Morguard North American Residential Real Estate Inv 6 00 Convertible Unsecured Subordinated Debentures T.MRG.UN

Primary Symbol: T.MRG.DB.B Alternate Symbol(s): MNARF

Morguard North American Residential Real Estate Investment Trust (the REIT) is an open-ended real estate investment trust. The REIT owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland. The objectives of the REIT are to generate stable and growing cash distributions to Unitholders on a tax-efficient basis; to enhance the value of its portfolio and the long-term value of its units through active asset and property management; and to expand the REIT's asset base, primarily through acquisitions and property improvements. The REIT's multi-suite residential property portfolio consists of about 16 Canadian properties and 27 United States properties, having a total of approximately 13,089 residential suites and 239,500 square feet of commercial area.

TSX:MRG.DB.B - Post by User

Morguard North American Residential Real Estate Inv 6 00 Convertible Unsecured Subordinated Debentures > RBC raises target to $25

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Post by HermannHalleron Jul 29, 2022 9:05am

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Post# 34859556

RBC raises target to $25

Morguard North American Residential REIT

Strong Q2; CDN segment rebounding convincingly

Our view: Morguard North American Residential REIT (“MRG”) reported a strong quarter with FFO/unit of $0.34, +21% y/y. This was lapping a weak Q2/21. Regardless, with SP NOI growth of +14%, it was noteworthy that its Canadian portfolio SP NOI has inflected comfortably to the positive (+5.4%), despite opex pressures. Stock remains mispriced at 6.8% implied cap rate. Raising target on higher NOI and NAV. Maintain OP.

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