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Bullboard - Stock Discussion Forum Morguard North American Residential Real Estate Investment Trust Unit T.MRG.UN

Alternate Symbol(s):  MNARF

Morguard North American Residential Real Estate Investment Trust is an open-end real estate investment trust. The REIT invests in multi-suite residential rental properties in Canada and the United States. The REIT operates into two reportable segments, Canada and the United States. The United States contributes to the vast majority of revenue.

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Ontario approves a 2.5% rent increase for 2023

With MRG.UN getting 1/3 of their revenue from Ontario they are able to increase rents 2.5% for 2023 and they are achieving over 13% on turnovers...   In the U.S. there is no rent control...read more

RE:TD upgrades REIT sector to "overweight "

today's strong inflationary pressure is driving up construction costs and replacement costs (which could place further upward pressure on rents).  rate and reply

TD upgrades REIT sector to "overweight "

Recession Fears Now Seen Priced-in at Current Levels MRG.UN new target of $21.00 implies a total return of 32%  rate and reply

Residential buildings still in demand

It doesn't show in the MRG.UN trading price, but the underlying market is pretty strong. CAP REIT just sold some similar buildings 'well above' book value. TORONTO, June 21, 2022...read more

RBC / TD raise target to $24

RBC has it's NAV at $32.50 and TD close to $30. The properties sold post-Q1 were done in the low 3% cap rate range, MRG units trade in the 6% implied cap rate range LOL. The properties sold were...read more

RE:almost 247 million in fair value gain

Trading at around 50% of NAV too...  rate and reply

Cash pile at MRG.UN

at the end of Q1 MRG.UN has 31 million in cash.... 100 million undrawn credit line .... 60 million lent to Morguard corp, ... 35.5 million in "up financing" coming from 2 mortgage renewals.....read more

RE:almost 247 million in fair value gain

Very good results. I'm not sure what its going to take to raise the distribution at this point. Sahi just doesn't seem to care much about his public unit holders unfortunately....at least not...read more

almost 247 million in fair value gain

almost 247 million in fair value gain on their properties  ( about $4.00 a share )    Very low payout ratio of 53.8%   and crazy low debt of just 37.3%...   WOW !!  rate and reply

RBC small cap convictions list

MRG.UN has been added to RBC's small cap conviction list with what they call an attractive risk-reward play for 2022. Can't say I disagree.   rate and reply

RE:RE:New government intervention?

I think they imply that rent control measures could be put in place, which would "hurt" the residential REITs.  rate and reply

RE:New government intervention?

I'm also having a hard time how any measures would negatively impact apartment REITs. These REITs are providing more "affordable" level units....harming their business would just mean...read more

New government intervention?

Article from last week on BNN suggests that some of the weakness in residential REITs is due to fears about new goverment measures. I don't understand this. Can someone explain to me how an owner...read more

TD raises to $23

NAV of $28.10.  rate and reply

RBC raises target to $23

RBC NAV is $30.50. MRG is currently trading at an implied cap. rate of 5.7%. Basically impossible to get that kind of cap. rate in the private market.  rate and reply

Big "fair value gain"

A fair value gain of over 132 million for the quarter.  ( Thats over $2.20 a share ).   Liquidity of over 196 million...  low debt ratio of 40% on residential ...  Time to buy...read more

RBC upgrade today - Outperform $22 target

'Too mispriced to ignore' (they have been ignoring far too long IMO)  rate and reply

RE:RE:Rentals looking good

I can't really put my finger on it but something really seems wrong with MRG. We held a minor position in it from Oct, 2019 to July, 2021 and made a couple bucks. I had initially bought it as a...read more

RE:RE:Rentals looking good

I agree. The way I like to think of these long term mis-priced stocks (that at least pay out a respectable yield) is that we only need them to get to their real value once or twice every 5 years or so...read more

RE:Rentals looking good

And yet... we're getting crushed! General market sentiment but you'd think investors would pick up a few of these type stocks as security. Interest rates will not be skyrocketing. Everyone...read more