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

RE:i digged into their financial statements over the weekend

[Malpeque2]

I dug into my pockets and came up with some $$ to buy a few more shares here this week.

IMO Sahi is out of bullets except for asset sales.

Don't see much insider buying of Morguard Corp. or Morguard REIT by either entity of their own shares or each others shares since December.  

Don't see much insider buying by SAHI of either entity for his own account.  

I did see in the Annual financials that Morguard Corp is about the only shareholder of Morguard REIT that actually participates in the DRIP. 

I don't count the purchases of MRT by MRC on the drip as an insider buy,  because they could just take the cash and then go back and purchase MRT shares in the open market......but since almost nobody else participates in the DRIP then MRC and SAHI are slowly over time increasing their economic interest in MRT.

MRT has plenty of assets to sell to pay down debt and repurchase shares but SAHI refuses to do this.   The grocery anchored strip malls are actuall performing quite well.    Ditto for the industrial assets.   Looks like SAHI is asleep at the wheel.   Office has been on a downward trend for some time in terms of occupancy and lease renewal rates.....perhaps there is a mismanaged asset or two in this portfolio that he could blow out and use the proceeds to redeem the  convert.   debentures AND buyback stock.

THere are very few assets in the overall,  so each and every one other than a few smallish industrial properties is worth a fair bit of change here. 

I will note that MRT had a buyback in place last year and bought back a pittance of the stock and the debentures in the open  market.    They announced another buyback this year,  and since taking effect there as been  ZERO purchases of common and debentures,   so perhaps SAHI is the joke here?     He is going to make us all suffer until he is dead and gone?   His obit will be a big stock rally after he dies?        

I feel a bit like Sam Zell now.......Zell's nickname was the "gravedancer" from the old days in the 80's.   My kids are a lot younger than I,  so they will get the shares or MRC and MRT someday......if SAHI hangs on until he is gone.