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

RE:RBC target price increased to $24.00

[nini222]

I'm very long on this one and I hold a lot of units. In my opinion, their is only one clear path to bridging the NAV/Price gap and that is very material increases in the distribution. Although buy backs are great, they perpetuate the issue of a very very tiny float and will make it even harder for people to get interested in this thing that have real money (Funds, ETFs, etc.). A 6%+ yield at these prices will get the attention of retail investors. Their is no reason why this fund, with far superior assets to something like Boardwalk should be trading at a fraction of the multipe.

Will continue to hold. These guys raised money in Summer 2019 for $19.75/unit when AFFO and NAV per unit where WAY below where we are now but here we are at $16.50'ish.....