Morguard North American Residential Real Estate Investment Trust
TSX:MRG.UN
Income Statement
Earnings Waterfall
Morguard North American Residential Real Estate Investment Trust
Revenue
|
331.6m
CAD
|
Cost of Revenue
|
-130.6m
CAD
|
Gross Profit
|
201m
CAD
|
Operating Expenses
|
-20.7m
CAD
|
Operating Income
|
180.2m
CAD
|
Other Expenses
|
-3.9m
CAD
|
Net Income
|
176.3m
CAD
|
Income Statement
Morguard North American Residential Real Estate Investment Trust
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
143
N/A
|
161
+13%
|
169
+5%
|
172
+1%
|
175
+2%
|
180
+3%
|
184
+2%
|
191
+4%
|
198
+4%
|
205
+3%
|
211
+3%
|
216
+2%
|
219
+1%
|
220
+1%
|
223
+2%
|
225
+1%
|
227
+1%
|
229
+1%
|
232
+1%
|
236
+2%
|
241
+2%
|
246
+2%
|
247
+0%
|
246
0%
|
246
0%
|
246
+0%
|
248
+1%
|
249
+0%
|
249
0%
|
247
-1%
|
243
-1%
|
243
0%
|
246
+1%
|
251
+2%
|
258
+3%
|
267
+3%
|
278
+4%
|
293
+5%
|
309
+5%
|
322
+4%
|
332
+3%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(58)
|
(72)
|
(73)
|
(71)
|
(69)
|
(72)
|
(73)
|
(75)
|
(77)
|
(82)
|
(84)
|
(86)
|
(84)
|
(85)
|
(85)
|
(86)
|
(86)
|
(88)
|
(88)
|
(89)
|
(91)
|
(96)
|
(96)
|
(97)
|
(95)
|
(95)
|
(95)
|
(95)
|
(96)
|
(95)
|
(96)
|
(97)
|
(98)
|
(101)
|
(103)
|
(104)
|
(107)
|
(119)
|
(124)
|
(129)
|
(131)
|
|
Gross Profit |
85
N/A
|
89
+5%
|
97
+9%
|
101
+4%
|
106
+5%
|
108
+2%
|
111
+3%
|
116
+4%
|
121
+5%
|
123
+1%
|
127
+3%
|
130
+3%
|
134
+3%
|
135
+0%
|
138
+2%
|
139
+1%
|
141
+1%
|
141
+0%
|
144
+2%
|
148
+3%
|
150
+2%
|
150
0%
|
150
+0%
|
150
0%
|
151
+1%
|
151
0%
|
153
+2%
|
154
+1%
|
153
-1%
|
152
-1%
|
148
-3%
|
146
-1%
|
147
+1%
|
150
+2%
|
155
+4%
|
163
+5%
|
171
+5%
|
174
+2%
|
185
+6%
|
193
+4%
|
201
+4%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(13)
|
(14)
|
(15)
|
(15)
|
(16)
|
(16)
|
(17)
|
(17)
|
(17)
|
(17)
|
(18)
|
(19)
|
(19)
|
(19)
|
(19)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(17)
|
(18)
|
(18)
|
(18)
|
(6)
|
(6)
|
(6)
|
(18)
|
(18)
|
(19)
|
(19)
|
(20)
|
(21)
|
(21)
|
(21)
|
(21)
|
|
Selling, General & Administrative |
(13)
|
(14)
|
(15)
|
(15)
|
(16)
|
(16)
|
(17)
|
(17)
|
(17)
|
(17)
|
(18)
|
(19)
|
(19)
|
(19)
|
(19)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(17)
|
(18)
|
(18)
|
(18)
|
(6)
|
(6)
|
(6)
|
(18)
|
(18)
|
(19)
|
(19)
|
(20)
|
(21)
|
(21)
|
(21)
|
(21)
|
|
Operating Income |
72
N/A
|
75
+4%
|
82
+10%
|
86
+4%
|
90
+5%
|
91
+1%
|
95
+3%
|
99
+5%
|
104
+5%
|
105
+1%
|
109
+3%
|
112
+3%
|
115
+3%
|
116
+1%
|
119
+3%
|
121
+2%
|
123
+1%
|
123
+0%
|
126
+3%
|
129
+2%
|
132
+2%
|
131
0%
|
132
+1%
|
132
0%
|
133
+1%
|
133
+0%
|
136
+2%
|
136
+1%
|
136
-1%
|
145
+7%
|
141
-3%
|
140
-1%
|
129
-7%
|
132
+2%
|
137
+4%
|
145
+6%
|
151
+5%
|
153
+1%
|
164
+7%
|
172
+5%
|
180
+5%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(0)
|
12
|
(16)
|
(29)
|
(36)
|
(56)
|
(26)
|
