Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures T.MRT.DB.A

Good Q2 results

[HermannHaller]

NOI up 2.4%, FFO a penny above analyst estimates. Book value per share now $18.88 (up from $17.95 at start of year).

Payout ratio 37.5%, debt to assets 50.4%.

I know the company has not been a stellar performer, but 0.27x book value seems a bit too cheap to me.

[WanTBe1]

Let's talk plain Still not good enough. Still a D.

[Mrguillaume]

Yes, good results indeed. A few known positive catalysts: - Q3 2022 – Q1 2023 Pine Centre redevelopment to add $1.5- 2 million in annualized NOI - A successful application of Burquitlam Plaza redevelopment – First reading by city council in late 2022. Upon rezoning, MRT likely to transfer/sell property – worth $175 million. - 2025 – Penn Plaza leases up for renewal – adding $7-10 million in