Loading...

Morguard Real Estate Investment Trust

TSX:MRT.UN
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MRT.UN
TSX
CA$745M
Market Cap
Add to portfolio
  1. Home
    2. ›
  2. CA
    3. ›
  3. Real Estate
Last updated 2019/06/16 23:41
Company description

The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 retail, office and industrial income producing properties in Canada with a book value of $3.0 billion and approximately 8.6 million square feet of leasable space. The last earnings update was 46 days ago. More info.

Find similar companies

Add to Portfolio Compare Print
MRT.UN Share Price and Events
7 Day Returns
0.2%
TSX:MRT.UN
0.1%
CA REITs
0.1%
CA Market
1 Year Returns
-6.6%
TSX:MRT.UN
9.7%
CA REITs
-2.9%
CA Market
MRT.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Morguard Real Estate Investment Trust (MRT.UN) 0.2% 0.1% -1.5% -6.6% -17.7% -31.5%
CA REITs 0.1% 0.2% 1.6% 9.7% 11.2% 16.5%
CA Market 0.1% -1.4% -0.6% -2.9% 11.5% 0.9%
1 Year Return vs Industry and Market
  • MRT.UN underperformed the REITs industry which returned 9.7% over the past year.
  • MRT.UN underperformed the Market in Canada which returned -2.9% over the past year.
Price Volatility
MRT.UN
Industry
5yr Volatility vs Market

Value

 Is Morguard Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Morguard Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Morguard Real Estate Investment Trust.

TSX:MRT.UN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:MRT.UN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.493 (1 + (1- 26.5%) (181.31%)) 		1.101
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.101 * 5.96%) 		8.51%

Discounted Cash Flow Calculation for TSX:MRT.UN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Morguard Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Morguard Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

TSX:MRT.UN DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 8.51%)
2019 69.46 Analyst x2 64.02
2020 69.71 Analyst x2 59.21
2021 72.65 Est @ 4.22% 56.87
2022 75.22 Est @ 3.54% 54.26
2023 77.52 Est @ 3.06% 51.54
2024 79.63 Est @ 2.73% 48.79
2025 81.62 Est @ 2.49% 46.09
2026 83.52 Est @ 2.33% 43.47
2027 85.37 Est @ 2.21% 40.95
2028 87.19 Est @ 2.13% 38.54
Present value of next 10 years cash flows CA$503.72
TSX:MRT.UN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$87.19 × (1 + 1.95%) ÷ (8.51% – 1.95%) 		CA$1,355.18
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$1,355.18 ÷ (1 + 8.51%)10 		CA$599.04
TSX:MRT.UN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$503.72 + CA$599.04 		CA$1,102.77
Equity Value per Share
(CAD)		 = Total value / Shares Outstanding
= CA$1,102.77 / 60.70 		CA$18.17
TSX:MRT.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$18.17
Current discount Discount to share price of CA$12.27
= -1 x (CA$12.27 - CA$18.17) / CA$18.17 		32.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Morguard Real Estate Investment Trust is available for.
Intrinsic value
32%
Share price is CA$12.27 vs Future cash flow value of CA$18.17
Current Discount Checks
For Morguard Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Morguard Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Morguard Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Morguard Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Morguard Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:MRT.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$1.19
TSX:MRT.UN Share Price ** TSX (2019-06-14) in CAD CA$12.27
Canada REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 10.08x
Canada Market PE Ratio Median Figure of 545 Publicly-Listed Companies 15.07x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Morguard Real Estate Investment Trust.

TSX:MRT.UN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:MRT.UN Share Price ÷ EPS (both in CAD)

= 12.27 ÷ 1.19

 10.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Morguard Real Estate Investment Trust is overvalued based on earnings compared to the CA REITs industry average.
  • Morguard Real Estate Investment Trust is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Morguard Real Estate Investment Trust's expected growth come at a high price?
Raw Data
TSX:MRT.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts		 15.1%per year
North America REITs Industry PEG Ratio Median Figure of 144 Publicly-Listed REITs Companies 2.3x
Canada Market PEG Ratio Median Figure of 247 Publicly-Listed Companies 1.15x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Morguard Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Morguard Real Estate Investment Trust's assets?
Raw Data
TSX:MRT.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$26.08
TSX:MRT.UN Share Price * TSX (2019-06-14) in CAD CA$12.27
Canada REITs Industry PB Ratio Median Figure of 46 Publicly-Listed REITs Companies 0.96x
Canada Market PB Ratio Median Figure of 2,417 Publicly-Listed Companies 1.4x
TSX:MRT.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:MRT.UN Share Price ÷ Book Value per Share (both in CAD)

