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

Alternate Symbol(s): MGRUF | T.MRT.UN

Real Estate REIT - Diversified

Morguard Real Estate Investment Trust is a Canada-based closed-end real estate investment trust. The Company provides real estate advisory services and portfolio management services, specializing in publicly traded equities and fixed-income securities, to institutional clients and private investors. The Company owns a diversified portfolio of 46 retail, office and industrial income-producing properties in Canada consisting of approximately 8.2 million square feet of leasable space. It owns and manages a diversified portfolio of office, industrial, retail, multi-suite residential and hotel properties in North America. It is a significant sponsor of two real estate investment trusts (REITs): Morguard REIT, a closed-end Trust with a diversified portfolio of Canadian commercial real estate assets; and Morguard North American Residential REIT, an open-end Trust with a diversified portfolio of multi-suite residential assets across North America.

TSX:MRT.DB.A - Post by User

Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures > FMV of MRT.UN properties

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Comment by HermannHalleron Mar 08, 2021 8:38am

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Post# 32741622

RE:RE:RE:RE:FMV of MRT.UN properties

Thanks for the clarification. I guess 'creeping up' is subjective. They would need to see their interest costs rise about 25% to be offside on the interest coverage ratio. You didn't detail the other covenants, but those are not even in the ballpark: Max debt to assets covenant of 65% compared to 47.6% actual. They also have over $1 billion in unencumbered assets.

I have no worries about the financial strength of MRC, and it will continue to provide support for MRT as the majority owner.

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