TSX:MRG.DB.B - Post by User
Comment by
ntcse123on Apr 28, 2021 1:17am
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Post# 33080497
RE:RE:RE:RE:Look out below!!
RE:RE:RE:RE:Look out below!!Yeah I believe FFO was 0.28 in Q3, 0.26 in Q4 and now back to 0.28 in 2021 Q1. It's fine, no real change, still a recovery play. Their wost holdings in the US is the stuff in Chicago in the theatre district that generally rents to businesses and is probably still affected but will rebound soon enough possibly next quarter. Other than that its the single property in Alberta and also Ottawa that is primarily student housing. The exchange rate well we'll have to deal with that but in general rents should be going up in the US sunbelt which should help at some point you'd figure. Debt dropping, ithey have a significant NCIB and selling quite a bit below NAV so hopefully they consider using it when numbers are trending higher.
Capharnaum wrote: Defiance2050 wrote: Good points. Not sure if it follows the student housing but occupancy rate decreased significantly both q/q and y/y.
Global occupancy (Canada and US) was stable in Q1 2021 vs Q4 2020. Obviously, Q1 2021 vs Q1 2020 (or y/y) decreased as they have properties which are at least partly rented to students (usually), most of which started tailing off in Q2 2020. I think it's too early to repurpose these properties as the students flow should come back and occupation will stay lower until this happens.
They do cite that Alberta has a "large student tenant base" which explains the occupancy going down to 72.5% compared to 98.1% last year, due to university closures.