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Morguard North American Residential Real Estate Inv 6 00 Convertible Unsecured Subordinated Debentures T.MRG.DB.B

Alternate Symbol(s):  MNARF | T.MRG.UN

Morguard North American Residential Real Estate Investment Trust (the REIT) is an open-ended real estate investment trust. The REIT owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and United States residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland. The objectives of the REIT are to generate stable and growing cash distributions to Unitholders on a tax-efficient basis; to enhance the value of its portfolio and the long-term value of its units through active asset and property management; and to expand the REIT's asset base, primarily through acquisitions and property improvements. The REIT's multi-suite residential property portfolio consists of about 16 Canadian properties and 27 United States properties, having a total of approximately 13,089 residential suites and 239,500 square feet of commercial area.


TSX:MRG.DB.B - Post by User

Morguard North American Residential Real Estate Inv 6 00 Convertible Unsecured Subordinated Debentures > Amazing Q2 results !!
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Comment by nini2022on Jul 26, 2022 4:53pm
207 Views
Post# 34852167

RE:Amazing Q2 results !!

RE:Amazing Q2 results !!Agreed - they've also sold three buildings at or above the previous quarters IFRS value....it's laughably cheap but structurally it seems like it will always be too cheap vs. its peers because Sahi doesn't seem interested in getting the unit price close to NAV. Just think about these 2 things:

1) their implied cap. rate is well over 7% at this point, why not buy back shares when your return is far better than any private acquisitions you can do? Maybe they dont want to make the liqudity issue with the units worse....

2) They sign a binding agreement to acquire their first new asset since 2019? They don't even press release it. Not a big deal but just another sign that they don't seem to care about the price of the units.

I'm holding and will be buying tomorrow if it stays in the $16s.
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