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

RE:My final verdict after reading the quarterly report

[Shirtlessnomore]

Just remember one thing tho, improvement yes but that is partially due in part to government life support, the big part will be once these businesses get running and off life support. I'm not trying to be negative because I think its bs that these businesses have had to face closures but I am remaining vigilant on the negatives and positives cheers and gl to all tomorrow!

MTLfinecity wrote: I understand the headline news is a dividend cut of 50%. However, this is only the dividend return to shareholder. If we look at other metrics, as other people have already pointed out on this board, operating results have greatly improved over the previous 4 quarters. The effect of the pandemic is clearly tappering off slowly but surely. 

The trust currently has a debt to asset ratio of 53%, it is high  The declaration of the trust limits this ratio to 60%. 
400M worth of debts are maturing this year. They do need financial flexibility to weather through this. 

The trust had AFFO of 0.25$ in Q4, big improvement over Q1-Q3 (0.23, 0.18,0.16). This is annualized AFFO of 1$, a share price of 6$ implies a P/AFFO of 6.  Most other canadian retail/office focused REITs have a P/FFO (yes, not AFFO) of 10 and above. 

Tomorrow the market will be a voting machine, but i think in the medium the weighing machine will push the share price higher dispite of (or thanks to) today's dividend cut. 

Good night.