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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 > Current book value as of Q3 $24.18 fully diluted
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Comment by nini2022on Oct 27, 2021 1:58pm
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Post# 34055443

RE:RE:RE:Current book value as of Q3 $24.18 fully diluted

RE:RE:RE:Current book value as of Q3 $24.18 fully diluted I work in the RE investment space and if your book value definition were to be used it would be a much higher than IFRS NAV for MRG.

I agree that its very cheap and I own alot of this. THe one thing we might not see for some time is any catalyst to get the unit price where it should be.

I agree the main reason is the MRC ownership. Everyone knows that MRC will not sell this REIT and this we will never see the buyout that would bring MRG to fair market value - like we saw with Northview a few years back or Pure Multi Family REIT. 

How much less would you pay for 2 REITs that are identical but 1 of which is likely to never be sold and will have a hard time growing due to the perpetual discount to NAV?
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