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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 U.S. 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 > Undervalued?
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Comment by HermannHalleron Feb 17, 2021 1:27pm
251 Views
Post# 32585954

RE:Undervalued?

RE:Undervalued?Still waiting for an answer from May of 2020? Haha. I guess lack of attention to this stock is one of the reasons it is undervalued.

MRC, the parent, and its two REIT subs: MRT.UN and MRG.UN, are all very cheap relative to NAV. There are a few reasons:
  • small float means not included in TSX, and therefore ignored by many institutions and analysts
  • limited growth relative to some REITs with more active development
  • non-prime markets, maybe Sahi prefers the cheaper suburbs
  • MRC is cheap also because it pays a very slim dividend
  • MRT.UN has exposure to Alta office and retail
I think MRG.UN is an excellent buy here at $14.74...low valuation, low payout, low debt, stable properties. Limited growth but I'll collect my distribution, and maybe MRC will take it private one day.
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