Operator

Good afternoon, ladies and gentlemen, and welcome to the Morguard North American Residential REIT 2026 Results Conference Call. [Operator Instructions] This call is being recorded on Friday, May 1, 2026.

I would now like to turn the conference over to Chris Newman, CFO. Please go ahead.

Christopher Newman
Chief Financial Officer

Thank you. And with me here today is Angela Sahi, President and CEO; Paul Miatello, SVP; Beverley Flynn, SVP and General Counsel; John Talano, SVP, U.S. Operations; and Ruth Grabel, VP, Canadian Operations.

And as is customary, I'll provide comments on the REIT's financial position and performance. In terms of our financial position, the REIT completed the first quarter of 2026 with total assets amounting to $4.6 billion, higher compared to $4.5 billion at December 31, 2025. This was mainly driven by a change in the U.S. dollar exchange rate and a fair value increase on the REIT's income-producing properties.

The REIT finished the first quarter with approximately $81 million of cash on hand and $37 million advanced to Morguard Corporation. And including the 3 Canadian refinancings expected to close during the second quarter, which will provide up to $87 million of additional net proceeds before financing costs, the REIT will have liquidity of roughly $200 million. As at March 31, 2026, the REIT's mortgages payable had an overall weighted average term to maturity of 4.6 years, a decrease from 4.8 years at December 31, 2025, and the weighted average interest rate remained unchanged at 4.07% compared to December 31, 2025.