= 12.27 ÷ 26.08

 0.47x

* Primary Listing of Morguard Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Morguard Real Estate Investment Trust is good value based on assets compared to the CA REITs industry average.
Show me more potentially undervalued companies in the REITs industry
X
Value checks
We assess Morguard Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
    5. Morguard Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Morguard Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover Morguard Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Morguard Real Estate Investment Trust expected to grow at an attractive rate?
  • Morguard Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Morguard Real Estate Investment Trust's earnings growth is expected to exceed the Canada market average.
  • Morguard Real Estate Investment Trust's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:MRT.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:MRT.UN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 15.1%
TSX:MRT.UN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 1.1%
Canada REITs Industry Earnings Growth Rate Market Cap Weighted Average 10%
Canada REITs Industry Revenue Growth Rate Market Cap Weighted Average 5.2%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.6%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:MRT.UN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:MRT.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 287 2
2019-12-31 284 2
TSX:MRT.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 281 82 72
2018-12-31 280 93 73
2018-09-30 280 98 58
2018-06-30 280 103 38
2018-03-31 280 109 47
2017-12-31 282 101 67
2017-09-30 282 95 68
2017-06-30 282 113 93
2017-03-31 284 111 59
2016-12-31 284 115 57
2016-09-30 287 116 69
2016-06-30 290 102 86

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Morguard Real Estate Investment Trust's earnings are expected to grow by 15.1% yearly, however this is not considered high growth (20% yearly).
  • Morguard Real Estate Investment Trust's revenue is expected to grow by 1.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:MRT.UN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Morguard Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MRT.UN Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
TSX:MRT.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 1.19
2018-12-31 1.20
2018-09-30 0.96
2018-06-30 0.63
2018-03-31 0.78
2017-12-31 1.11
2017-09-30 1.12
2017-06-30 1.53
2017-03-31 0.97
2016-12-31 0.94
2016-09-30 1.13
2016-06-30 1.40

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Morguard Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Morguard Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Morguard Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Morguard Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Morguard Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Morguard Real Estate Investment Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Morguard Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (53.7% vs -18.9%)
  • Morguard Real Estate Investment Trust's earnings growth has exceeded the CA REITs industry average in the past year (53.7% vs 12.6%).
Earnings and Revenue History
Morguard Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Morguard Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MRT.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 280.93 72.32 4.73
2018-12-31 279.71 73.02 4.78
2018-09-30 279.99 58.28 4.61
2018-06-30 280.29 38.08 4.64
2018-03-31 279.90 47.04 4.53
2017-12-31 281.92 67.31 4.52
2017-09-30 281.78 67.84 4.63
2017-06-30 282.12 92.58 4.66
2017-03-31 283.79 59.10 4.70
2016-12-31 283.82 57.21 4.73
2016-09-30 286.98 69.11 4.60
2016-06-30 289.60 85.70 4.50
2016-03-31 290.94 46.58 4.45
2015-12-31 294.21 26.62 4.37
2015-09-30 296.46 45.41 4.82
2015-06-30 298.89 39.26 5.04
2015-03-31 302.36 93.63 5.34
2014-12-31 302.28 113.88 5.41
2014-09-30 298.09 143.96 4.82
2014-06-30 294.07 155.66 4.98
2014-03-31 287.20 172.80 4.66
2013-12-31 283.33 212.38 4.56
2013-09-30 277.33 243.39 4.98
2013-06-30 267.90 264.72 4.86
2013-03-31 260.35 260.31 4.89
2012-12-31 248.76 228.45 5.12
2012-09-30 241.36 192.25 4.77
2012-06-30 239.05 184.51 4.68

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Morguard Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Morguard Real Estate Investment Trust used its assets less efficiently than the CA REITs industry average last year based on Return on Assets.
  • Morguard Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Morguard Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Morguard Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Morguard Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Morguard Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Morguard Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Morguard Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Morguard Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Morguard Real Estate Investment Trust Company Filings, last reported 2 months ago.

