Morguard North American REIT

MRG.UN-T

Analysis and Opinions about MRG.UN-T

Signal
Opinion
Expert
HOLD
HOLD
November 6, 2013

High quality company and thinks the dividends are safe. Would prefer an industrial, as opposed to a commercial REIT such as. Granite REIT (GRT.UN-T), which probably has more room for growth in the distributions. Ultimately though, these REITs are good investments for income.

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High quality company and thinks the dividends are safe. Would prefer an industrial, as opposed to a commercial REIT such as. Granite REIT (GRT.UN-T), which probably has more room for growth in the distributions. Ultimately though, these REITs are good investments for income.

COMMENT
COMMENT
October 31, 2013

He favours this REIT. Doesn’t think it is going to cause anyone to jump out of their coffin. You might be fairly bored with it, but it is safe. He immensely favours Morguard (MRC-T) itself.

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He favours this REIT. Doesn’t think it is going to cause anyone to jump out of their coffin. You might be fairly bored with it, but it is safe. He immensely favours Morguard (MRC-T) itself.

BUY
BUY
September 16, 2013

Likes it. Extremely well managed. He has MRC-T in his portfolio, which he prefers.

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Likes it. Extremely well managed. He has MRC-T in his portfolio, which he prefers.

PAST TOP PICK
PAST TOP PICK
September 6, 2013

(A Top Pick September 10/12. Down 20.3%.) A smaller REIT, so is quite illiquid and can get knocked around more than average. Generally speaking, when investments starts to fall, people get discouraged and don’t understand so they tend to sell. Yielding about 6.7%. Has a great track record. Buying property in the US, which he thinks is a great place to be. Rents are strong and improving.

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(A Top Pick September 10/12. Down 20.3%.) A smaller REIT, so is quite illiquid and can get knocked around more than average. Generally speaking, when investments starts to fall, people get discouraged and don’t understand so they tend to sell. Yielding about 6.7%. Has a great track record. Buying property in the US, which he thinks is a great place to be. Rents are strong and improving.

WEAK BUY
WEAK BUY
August 30, 2013

Doesn’t like the US apartment market in the US. As economy improves in US rental market will shift to ownership. But it represents a pretty decent buying opportunity. 5.6% dividend is fine and gives you exposure to US assets given the currency. This is a growth by acquisition story and once your cost of capital increases, profits decline.

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Doesn’t like the US apartment market in the US. As economy improves in US rental market will shift to ownership. But it represents a pretty decent buying opportunity. 5.6% dividend is fine and gives you exposure to US assets given the currency. This is a growth by acquisition story and once your cost of capital increases, profits decline.

PAST TOP PICK
PAST TOP PICK
August 21, 2013

(A Top Pick May 13/13. Down 16.53%.) Was surprised at how fast interest rates went up and the effect it had on REITs. Likes this one basically for its exposure to the US. Any new growth they are moving with is into the US and basically residential rental properties. US housing recovery is positive but credit is still hard to come by for people who defaulted during the financial crisis. Still likes.

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(A Top Pick May 13/13. Down 16.53%.) Was surprised at how fast interest rates went up and the effect it had on REITs. Likes this one basically for its exposure to the US. Any new growth they are moving with is into the US and basically residential rental properties. US housing recovery is positive but credit is still hard to come by for people who defaulted during the financial crisis. Still likes.

BUY
BUY
July 23, 2013

Made a nice purchase of a multi-unit residential property consisting of apartments and town homes communities. The stock is really only down because it has REIT in the name. With the US purchase, it can grow. Yield of 6%.

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Made a nice purchase of a multi-unit residential property consisting of apartments and town homes communities. The stock is really only down because it has REIT in the name. With the US purchase, it can grow. Yield of 6%.

COMMENT
COMMENT
July 9, 2013

This was an IPO last year and he did not participate because of differences with management on their strategy of growth. Have apartment assets both in Canada and US. They require access to capital markets because they need to grow. The deals they are going to do if they raised equity today, would be much less accretive to its investors to free cash flow than when the units were trading house to $12.

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This was an IPO last year and he did not participate because of differences with management on their strategy of growth. Have apartment assets both in Canada and US. They require access to capital markets because they need to grow. The deals they are going to do if they raised equity today, would be much less accretive to its investors to free cash flow than when the units were trading house to $12.

TOP PICK
TOP PICK
May 13, 2013

Management team, with real estate business. REIT is transitioning to move to the US. Rates will stay lower for longer. A long term investment. Balance sheet in good shape.

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Management team, with real estate business. REIT is transitioning to move to the US. Rates will stay lower for longer. A long term investment. Balance sheet in good shape.

TOP PICK
TOP PICK
March 26, 2013

(A Top Pick March 30/12. Up 18.01%.) Made a property acquisition in the US which he really likes. They rent those properties out. Did stock for it and it has been weak after the issue but he now likes it better than before. A little bit better growth profile going forward. Nice yield of about 6%. One-year target of $12.50.

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(A Top Pick March 30/12. Up 18.01%.) Made a property acquisition in the US which he really likes. They rent those properties out. Did stock for it and it has been weak after the issue but he now likes it better than before. A little bit better growth profile going forward. Nice yield of about 6%. One-year target of $12.50.

TOP PICK
TOP PICK
March 25, 2013

Have a sponsor called Morguard Corp which has been one of the best performing stocks in the TSE for the last 10-15 years. 5.5% yield. Buying residential properties, mostly condominiums, in the US. Expecting a dividend hike.

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Have a sponsor called Morguard Corp which has been one of the best performing stocks in the TSE for the last 10-15 years. 5.5% yield. Buying residential properties, mostly condominiums, in the US. Expecting a dividend hike.

COMMENT
COMMENT
March 11, 2013

Passed on the IPO because of unsatisfactory answers from management but the stock is done very well since then.

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Passed on the IPO because of unsatisfactory answers from management but the stock is done very well since then.

COMMENT
COMMENT
November 27, 2012

A recent IPO that owns apartment buildings in Canada and the US. He didn’t buy this on the issue. Had some issues with the structure and wasn’t comfortable with their plan for growth in the US.

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A recent IPO that owns apartment buildings in Canada and the US. He didn’t buy this on the issue. Had some issues with the structure and wasn’t comfortable with their plan for growth in the US.

TOP PICK
TOP PICK
October 16, 2012

Yields about 5.25%. They are expanding and buying condominiums and apartments in the US. Management is a tremendous creator of value.

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Yields about 5.25%. They are expanding and buying condominiums and apartments in the US. Management is a tremendous creator of value.

TOP PICK
TOP PICK
September 10, 2012

Expanding into the states by buying residential apartment buildings and condos. Rents in the US are rising. Expect they will make a US acquisition. 5.5% yield.

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Expanding into the states by buying residential apartment buildings and condos. Rents in the US are rising. Expect they will make a US acquisition. 5.5% yield.

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