(27)
|
(38)
|
(46)
|
(71)
|
(55)
|
(55)
|
(35)
|
20
|
(5)
|
53
|
145
|
103
|
115
|
93
|
4
|
23
|
(2)
|
(20)
|
79
|
51
|
104
|
54
|
(11)
|
(1)
|
53
|
208
|
389
|
545
|
530
|
184
|
15
|
(83)
|
(161)
|
46
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(1)
|
(1)
|
(1)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total Other Income |
(5)
|
(2)
|
1
|
5
|
11
|
10
|
10
|
9
|
7
|
1
|
(5)
|
(11)
|
4
|
3
|
1
|
(2)
|
(22)
|
(22)
|
(23)
|
(23)
|
(26)
|
(29)
|
(29)
|
(30)
|
(26)
|
(28)
|
(29)
|
(28)
|
(25)
|
(39)
|
(39)
|
(39)
|
(27)
|
(30)
|
(26)
|
(26)
|
(26)
|
(25)
|
(30)
|
(31)
|
(33)
|
|
Pre-Tax Income |
66
N/A
|
85
+28%
|
67
-21%
|
62
-7%
|
65
+5%
|
46
-30%
|
78
+70%
|
81
+4%
|
73
-10%
|
61
-17%
|
33
-46%
|
47
+43%
|
65
+39%
|
84
+29%
|
140
+67%
|
114
-18%
|
154
+35%
|
247
+61%
|
207
-16%
|
221
+7%
|
198
-10%
|
106
-47%
|
126
+19%
|
100
-21%
|
86
-14%
|
184
+112%
|
158
-14%
|
213
+35%
|
165
-23%
|
95
-42%
|
101
+6%
|
154
+52%
|
310
+102%
|
491
+58%
|
656
+34%
|
648
-1%
|
310
-52%
|
144
-54%
|
51
-65%
|
(20)
N/A
|
193
N/A
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(9)
|
(14)
|
(18)
|
(20)
|
(26)
|
(26)
|
(29)
|
(34)
|
(33)
|
(35)
|
(33)
|
(36)
|
(33)
|
(25)
|
(26)
|
(18)
|
20
|
4
|
2
|
5
|
(24)
|
(8)
|
(6)
|
(6)
|
(6)
|
(10)
|
(7)
|
(7)
|
2
|
2
|
(3)
|
(23)
|
(66)
|
(103)
|
(121)
|
(119)
|
(70)
|
(41)
|
(27)
|
2
|
(8)
|
|
Income from Continuing Operations |
58
|
71
|
49
|
42
|
39
|
19
|
49
|
48
|
40
|
26
|
(0)
|
10
|
32
|
59
|
114
|
96
|
173
|
251
|
209
|
226
|
175
|
98
|
120
|
94
|
80
|
174
|
151
|
206
|
167
|
97
|
98
|
131
|
245
|
389
|
535
|
530
|
240
|
103
|
24
|
(18)
|
185
|
|
Income to Minority Interest |
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(3)
|
(3)
|
(5)
|
(4)
|
(13)
|
(14)
|
(14)
|
(17)
|
(3)
|
(1)
|
(0)
|
3
|
(3)
|
(4)
|
(2)
|
(3)
|
8
|
9
|
7
|
5
|
(3)
|
(11)
|
(14)
|
(22)
|
(20)
|
(16)
|
(19)
|
(6)
|
(9)
|
|
Net Income (Common) |
56
N/A
|
69
+23%
|
48
-31%
|
41
-15%
|
38
-6%
|
19
-51%
|
48
+155%
|
47
-2%
|
39
-17%
|
24
-37%
|
(2)
N/A
|
8
N/A
|
29
+250%
|
56
+90%
|
110
+97%
|
92
-16%
|
160
+74%
|
237
+48%
|
195
-18%
|
209
+7%
|
172
-18%
|
97
-44%
|
120
+24%
|
97
-20%
|
77
-21%
|
170
+121%
|
149
-12%
|
203
+36%
|
175
-14%
|
106
-40%
|
105
-1%
|
137
+30%
|
242
+77%
|
378
+56%
|
521
+38%
|
508
-3%
|
219
-57%
|
86
-61%
|
5
-94%
|
(25)
N/A
|
176
N/A
|
|
EPS (Diluted) |
1.1
N/A
|
1.38
+25%
|
0.95
-31%
|
0.81
-15%
|
0.76
-6%
|
0.4
-47%
|
0.94
+135%
|
0.92
-2%
|
0.77
-16%
|
0.52
-32%
|
-0.03
N/A
|
0.16
N/A
|
0.58
+263%
|
1.02
+76%
|
2
+96%
|
1.68
-16%
|
2.93
+74%
|
4.27
+46%
|
3.55
-17%
|
3.8
+7%
|
3.12
-18%
|
1.75
-44%
|
2.17
+24%
|
1.82
-16%
|
1.35
-26%
|
2.8
+107%
|
2.45
-13%
|
3.35
+37%
|
2.9
-13%
|
1.75
-40%
|
1.74
-1%
|
2.26
+30%
|
4
+77%
|
6.24
+56%
|
9.26
+48%
|
8.38
-10%
|
3.62
-57%
|
1.41
-61%
|
0.08
-94%
|
-0.42
N/A
|
3.01
N/A
|