TSX:MRT.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,582.83 1,350.42 10.77
2018-12-31 1,580.41 1,344.07 10.65
2018-09-30 1,588.26 1,332.51 21.72
2018-06-30 1,597.72 1,313.81 15.45
2018-03-31 1,568.72 1,298.67 17.98
2017-12-31 1,565.59 1,300.10 14.75
2017-09-30 1,587.25 1,300.39 14.88
2017-06-30 1,616.50 1,292.61 16.52
2017-03-31 1,578.13 1,284.58 16.17
2016-12-31 1,555.18 1,427.74 112.70
2016-09-30 1,571.73 1,276.32 15.26
2016-06-30 1,581.23 1,280.27 13.11
2016-03-31 1,577.01 1,300.68 12.19
2015-12-31 1,556.14 1,320.03 26.28
2015-09-30 1,572.71 1,336.84 13.70
2015-06-30 1,567.81 1,317.95 14.97
2015-03-31 1,608.57 1,332.43 13.20
2014-12-31 1,607.08 1,363.65 12.61
2014-09-30 1,598.03 1,367.18 21.32
2014-06-30 1,592.49 1,374.10 42.42
2014-03-31 1,574.47 1,337.87 12.66
2013-12-31 1,552.74 1,345.14 13.08
2013-09-30 1,520.65 1,212.33 15.82
2013-06-30 1,521.76 1,192.94 13.16
2013-03-31 1,491.67 1,183.36 12.62
2012-12-31 1,430.78 1,185.89 13.62
2012-09-30 1,320.66 886.54 9.42
2012-06-30 1,242.49 926.35 7.29
  • Morguard Real Estate Investment Trust's level of debt (84.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (85% vs 84.6% today).
  • Debt is not well covered by operating cash flow (6.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Morguard Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Morguard Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Morguard Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.82%
Current annual income from Morguard Real Estate Investment Trust dividends. Estimated to be 7.82% next year.
If you bought CA$2,000 of Morguard Real Estate Investment Trust shares you are expected to receive CA$156 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Morguard Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.14%).
  • Morguard Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Canada (5.78%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:MRT.UN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Canada REITs Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 5%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:MRT.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.96 4.00
2019-12-31 0.96 4.00
TSX:MRT.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-06-14 0.960 7.824
2019-04-15 0.960 7.826
2019-03-15 0.960 7.721
2019-02-15 0.960 7.726
2019-01-15 0.960 7.855
2018-11-30 0.960 8.490
2018-11-15 0.960 8.545
2018-10-15 0.960 8.388
2018-09-14 0.960 8.009
2018-08-15 0.960 7.747
2018-07-16 0.960 7.413
2018-06-15 0.960 7.267
2018-05-15 0.960 7.267
2018-04-16 0.960 7.231
2018-02-15 0.960 7.121
2018-01-15 0.960 7.056
2017-11-30 0.960 6.956
2017-11-15 0.960 6.933
2017-10-13 0.960 6.753
2017-09-15 0.960 6.673
2017-08-15 0.960 6.808
2017-06-15 0.960 6.705
2017-05-15 0.960 6.434
2017-04-13 0.960 6.248
2017-03-15 0.960 6.104
2017-02-15 0.960 6.267
2017-01-13 0.960 6.350
2016-11-30 0.960 6.590
2016-11-15 0.960 6.886
2016-10-14 0.960 6.412
2016-09-15 0.960 6.110
2016-08-15 0.960 6.040
2016-07-15 0.960 6.075
2016-06-15 0.960 6.391
2016-05-13 0.960 6.326
2016-04-15 0.960 6.385
2016-03-15 0.960 6.705
2016-02-16 0.960 6.766
2016-01-15 0.960 7.513
2015-11-30 0.960 7.159
2015-11-13 0.960 6.814
2015-10-15 0.960 6.661
2015-09-15 0.960 7.022
2015-08-14 0.960 6.806
2015-07-15 0.960 5.960
2015-06-15 0.960 5.817
2015-05-19 0.960 5.728
2015-04-15 0.960 5.616
2015-03-13 0.960 5.551
2015-02-13 0.960 5.419
2015-01-15 0.960 5.236
2014-11-28 0.960 5.355
2014-11-14 0.960 5.223
2014-10-15 0.960 5.281
2014-09-15 0.960 5.266
2014-08-15 0.960 5.084
2014-07-15 0.960 5.278
2014-06-13 0.960 5.422
2014-04-15 0.960 5.616
2014-03-14 0.960 5.695
2014-02-14 0.960 5.769
2014-01-15 0.960 5.908
2013-11-15 0.960 5.905
2013-10-15 0.960 5.745
2013-09-13 0.960 5.864
2013-08-15 0.960 6.062
2013-07-15 0.960 5.946
2013-06-14 0.960 5.822
2013-05-15 0.960 5.333
2013-04-15 0.960 5.258
2013-03-15 0.960 5.379
2013-02-15 0.960 5.251
2013-01-15 0.960 5.071
2012-11-30 0.960 5.308
2012-10-15 0.960 5.381
2012-09-14 0.960 5.415
2012-08-15 0.960 5.470
2012-07-13 0.960 5.428
2012-06-15 0.960 5.739
2012-05-15 0.960 5.809
2012-04-13 0.960 5.769
2012-02-27 0.960 5.835
2012-02-15 0.900 5.544
2012-01-13 0.900 5.418
2011-12-01 0.900 5.617
2011-11-15 0.900 5.830
2011-10-14 0.900 5.848
2011-09-15 0.900 6.091
2011-08-15 0.900 6.015
2011-07-15 0.900 5.865
2011-06-15 0.900 5.821
2011-05-13 0.900 5.780
2011-04-15 0.900 5.963
2011-03-15 0.900 6.147
2011-02-15 0.900 6.266
2011-01-14 0.900 6.116
2010-12-01 0.900 6.134
2010-11-15 0.900 6.236
2010-10-15 0.900 6.453
2010-09-15 0.900 6.546
2010-08-13 0.900 6.595
2010-07-15 0.900 6.721
2010-06-15 0.900 6.807
2010-05-14 0.900 6.745
2010-04-15 0.900 6.815
2010-03-16 0.900 6.718
2010-02-12 0.900 6.943
2010-01-15 0.900 6.791
2009-12-01 0.900 7.249
2009-11-13 0.900 7.743
2009-10-15 0.900 7.633
2009-09-15 0.900 7.608
2009-08-14 0.900 7.676
2009-07-16 0.900 8.920

