not financial engineering. Total revenue from real estate grew 3.8% to $344.2 million in 2024, with same-property revenue up 3.1% per Morguard. Average monthly rent rose 5.9% to $1,772 on the Canadian portfolio and 1.7% to US$1,907 in the U.S., while U.S. occupancy ended the year at 93.8% and the Canadian portfolio held at 92% as of Q1 2026. Management also flagged a strategic relationship with TD Asset Management on a multi-suite residential portfolio earlier in the year.

The Market's Read

The units have drifted lower in 2026, trading near CAD $16.56 in late May against a 52-week range of $16.31–$19.20, with the low set on May 20, 2026 per The Globe and Mail. The pullback toward 52-week lows is the open question against an otherwise steady operating picture.

The Bottom Line

Morguard's residential book is compounding quietly: a $4.6 billion portfolio at 92% Canadian occupancy, real-estate revenue up 3.8% in 2024, and a distribution still above its 2024 level. With the units near 52-week lows, the gap between operating performance and the unit price is the thing to watch.