Morguard Real Estate Investment Trust
Market Cap
CA$330.9m
Last Updated
2021/02/25 23:31 UTC
Data Sources
Company Financials +
Executive Summary
The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 47 retail, office and industrial income producing properties in Canada with a book value of $2.6 billion and approximately 8.3 million square feet of leasable space. More Details
Rewards
Risk Analysis
Snowflake Analysis
Established dividend payer and fair value.
Share Price & News
How has Morguard Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MRT.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 6% a week.
Volatility Over Time: MRT.UN's weekly volatility (6%) has been stable over the past year.
Market Performance
7 Day Return
-1.6%
MRT.UN
1.5%
CA REITs
0.4%
CA Market
1 Year Return
-58.3%
MRT.UN
-17.7%
CA REITs
11.1%
CA Market
Return vs Industry: MRT.UN underperformed the Canadian REITs industry which returned -18.5% over the past year.
Return vs Market: MRT.UN underperformed the Canadian Market which returned 10.1% over the past year.
Shareholder returns
| MRT.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | -1.6% | 1.5% | 0.4% |
| 30 Day | -7.9% | 0.9% | 3.2% |
| 90 Day | -18.3% | -0.7% | 7.3% |
| 1 Year | -53.7%-58.3% | -12.9%-17.7% | 15.2%11.1% |
| 3 Year | -51.2%-62.5% | 19.1%1.0% | 24.7%12.9% |
| 5 Year | -48.5%-65.2% | 36.3%2.9% | 60.1%35.9% |
Long-Term Price Volatility Vs. Market
How volatile is Morguard Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 months ago | Simply Wall St
How Should Investors React To Morguard Real Estate Investment Trust's (TSE:MRT.UN) CEO Pay?4 months ago | Simply Wall St
Morguard Real Estate Investment Trust's (TSE:MRT.UN) Shareholders Are Down 69% On Their Shares5 months ago | Simply Wall St
How Much Is Morguard Real Estate Investment Trust (TSE:MRT.UN) Paying Its CEO?Valuation
Is Morguard Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
21.7%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MRT.UN (CA$5) is trading below our estimate of fair value (CA$6.38)
Significantly Below Fair Value: MRT.UN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: MRT.UN is unprofitable, so we can't compare its PE Ratio to the CA REITs industry average.
PE vs Market: MRT.UN is unprofitable, so we can't compare its PE Ratio to the Canadian market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate MRT.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: MRT.UN is good value based on its PB Ratio (0.3x) compared to the CA REITs industry average (0.8x).
Next Steps
Future Growth
How is Morguard Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
130.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MRT.UN is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.5%).
Earnings vs Market: MRT.UN is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: MRT.UN's is expected to become profitable in the next 3 years.
Revenue vs Market: MRT.UN's revenue is expected to decline over the next 3 years (-1.7% per year).
High Growth Revenue: MRT.UN's revenue is forecast to decline over the next 3 years (-1.7% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if MRT.UN's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Morguard Real Estate Investment Trust performed over the past 5 years?
-64.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MRT.UN is currently unprofitable.
Growing Profit Margin: MRT.UN is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: MRT.UN is unprofitable, and losses have increased over the past 5 years at a rate of 64.2% per year.
Accelerating Growth: Unable to compare MRT.UN's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: MRT.UN is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (3.2%).
Return on Equity
High ROE: MRT.UN has a negative Return on Equity (-30.87%), as it is currently unprofitable.
Next Steps
Financial Health
How is Morguard Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: MRT.UN's short term assets (CA$37.0M) do not cover its short term liabilities (CA$465.7M).
Long Term Liabilities: MRT.UN's short term assets (CA$37.0M) do not cover its long term liabilities (CA$934.3M).
Debt to Equity History and Analysis
Debt Level: MRT.UN's debt to equity ratio (116%) is considered high.
Reducing Debt: MRT.UN's debt to equity ratio has increased from 84.8% to 116% over the past 5 years.
Debt Coverage: MRT.UN's debt is not well covered by operating cash flow (3.5%).
Interest Coverage: MRT.UN is unprofitable, therefore interest payments are not well covered by earnings.
Balance Sheet
Next Steps
Dividend
What is Morguard Real Estate Investment Trust current dividend yield, its reliability and sustainability?
9.60%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MRT.UN's dividend (9.6%) is higher than the bottom 25% of dividend payers in the Canadian market (1.54%).
High Dividend: MRT.UN's dividend (9.6%) is in the top 25% of dividend payers in the Canadian market (4.93%)
Stability and Growth of Payments
Stable Dividend: MRT.UN's dividends per share have been stable in the past 10 years.
Growing Dividend: MRT.UN's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (30%), MRT.UN's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MRT.UN's dividends in 3 years are forecast to be well covered by earnings (35.1% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
10.3yrs
Average management tenure
CEO
Kuldip Sahi (73 yo)
19.58yrs
Tenure
CA$100,000
Compensation
Mr. Kuldip Rai Sahi, FCPA, FCGA, has been the President and Chief Executive Officer of Morguard Real Estate Investment Trust and Trustee since November 10, 1998 and Chairman, President and Chief Executive ...
CEO Compensation Analysis
Compensation vs Market: Kuldip's total compensation ($USD79.91K) is below average for companies of similar size in the Canadian market ($USD421.32K).
Compensation vs Earnings: Kuldip's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 19.58yrs | CA$100.00k | 1.9% CA$ 6.3m | |
| Chief Financial Officer | 2.25yrs | CA$196.35k | 0.0070% CA$ 23.2k | |
| Senior VP | no data | no data | 0.012% CA$ 40.2k | |
| Senior Vice President of Corporate Development | no data | no data | no data | |
| Senior Vice President | no data | no data | 0.013% CA$ 42.8k | |
| Director of Asset Management | no data | no data | no data | |
| Director of Asset Management - Retail | 10.25yrs | no data | no data |
10.3yrs
Average Tenure
Experienced Management: MRT.UN's management team is seasoned and experienced (10.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 19.58yrs | CA$100.00k | 1.9% CA$ 6.3m | |
| Independent Trustee | 2.75yrs | CA$50.00k | 0.016% CA$ 51.6k | |
| Independent Director | 0.75yr | no data | no data | |
| Independent Trustee | 23.5yrs | CA$43.00k | no data | |
| Independent Trustee | 6.75yrs | CA$46.50k | 0.045% CA$ 148.3k | |
| Independent Director | 0.75yr | no data | no data |
2.8yrs
Average Tenure
67yo
Average Age
Experienced Board: MRT.UN's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: MRT.UN insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.6%.
Top Shareholders
Company Information
Morguard Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Morguard Real Estate Investment Trust
- Ticker: MRT.UN
- Exchange: TSX
- Founded: 1997
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: CA$330.886m
- Shares outstanding: 64.13m
- Website: https://www.morguard.com
Number of Employees
Location
- Morguard Real Estate Investment Trust
- 55 City Centre Drive
- Suite 1000
- Mississauga
- Ontario
- L5B 1M3
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MRT.UN | TSX (The Toronto Stock Exchange) | Yes | Trust Units | CA | CAD | Oct 1998 |
| MGRU.F | OTCPK (Pink Sheets LLC) | Yes | Trust Units | US | USD | Oct 1998 |
Biography
The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 47 retail, office and industrial income producing properties in Canada with a book value of $2.6 billion and ap...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/02/25 23:31 |
| End of Day Share Price | 2021/02/25 00:00 |
| Earnings | 2020/12/31 |
| Annual Earnings | 2020/12/31 |
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.