Morguard Real Estate Investment Trust
TSX:MRT.UN
Income Statement
Earnings Waterfall
Morguard Real Estate Investment Trust
Revenue
|
255.1m
CAD
|
Cost of Revenue
|
-129.1m
CAD
|
Gross Profit
|
126m
CAD
|
Operating Expenses
|
-5.2m
CAD
|
Operating Income
|
120.8m
CAD
|
Other Expenses
|
-195.2m
CAD
|
Net Income
|
-74.4m
CAD
|
Income Statement
Morguard 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 |
280
N/A
|
283
+1%
|
290
+2%
|
294
+1%
|
299
+1%
|
299
+0%
|
296
-1%
|
293
-1%
|
291
-1%
|
288
-1%
|
286
0%
|
284
-1%
|
281
-1%
|
281
0%
|
279
-1%
|
279
0%
|
279
+0%
|
277
-1%
|
277
+0%
|
277
0%
|
277
0%
|
278
+0%
|
277
0%
|
276
0%
|
273
-1%
|
269
-2%
|
261
-3%
|
256
-2%
|
254
-1%
|
248
-2%
|
248
0%
|
246
-1%
|
241
-2%
|
242
+0%
|
244
+1%
|
246
+1%
|
243
-1%
|
246
+1%
|
247
+1%
|
249
+1%
|
255
+2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(118)
|
(121)
|
(124)
|
(126)
|
(129)
|
(128)
|
(128)
|
(127)
|
(125)
|
(124)
|
(123)
|
(123)
|
(120)
|
(120)
|
(120)
|
(121)
|
(122)
|
(122)
|
(124)
|
(123)
|
(124)
|
(125)
|
(124)
|
(124)
|
(123)
|
(122)
|
(119)
|
(116)
|
(115)
|
(113)
|
(117)
|
(118)
|
(118)
|
(121)
|
(121)
|
(124)
|
(120)
|
(121)
|
(122)
|
(123)
|
(129)
|
|
Gross Profit |
161
N/A
|
163
+1%
|
166
+2%
|
168
+1%
|
170
+1%
|
171
+0%
|
168
-2%
|
166
-1%
|
166
0%
|
164
-1%
|
163
0%
|
161
-1%
|
161
-1%
|
160
0%
|
159
-1%
|
158
-1%
|
157
-1%
|
155
-2%
|
153
-1%
|
153
0%
|
152
-1%
|
152
+0%
|
152
+0%
|
152
-1%
|
150
-1%
|
147
-2%
|
143
-3%
|
139
-3%
|
139
0%
|
135
-3%
|
131
-3%
|
128
-2%
|
123
-4%
|
121
-2%
|
122
+1%
|
122
0%
|
122
0%
|
125
+2%
|
125
+0%
|
126
+0%
|
126
+0%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(4)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(4)
|
(4)
|
(4)
|
7
|
6
|
6
|
6
|
(5)
|
(6)
|
(5)
|
(5)
|
(5)
|
(5)
|
(6)
|
(6)
|
(6)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(3)
|
(3)
|
(3)
|
(3)
|
(5)
|
(5)
|
(5)
|
(4)
|
(4)
|
(4)
|
(4)
|
(5)
|
|
Selling, General & Administrative |
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(4)
|
(4)
|
(4)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(5)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
|
Depreciation & Amortization |
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
|
Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
11
|
11
|
11
|
11
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
1
|
1
|
1
|
1
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
|
Operating Income |
157
N/A
|
158
+1%
|
161
+2%
|
163
+1%
|
165
+1%
|
165
+1%
|
163
-1%
|
162
-1%
|
162
+0%
|
159
-2%
|
170
+7%
|
168
-1%
