Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures T.MRT.DB.A

NICE Quarterly Report

[my2pennies]

Nice quarter! A couple more like this and they could easily double (heck even almost triple) the distribution and it'll all be covered by the AFFO.

So glad I doubled down when it hit $6.23 back on July 19th. Anyone else smelling a special distribution later this year, like what happened with Inovalis Reit. Maybe it's just wishful thinking on my part. This is the longest I've ever seen a REIT at below a 40% payout ratio.

Morguard Real Estate Investment Trust Announces 2021 Second Quarter Results https://finance.yahoo.com/news/morguard-real-estate-investment-trust-210000320.html

[robbie88]

Q2 financial met expection. Occupancy rate increased from Q1 90.6% to 91.1%. Not considering one time payment in Q1, funds from operation increased and collections were good in Q2.  At current occupancy level, annual AFFO is around 70cents, more than enough to increase dividend payment.  Using the AFFO approach, would give MRT.UN around $8 valuation. However, the Burquitlam plaza

[slst]

Page 27 of their current quarterly, shows that Basic Cash generation from operations for 6 months at $0.54 per share.  If you annualize that we get $1.08.  For years, prior to covid they distributed $0.96 per share....so I expect for next year onwards it will be $1.20 and growing. They have written down their properties due to covid to slightly less that $18 per share. (Current Book

[slst]

Another matter is the distribution.  REITS have to distribute the taxable portion of their income. Last year over $0.50 cents of the annual distribution was shown as taxable.  And that was a bad year.  Assuming their taxable income will be at least the same as last year, They will HAVE to catch up by year end.  Either some bonus dividend or increase distribution to $0.06 per

[Shirtlessnomore]

I would be very happy if you were correct! Cheers

[flamingogold]

You're not missing anything. We're dealing with the covid hangover of delta now. But, it too shall pass. MRT is a test of patience but the reward is quietly approaching.