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Morguard Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
Show me more dividend paying companies in the REITs industry
X
Income/ dividend checks
We assess Morguard Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Morguard Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Morguard Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Morguard Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rai Sahi
COMPENSATION CA$100,000
AGE 71
TENURE AS CEO 17.9 years
CEO Bio

Mr. Kuldip Rai Sahi, also known as Rai, FCPA, FCGA, has been the President and Chief Executive Officer of Morguard Real Estate Investment Trust and Trustee since November 10, 1998 and Chairman, President and Chief Executive Officer of TWC Enterprises Limited since 1997. He serves as a Chairman of Renasant Financial Partners Ltd. He has been the Chairman and CEO of Revenue Properties Company Limited since March 1, 2012 and also serves as Chairman and Chief Executive Officer of Morguard Corporation. He serves as a Trustee of Morguard North American Real Estate Investment Trust. He has been the Chief Executive Officer of Temple Hotels Inc. since April 1, 2016 and serves as its Director since June 30, 2015. He has been a Director of Morguard Corporation since August 31, 1990, Morguard Real Estate Investment Trust since 1998. Mr. Sahi has extensive business experience in public and private corporations, including extensive experience in investing, financial reporting, standards and policy covering a broad range of industries including insurance, commercial banking, manufacturing, transportation and automotive as well as real estate. He is the Chairman of Morguard Real Estate Investment Trust. He serves as Director of TWC Enterprises Ltd since October 23, 1997 and Temple Hotels Inc. since 2015. Mr. Sahi has received many distinctions, including the Certified General Accountants Association of Canada Fellowship Award (2009), Voice Achievement Award (Fellowship in the Indo-Canadian Community over critical enterprises, 2009) and Turnaround Entrepreneur of the Year (1994). In addition, Mr. Sahi is a ranked Member of numerous prestigious business listings, including ‘‘The Top 25 Most Influential Figures in Canadian Golf’’ (The National Post) and one of ‘‘The Most Influential People in Golf’’ (Golf Inc.).

