Morguard North American Residential Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value t… Read more
Morguard North American Residential Real Estate Investment Trust (MNARF) - Net Assets
Latest net assets as of December 2025: $2.11 Billion USD
Based on the latest financial reports, Morguard North American Residential Real Estate Investment Trust (MNARF) has net assets worth $2.11 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($4.54 Billion) and total liabilities ($2.43 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.11 Billion |
| % of Total Assets | 46.43% |
| Annual Growth Rate | 17.02% |
| 5-Year Change | 34.88% |
| 10-Year Change | 207.88% |
| Growth Volatility | 14.37 |
Morguard North American Residential Real Estate Investment Trust - Net Assets Trend (2010–2025)
This chart illustrates how Morguard North American Residential Real Estate Investment Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Morguard North American Residential Real Estate Investment Trust (2010–2025)
The table below shows the annual net assets of Morguard North American Residential Real Estate Investment Trust from 2010 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $2.11 Billion | -0.28% |
| 2024-12-31 | $2.11 Billion | +7.77% |
| 2023-12-31 | $1.96 Billion | +5.62% |
| 2022-12-31 | $1.86 Billion | +18.83% |
| 2021-12-31 | $1.56 Billion | +15.86% |
| 2020-12-31 | $1.35 Billion | +9.94% |
| 2019-12-31 | $1.23 Billion | +8.68% |
| 2018-12-31 | $1.13 Billion | +22.90% |
| 2017-12-31 | $917.71 Million | +34.16% |
| 2016-12-31 | $684.03 Million | -0.14% |
| 2015-12-31 | $684.97 Million | +19.42% |
| 2014-12-31 | $573.60 Million | +9.68% |
| 2013-12-31 | $522.96 Million | +39.31% |
| 2012-12-31 | $375.39 Million | +52.27% |
| 2011-12-31 | $246.54 Million | +23.77% |
| 2010-12-31 | $199.19 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Morguard North American Residential Real Estate Investment Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 596.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.39 Billion | 69.59% |
| Common Stock | $399.19 Million | 20.01% |
| Other Comprehensive Income | $158.68 Million | 7.96% |
| Other Components | $48.76 Million | 2.44% |
| Total Equity | $1.99 Billion | 100.00% |
Morguard North American Residential Real Estate Investment Trust Competitors by Market Cap
The table below lists competitors of Morguard North American Residential Real Estate Investment Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Investment AB Oresund
ST:ORES
|
$328.69 Million |
|
Beijing Jingxi Culture&Tourism Co Ltd
SHE:000802
|
$328.72 Million |
|
World Acceptance Corporation
NASDAQ:WRLD
|
$328.81 Million |
|
Banco di Desio e della Brianza S.p.A.
LSE:0O5V
|
$328.93 Million |
|
Dongsung FineTec Co. Ltd
KQ:033500
|
$328.54 Million |
|
Shandong Liancheng Precision Manufacturing Co Ltd Class A
SHE:002921
|
$328.53 Million |
|
CASTELNAU GROUP LTD
F:7QZ
|
$328.48 Million |
|
RENEW ENG.GLB.A DL-0001
F:7JU
|
$328.42 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Morguard North American Residential Real Estate Investment Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,001,337,000 to 1,994,579,000, a change of -6,758,000 (-0.3%).
- Net income of 102,968,000 contributed positively to equity growth.
- Dividend payments of 26,322,000 reduced retained earnings.
- Share repurchases of 24,335,000 reduced equity.