|
166
-1%
|
166
0%
|
154
-8%
|
153
-1%
|
152
0%
|
149
-2%
|
148
-1%
|
148
0%
|
147
-1%
|
147
+0%
|
147
+0%
|
146
0%
|
145
-1%
|
142
-2%
|
138
-3%
|
134
-3%
|
134
0%
|
132
-1%
|
128
-3%
|
125
-2%
|
120
-4%
|
116
-4%
|
117
+1%
|
117
0%
|
118
+1%
|
121
+2%
|
121
+0%
|
122
+1%
|
121
-1%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
55
|
15
|
(6)
|
(19)
|
(51)
|
(72)
|
(124)
|
(116)
|
(135)
|
(113)
|
(84)
|
(99)
|
(109)
|
(107)
|
(61)
|
(85)
|
(85)
|
(102)
|
(110)
|
(90)
|
(74)
|
(74)
|
(123)
|
(121)
|
(130)
|
(246)
|
(331)
|
(418)
|
(477)
|
(368)
|
(276)
|
(183)
|
(114)
|
(74)
|
(42)
|
(107)
|
(204)
|
(252)
|
(283)
|
(264)
|
(195)
|
|
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
|
0
|
0
|
0
|
0
|
(6)
|
(10)
|
(15)
|
(15)
|
(9)
|
(4)
|
(1)
|
(2)
|
(2)
|
(2)
|
(0)
|
0
|
1
|
0
|
0
|
|
Pre-Tax Income |
212
N/A
|
173
-19%
|
156
-10%
|
144
-8%
|
114
-21%
|
94
-18%
|
39
-58%
|
45
+16%
|
27
-41%
|
47
+75%
|
86
+84%
|
69
-19%
|
57
-17%
|
59
+3%
|
93
+57%
|
68
-27%
|
67
-1%
|
47
-30%
|
38
-19%
|
58
+53%
|
73
+25%
|
72
-1%
|
24
-67%
|
25
+5%
|
15
-42%
|
(105)
N/A
|
(199)
-90%
|
(293)
-47%
|
(357)
-22%
|
(250)
+30%
|
(157)
+37%
|
(62)
+60%
|
5
N/A
|
40
+718%
|
73
+84%
|
8
-88%
|
(86)
N/A
|
(131)
-52%
|
(161)
-22%
|
(142)
+12%
|
(74)
+48%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Income from Continuing Operations |
212
|
173
|
156
|
144
|
114
|
94
|
39
|
45
|
27
|
47
|
86
|
69
|
57
|
59
|
93
|
68
|
67
|
47
|
38
|
58
|
73
|
72
|
24
|
25
|
15
|
(105)
|
(199)
|
(293)
|
(357)
|
(250)
|
(157)
|
(62)
|
5
|
40
|
73
|
8
|
(86)
|
(131)
|
(161)
|
(142)
|
(74)
|
|
Net Income (Common) |
212
N/A
|
173
-19%
|
156
-10%
|
144
-8%
|
114
-21%
|
94
-18%
|
39
-58%
|
45
+16%
|
27
-41%
|
47
+75%
|
86
+84%
|
69
-19%
|
57
-17%
|
59
+3%
|
93
+57%
|
68
-27%
|
67
-1%
|
47
-30%
|
38
-19%
|
58
+53%
|
73
+25%
|
72
-1%
|
24
-67%
|
25
+5%
|
15
-42%
|
(105)
N/A
|
(199)
-90%
|
(293)
-47%
|
(357)
-22%
|
(250)
+30%
|
(157)
+37%
|
(62)
+60%
|
5
N/A
|
40
+718%
|
73
+84%
|
8
-88%
|
(86)
N/A
|
(131)
-52%
|
(161)
-22%
|
(142)
+12%
|
(74)
+48%
|
|
EPS (Diluted) |
3.41
N/A
|
2.41
-29%
|
2.18
-10%
|
2.03
-7%
|
1.6
-21%
|
1.31
-18%
|
0.63
-52%
|
0.63
N/A
|
0.43
-32%
|
0.64
+49%
|
1.2
+88%
|
0.97
-19%
|
0.79
-19%
|
0.81
+3%
|
1.26
+56%
|
1.11
-12%
|
0.91
-18%
|
0.64
-30%
|
0.51
-20%
|
0.95
+86%
|
0.98
+3%
|
0.93
-5%
|
0.41
-56%
|
0.43
+5%
|
0.24
-44%
|
-1.73
N/A
|
-3.22
-86%
|
-4.68
-45%
|
-5.75
-23%
|
-3.89
+32%
|
-2.44
+37%
|
-0.64
+74%
|
0.08
N/A
|
0.41
+413%
|
0.76
+85%
|
0.13
-83%
|
-1.34
N/A
|
-2.04
-52%
|
-2.5
-23%
|
-2.21
+12%
|
-1.16
+48%
|