Morguard Real Estate Investment Trust
Market Cap
CA$754.9m
Last Updated
2020/02/16 23:47 UTC
Data Sources
Company Financials +
Executive Summary
The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 48 retail, office and industrial income producing properties in Canada with a book value of $2.9 billion and approximately 8.4 million square feet of leasable space.
Rewards
Risk Analysis
Snowflake Analysis
6 star dividend payer and good 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 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-0.4%
MRT.UN
1.3%
CA REITs
0.6%
CA Market
1 Year Return
0.6%
MRT.UN
14.9%
CA REITs
5.8%
CA Market
Return vs Industry: MRT.UN underperformed the Canadian REITs industry which returned 14.9% over the past year.
Return vs Market: MRT.UN underperformed the Canadian Market which returned 5.8% over the past year.
Shareholder returns
| MRT.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.4% | 1.3% | 0.6% |
| 30 Day | 5.2% | 3.1% | 0.5% |
| 90 Day | 6.0% | 5.9% | 3.6% |
| 1 Year | 9.0%0.6% | 20.7%14.9% | 9.1%5.8% |
| 3 Year | -0.4%-20.3% | 44.7%22.5% | 15.4%5.0% |
| 5 Year | -4.0%-32.4% | 63.7%23.3% | 33.6%14.0% |
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
4 days ago | Simply Wall St
How Does Morguard Real Estate Investment Trust (TSE:MRT.UN) Affect Your Portfolio Volatility?1 month ago | Simply Wall St
Investors Who Bought Morguard Real Estate Investment Trust (TSE:MRT.UN) Shares Five Years Ago Are Now Down 34%2 months ago | Simply Wall St
Should You Worry About Morguard Real Estate Investment Trust's (TSE:MRT.UN) CEO Pay Cheque?Valuation
Is Morguard Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
44.9%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MRT.UN (CA$12.43) is trading below our estimate of fair value (CA$22.56)
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 poor value based on its PE Ratio (51.8x) compared to the REITs industry average (11x).
PE vs Market: MRT.UN is poor value based on its PE Ratio (51.8x) compared to the Canadian market (15.9x).
Price to Earnings Growth Ratio
PEG Ratio: MRT.UN is good value based on its PEG Ratio (0.9x)
Price to Book Ratio
PB vs Industry: MRT.UN is good value based on its PB Ratio (0.5x) compared to the CA REITs industry average (1.1x).
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?
57.5%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MRT.UN's forecast earnings growth (57.5% per year) is above the savings rate (1.4%).
Earnings vs Market: MRT.UN's earnings (57.5% per year) are forecast to grow faster than the Canadian market (10.4% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: MRT.UN's revenue (0.4% per year) is forecast to grow slower than the Canadian market (4.9% per year).
High Growth Revenue: MRT.UN's revenue (0.4% per year) is forecast to grow slower than 20% 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?
-12.8%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MRT.UN has a large one-off loss of CA$73.9M impacting its December 31 2019 financial results.
Growing Profit Margin: MRT.UN's current net profit margins (5.4%) are lower than last year (26.1%).
Past Earnings Growth Analysis
Earnings Trend: MRT.UN's earnings have declined by -12.8% per year over the past 5 years.
Accelerating Growth: MRT.UN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MRT.UN had negative earnings growth (-79.7%) over the past year, making it difficult to compare to the REITs industry average (9.2%).
Return on Equity
High ROE: MRT.UN's Return on Equity (1%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Morguard Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: MRT.UN has a high level of physical assets or inventory.
Debt Coverage by Assets: MRT.UN's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: MRT.UN's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if MRT.UN has a sufficient allowance for bad loans.
Low Risk Liabilities: MRT.UN reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if MRT.UN has an acceptable proportion of non-loan assets held.
Low Risk Deposits: MRT.UN has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if MRT.UN has an appropriate level of bad loans.
Next Steps
Dividend
What is Morguard Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
7.72%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: MRT.UN's dividend (7.72%) is higher than the bottom 25% of dividend payers in the Canadian market (1.91%).
High Dividend: MRT.UN's dividend (7.72%) is in the top 25% of dividend payers in the Canadian market (5.32%)
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 increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (62.4%), MRT.UN's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MRT.UN's dividends in 3 years are forecast to be thoroughly covered by earnings (1.1% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
9.3yrs
Average management tenure
CEO
Kuldip Sahi (72yo)
18.6yrs
Tenure
CA$100,000
Compensation
Mr. Kuldip Rai Sahi,, FCPA, FCGA, has been the President and Chief Executive Officer of Morguard Real Estate Investment Trust and Trustee since November 10, 1998 and Chairman, President and Chief Executive ...
CEO Compensation Analysis
Compensation vs Market: Kuldip's total compensation ($USD75.46K) is below average for companies of similar size in the Canadian market ($USD963.71K).
Compensation vs Earnings: Kuldip's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 18.6yrs | CA$100.00k | 3.62% CA$27.3m | |
| Chief Financial Officer | 5.1yrs | CA$136.66k | 0.0025% CA$18.6k | |
| Vice President | 0yrs | CA$390.10k | no data | |
| Senior VP | 0yrs | no data | 0.013% CA$96.9k | |
| Senior Vice President | 0yrs | no data | no data | |
| Senior Vice President | 0yrs | no data | 0.014% CA$103.2k | |
| Director of Asset Management | 0yrs | no data | no data | |
| Director of Asset Management - Retail | 9.3yrs | no data | no data |
9.3yrs
Average Tenure
Experienced Management: MRT.UN's management team is seasoned and experienced (9.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 18.6yrs | CA$100.00k | 3.62% CA$27.3m | |
| 11.6yrs | CA$42.00k | 0.0016% CA$12.5k | ||
| 1.8yrs | CA$56.00k | 0.016% CA$124.3k | ||
| 1.8yrs | CA$30.00k | 0.0049% CA$37.3k | ||
| 22.7yrs | CA$40.00k | 0.093% CA$699.2k | ||
| 22.5yrs | CA$41.00k | no data | ||
| 5.8yrs | CA$42.50k | 0.053% CA$397.8k |
8.7yrs
Average Tenure
72yo
Average Age
Experienced Board: MRT.UN's board of directors are considered experienced (8.7 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: MRT.UN insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
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$754.943m
- Shares outstanding: 60.74m
- 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 48 retail, office and industrial income producing properties in Canada with a book value of $2.9 billion and approximately 8.4 million square feet of leasable space.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/16 23:47 |
| End of Day Share Price | 2020/02/14 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
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.