- Other comprehensive income decreased equity by 59,073,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $102.97 Million | +5.16% |
| Dividends Paid | $26.32 Million | -1.32% |
| Share Repurchases | $24.34 Million | -1.22% |
| Other Comprehensive Income | $-59.07 Million | -2.96% |
| Other Changes | $4.00K | +0.0% |
| Total Change | $- | -0.34% |
Book Value vs Market Value Analysis
This analysis compares Morguard North American Residential Real Estate Investment Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.26x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 0.45x to 0.26x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2011-12-31 | $28.98 | $13.02 | x |
| 2012-12-31 | $17.89 | $13.02 | x |
| 2013-12-31 | $17.45 | $13.02 | x |
| 2014-12-31 | $19.13 | $13.02 | x |
| 2015-12-31 | $22.37 | $13.02 | x |
| 2016-12-31 | $22.28 | $13.02 | x |
| 2017-12-31 | $24.17 | $13.02 | x |
| 2018-12-31 | $30.20 | $13.02 | x |
| 2019-12-31 | $29.15 | $13.02 | x |
| 2020-12-31 | $32.55 | $13.02 | x |
| 2021-12-31 | $38.01 | $13.02 | x |
| 2022-12-31 | $44.83 | $13.02 | x |
| 2023-12-31 | $49.10 | $13.02 | x |
| 2024-12-31 | $54.61 | $13.02 | x |
| 2025-12-31 | $49.90 | $13.02 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Morguard North American Residential Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 5.16%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 29.03%
- • Asset Turnover: 0.08x
- • Equity Multiplier: 2.27x
- Recent ROE (5.16%) is below the historical average (14.43%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2010 | 10.62% | 30.24% | 0.12x | 2.97x | $1.24 Million |
| 2011 | 36.31% | 120.69% | 0.10x | 2.91x | $62.89 Million |
| 2012 | 50.02% | 238.87% | 0.08x | 2.66x | $150.24 Million |
| 2013 | 11.03% | 39.44% | 0.09x | 3.27x | $5.28 Million |
| 2014 | 6.80% | 21.83% | 0.10x | 3.27x | $-17.93 Million |
| 2015 | 5.91% | 19.54% | 0.09x | 3.29x | $-26.83 Million |
| 2016 | 4.48% | 13.39% | 0.10x | 3.50x | $-36.00 Million |
| 2017 | 19.70% | 70.83% | 0.09x | 3.26x | $79.00 Million |
| 2018 | 16.91% | 71.35% | 0.08x | 2.96x | $70.38 Million |
| 2019 | 6.76% | 31.28% | 0.08x | 2.67x | $-36.82 Million |
| 2020 | 13.80% | 70.46% | 0.08x | 2.43x | $48.20 Million |
| 2021 | 16.31% | 98.58% | 0.07x | 2.34x | $93.61 Million |
| 2022 | 12.51% | 78.74% | 0.07x | 2.24x | $43.93 Million |
| 2023 | 9.52% | 52.36% | 0.08x | 2.21x | $-8.94 Million |
| 2024 | 5.09% | 29.59% | 0.08x | 2.28x | $-98.28 Million |
| 2025 | 5.16% | 29.03% | 0.08x | 2.27x | $-96.49 Million |
Industry Comparison
This section compares Morguard North American Residential Real Estate Investment Trust's net assets metrics with peer companies in the REIT - Residential industry.
Industry Context
- Industry: REIT - Residential
- Average net assets among peers: $1,567,460,600
- Average return on equity (ROE) among peers: 0.30%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Morguard North American Residential Real Estate Investment Trust (MNARF) | $2.11 Billion | 10.62% | 1.15x | $328.60 Million |
| Apartment Investment and Management Co (AIV) | $1.90 Billion | 3.39% | 1.24x | $560.76 Million |
| American Homes 4 Rent (AMH) | $3.47 Million | -1.21% | 0.01x | $9.13 Billion |
| Altarea SCA (ATRRF) | $807.10 Million | -58.59% | 3.65x | $599.60 Million |
| AvalonBay Communities Inc (AVB) | $10.99 Billion | 7.15% | 0.74x | $22.59 Billion |
| Bluerock Homes Trust Inc. (BHM) | $461.97 Million | 7.43% | 0.17x | $26.77 Million |
| Boardwalk Real Estate Investment Trust (BOWFF) | $8.10 Million | 4.94% | 13.70x | $1.81 Billion |
| BRT Realty Trust (BRT) | $132.06 Million | 9.09% | 0.50x | $165.50 Million |
| BSR Real Estate Investment Trust (BSRTF) | $975.75 Million | 23.29% | 1.11x | $404.42 Million |
| Canadian Apartment Properties REIT (CDPYF) | $204.11 Million | 8.76% | 1.59x | $4.34 Billion |
| Clipper Realty Inc (CLPR) | $185.59 Million | -1.27% | 4.67x | $39.85 Million |