CEO Compensation
  • Rai's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Rai's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Morguard Real Estate Investment Trust management team in years:

8.6
Average Tenure
  • The average tenure for the Morguard Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rai Sahi

TITLE
Chairman
COMPENSATION
CA$100K
AGE
71
TENURE
17.9 yrs

Andrew Tamlin

TITLE
Chief Financial Officer
COMPENSATION
CA$137K
TENURE
0.6 yrs

Pamela McLean

TITLE
Vice President
COMPENSATION
CA$390K

Beverley Flynn

TITLE
Senior VP

Angela Sahi

TITLE
Senior Vice President

Paul Miatello

TITLE
Senior Vice President
AGE
48

Arjun Chowdhury

TITLE
Director of Asset Management

John Ginis

TITLE
Director of Asset Management - Retail
TENURE
8.6 yrs
Board of Directors Tenure

Average tenure and age of the Morguard Real Estate Investment Trust board of directors in years:

8
Average Tenure
71
Average Age
  • The tenure for the Morguard Real Estate Investment Trust board of directors is about average.
Board of Directors

Tim Walker

TITLE
COMPENSATION
CA$43K
TENURE
5.1 yrs

Rai Sahi

TITLE
Chairman
COMPENSATION
CA$100K
AGE
71

Bart Munn

TITLE
COMPENSATION
CA$30K
AGE
61
TENURE
1.1 yrs

Antony Stephens

TITLE
COMPENSATION
CA$40K
AGE
76
TENURE
22 yrs

Michael A. Catford

TITLE
COMPENSATION
CA$41K
AGE
73
TENURE
21.8 yrs

Graeme Eadie

TITLE
COMPENSATION
CA$56K
AGE
66
TENURE
1.1 yrs

Ed Kress

TITLE
COMPENSATION
CA$42K
TENURE
10.9 yrs
Who owns this company?
Recent Insider Trading
  • Morguard Real Estate Investment Trust insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
07. Jun 19 Buy Paros Enterprises Limited Company 06. Jun 19 06. Jun 19 25,000 CA$12.32 CA$308,000
04. Jun 19 Buy Paros Enterprises Limited Company 03. Jun 19 03. Jun 19 313,048 CA$11.82 CA$3,700,228
03. Jun 19 Sell Timothy Walker Individual 29. May 19 29. May 19 -1,000 CA$12.16 CA$-12,160
28. Mar 19 Sell Timothy Walker Individual 26. Mar 19 26. Mar 19 -1,000 CA$12.41 CA$-12,410
27. Dec 18 Buy Paros Enterprises Limited Company 24. Dec 18 27. Dec 18 72,500 CA$10.76 CA$777,945
20. Dec 18 Buy Kuldip Sahi Individual 17. Dec 18 18. Dec 18 39,800 CA$10.82 CA$430,085
18. Dec 18 Buy Paul Miatello Individual 17. Dec 18 17. Dec 18 5,000 CA$10.99 CA$54,950
14. Dec 18 Buy Kuldip Sahi Individual 13. Dec 18 13. Dec 18 84,700 CA$11.18 CA$946,937
14. Dec 18 Buy Paros Enterprises Limited Company 12. Dec 18 12. Dec 18 36,600 CA$11.20 CA$409,788
11. Dec 18 Buy Paros Enterprises Limited Company 10. Dec 18 10. Dec 18 69,500 CA$11.27 CA$783,258
29. Nov 18 Buy Paros Enterprises Limited Company 28. Nov 18 28. Nov 18 670,031 CA$11.09 CA$7,430,644
22. Nov 18 Buy Andrew Tamlin Individual 21. Nov 18 21. Nov 18 1,500 CA$11.48 CA$17,220
07. Nov 18 Sell Timothy Walker Individual 07. Nov 18 07. Nov 18 -1,500 CA$11.25 CA$-16,875
04. Oct 18 Buy Paul Miatello Individual 03. Oct 18 03. Oct 18 800 CA$12.05 CA$9,640
13. Sep 18 Buy Paros Enterprises Limited Company 12. Sep 18 12. Sep 18 110,432 CA$12.17 CA$1,343,957
24. Aug 18 Sell Timothy Walker Individual 24. Aug 18 24. Aug 18 -1,000 CA$12.36 CA$-12,360
07. Aug 18 Buy Bart Munn Individual 07. Aug 18 07. Aug 18 3,000 CA$12.84 CA$38,520
09. Jul 18 Sell Timothy Walker Individual 05. Jul 18 05. Jul 18 -1,000 CA$13.17 CA$-13,170
X
Management checks
We assess Morguard Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Morguard Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Volatility 101: Should Morguard Real Estate Investment Trust (TSE:MRT.UN) Shares Have Dropped 29%?

Looking back five years, both Morguard Real Estate Investment Trust's share price and EPS declined; the latter at a rate of 15% per year. … This free interactive report on Morguard Real Estate Investment Trust's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further. … We note that for Morguard Real Estate Investment Trust the TSR over the last 5 years was -1.9%, which is better than the share price return mentioned above.

