TSX:MRG.DB.B - Post by User
Comment by
nini2022on Oct 26, 2021 6:22pm
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Post# 34052505
RE:Q3 results
RE:Q3 results Agreed its about in line with RBC/TD expectations in terms of FFO/unit.
The units are very cheap and trading at an implied cap. rate of 6% and thats before accounting for post-COVID upside.
The real issue here is does MRC and Sahi care about moving the unit price closer to NAV? The only way I see that happening is through equity issurances + acquisitions so the non-MRC float is big enough for people to care about this thing. THe problem of course is how can you issue equity when your units are 60%-75% of NAV (depending on whos NAV you use).
I think they need to start raising the distribution to get some attention. That migh be one way to get the unit price up closer to NAV and allow for equiy issuances + acquisitions that can finally solve the liquidity issues this REIT has always had.
I own alot of this but which i could go back and buy the more expensive apartment REITs that always seem to stay expensive while MRG stays cheap! HOLDING.