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

Short interest at the end of August

[robbie80]

Short Positions for MRT.UN

Symbol	Report Date	Volume	Change	Shares Issued	% Float
T : MRT.UN	2021-08-31	2,186,344	40,966	64,145,740	3.41
T : MRT.UN	2021-08-15	2,145,378	-5,836	64,140,555	3.34
T : MRT.UN	2021-07-31	2,151,214	-24,038	64,140,555	3.35
T : MRT.UN	2021-07-15	2,175,252	-15,688	64,140,555	3.39

Short interests had been decreased while share price went down.
Short interests was increased while share price went up between Aug 16- 31.

It seems the short sellers  bought back on the dip and then continued short selling.
Anyway still take very long time to cover.

[WEBuffettisbest]

Yes, and with MRC owning around 39mm units the short interest is more like 8.5 to 9 % of float

[slst]

At some point, "Some" good news will bring buyers and the shorts will get squeezed.  Like increase in distribution, or more refinancing at lower rates, major re-leasing or even a sale of some asset at an attractive price....etc etc.  If something bad happens, the shorts will hold the floor. Most of the float is in at much higher prices and those will need much higher prices to

[WEBuffettisbest]

short interest at 2.2 million on sept 15

[HermannHaller]

I'm shocked it's still so high. What are they betting on, another lockdown? MRT has already slashed the distribution so low it's payout ratio is among the best in the sector (35% of AFFO in Q2). And as we saw with TPH, sometimes MRC just gradually increases it's position until it finally makes a bid for the whole thing. Would be pretty cheap for MRC at this point. And would ease

[WEBuffettisbest]

and I cannot beleive how few shares trade per day. If someone decides to cover, don't know where price could go.

[babybunny]

MRC is smart to keep nibbling away and increasing their concentration of ownership a couple percent every year.  This is something other unitholders could keep pace with simply by re-investing their distributions, so it is not the least bit unfair to minority shareholders.  I reckon MRC would have to offer at least twice the current unit price in order to match the third-party valuation

[WEBuffettisbest]

never thought of the reddit guys, that would be fun. Once morguard deals with the $175 million convertible due in December, maybe they will start repurchasing shares, here's hopeing. Look at Melcor Developements, which is also a low volume trader, they have been buying back 3700 shares per day for months. They must have run out of sellers, as the price has moved from 12ish to 15 in the last

[WEBuffettisbest]

Short interest at end of September still above 2.2 million

[apollojetic]

I will say this is probablly the worst run reit in this big reit sector. I still hold a small amount and very glad I never increased the amount owned. Management shold have been shook up a long time ago. The record for this team is dismal. How can they sit back and let this happen and blame it all on the pandemic. They should have diversified more and added more indiustrial properties. Do