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 > MRC buyout - possible?

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Post by HermannHalleron Apr 27, 2023 1:24pm

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Post# 35417428

MRC buyout - possible?

Just for fun, visiting the math here: MRC could offer to buy the approx 20% it doesn't own for $8 a unit. Total cost about $110 million. MRC had $195 million in cash, and $396 million in total available liquidity at year end.

Could they offer only $8, for units with a BV of $16? I guess they could, but the board would have to get an independent valuation, which might say the price is not fair. I think I would accept $8.

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