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.

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Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures > new debs, finally

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Comment by HermannHalleron Nov 18, 2021 3:23pm

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Post# 34142390

RE:RE:RE:RE:new debs, finally

I think you make a good point, but if I could just add:

when the last deb was issued with a $20 conversion, the BV was probably well above $20. I'm not sure anyone, including Sahi, evers expect this to trade in-line with BV.
as a unitholder, if this gets anywhere near the $7.80 conversion price, up 40% from today, I will be very happy.

slst wrote: Perhaps I was expecting too much from management, and now have to wait and hope for the best.

This is a stunning snub to outside shareholders and a show of weakness or likely some patronage to the financiers. (So sorry if I sound cynical) The Current Book Value is $18 after Covid. The previous conversion price was $20 set 5 years ago. And now they give it away at $7.80!!! Obviously, dilutive to book value.!!! The new debenture discounts the book value to under $15 per share after conversion.

They had under financed and unencumbered assets and were closing mortgage renewals at 3% and yet agreed to this 5.25% debenture, when mortgage interests rates are still at historically low. Seems strange to me and somewhat disappointing. However, its done.