Simply Wall St - –

Do Institutions Own Shares In Morguard Real Estate Investment Trust (TSE:MRT.UN)?

A look at the shareholders of Morguard Real Estate Investment Trust (TSE:MRT.UN) can tell us which group is most powerful. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Morguard Real Estate Investment Trust is a smaller company with a market capitalization of CA$744m, so it may still be flying under the radar of many institutional investors.

Simply Wall St - –

An Examination Of Morguard Real Estate Investment Trust (TSE:MRT.UN)

Morguard Real Estate Investment Trust (TSE:MRT.UN) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of MRT.UN, it.

Simply Wall St - –

Read This Before Selling Morguard Real Estate Investment Trust (TSE:MRT.UN) Shares

So before you buy or sell Morguard Real Estate Investment Trust (TSE:MRT.UN), you may well want to know whether insiders have been buying or selling. … The Last 12 Months Of Insider Transactions At Morguard Real Estate Investment Trust. … In total, Morguard Real Estate Investment Trust insiders bought more than they sold over the last year

Simply Wall St - –

Is Morguard Real Estate Investment Trust's (TSE:MRT.UN) CEO Being Overpaid?

Rai Sahi became the CEO of Morguard Real Estate Investment Trust (TSE:MRT.UN) in 2001. … This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … See our latest analysis for Morguard Real Estate Investment Trust

Simply Wall St - –

What Kind Of Shareholders Own Morguard Real Estate Investment Trust (TSE:MRT.UN)?

Every investor in Morguard Real Estate Investment Trust (TSE:MRT.UN) should be aware of the most powerful shareholder groups. … Generally speaking, as a company grows, institutions will increase their ownership. … Morguard Real Estate Investment Trust is a smaller company with a market capitalization of CA$740m, so it may still be flying under the radar of many institutional investors.

Simply Wall St - –

What You Must Know About Morguard Real Estate Investment Trust's (TSE:MRT.UN) Beta Value

In finance, Beta is a measure of volatility. … Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility).

Simply Wall St - –

Does Morguard Real Estate Investment Trust's (TSE:MRT.UN) CEO Pay Matter?

Rai Sahi has been the CEO of Morguard Real Estate Investment Trust (TSE:MRT.UN) since 2001. … Our data indicates that Morguard Real Estate Investment Trust is worth CA$679m, and total annual CEO compensation is CA$100k. … A first glance this seems like a real positive for shareholders, since Rai Sahi is paid less than the average compensation paid by similar sized companies.

Simply Wall St - –

What Kind Of Shareholders Own Morguard Real Estate Investment Trust (TSE:MRT.UN)?

Every investor in Morguard Real Estate Investment Trust (TSE:MRT.UN) should be aware of the most powerful shareholder groups. … Generally speaking, as a company grows, institutions will increase their ownership. … Morguard Real Estate Investment Trust is not a large company by global standards.

Simply Wall St - –

One Thing To Consider Before Buying Morguard Real Estate Investment Trust (TSE:MRT.UN)

Volatility is considered to be a measure of risk in modern finance theory. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St - –

Company Info

Description

The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 retail, office and industrial income producing properties in Canada with a book value of $3.0 billion and approximately 8.6 million square feet of leasable space.

Details
Name: Morguard Real Estate Investment Trust
MRT.UN
Exchange: TSX
Founded: 1997
CA$744,820,889
60,702,599
Website: http://www.morguard.com
Address: Morguard Real Estate Investment Trust
55 City Centre Drive,
Suite 1000,
Mississauga,
Ontario, L5B 1M3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX MRT.UN Trust Units The Toronto Stock Exchange CA CAD 14. Oct 1998
OTCPK MGRU.F Trust Units Pink Sheets LLC US USD 14. Oct 1998
Number of employees
Current staff
Staff numbers
10
Morguard Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 23:41
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/05/03
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Related Companies

© 2019 Simply Wall Street Pty Ltd, Community Design 2845206, US Design Patent #29/544/281, European Design Registration #2845206, Standard & Poor’s Financial Services LLC. All rights reserved.

Simply Wall Street Pty Ltd (ACN 600 056 611), is a Corporate Authorised Representative (Authorised Representative Number: 467183) of Sanlam Private Wealth Pty Ltd (AFSL No. 337927). Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice. Please read our Financial Services Guide before deciding whether to obtain financial services from us.

Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)