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Morguard North American Residential Real Estate Investment Trust

OTCPK:MNAR.F
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MNAR.F
OTCPK
CA$913M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The last earnings update was 25 days ago. More info.


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MNAR.F Share Price and Events
7 Day Returns
0%
OTCPK:MNAR.F
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
17.1%
OTCPK:MNAR.F
13.8%
US REITs
1.3%
US Market
MNAR.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Morguard North American Residential Real Estate Investment Trust (MNAR.F) 0% -0.1% - 17.1% - -
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • MNAR.F outperformed the REITs industry which returned 13.8% over the past year.
  • MNAR.F outperformed the Market in United States of America which returned 1.3% over the past year.

Value

 Is Morguard North American Residential 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 North American Residential 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 North American Residential Real Estate Investment Trust.

OTCPK:MNAR.F 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 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:MNAR.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 26.5%) (182.68%))
1.161
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.16
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.161 * 5.96%)
9.65%

Discounted Cash Flow Calculation for OTCPK:MNAR.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Morguard North American Residential 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 North American Residential 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.

OTCPK:MNAR.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 9.65%)
2019 55.77 Analyst x3 50.86
2020 61.07 Analyst x3 50.80
2021 63.44 Est @ 3.89% 48.13
2022 65.69 Est @ 3.54% 45.45
2023 67.85 Est @ 3.3% 42.81
2024 69.98 Est @ 3.13% 40.27
2025 72.08 Est @ 3.01% 37.83
2026 74.19 Est @ 2.92% 35.51
2027 76.31 Est @ 2.87% 33.31
2028 78.47 Est @ 2.83% 31.24
Present value of next 10 years cash flows CA$416.20
OTCPK:MNAR.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$78.47 × (1 + 2.73%) ÷ (9.65% – 2.73%)
CA$1,165.26
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$1,165.26 ÷ (1 + 9.65%)10
CA$463.89
OTCPK:MNAR.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$416.20 + CA$463.89
CA$880.09
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$880.09 / 50.96
CA$17.46
OTCPK:MNAR.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:MNAR.F represents 0.74698x of TSX:MRG.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74698x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 17.46 x 0.74698
$13.05
Value per share (USD) From above. $13.05
Current discount Discount to share price of $13.47
= -1 x ($13.47 - $13.05) / $13.05
-3.2%

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

  • The current share price of Morguard North American Residential Real Estate Investment Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 North American Residential 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 North American Residential 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
OTCPK:MNAR.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$2.88
TSX:MRG.UN Share Price ** TSX (2019-05-17) in CAD CA$18.03
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

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

** Primary Listing of Morguard North American Residential Real Estate Investment Trust.

OTCPK:MNAR.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 18.03 ÷ 2.88

6.27x

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

  • Morguard North American Residential Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • Morguard North American Residential Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Morguard North American Residential Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:MNAR.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-2.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*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 North American Residential 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 North American Residential Real Estate Investment Trust's assets?
Raw Data
OTCPK:MNAR.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$29.70
TSX:MRG.UN Share Price * TSX (2019-05-17) in CAD CA$18.03
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
OTCPK:MNAR.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 18.03 ÷ 29.70

0.61x

* Primary Listing of Morguard North American Residential Real Estate Investment Trust.

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

  • Morguard North American Residential Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Morguard North American Residential 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 North American Residential 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 North American Residential Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

  • No analysts cover Morguard North American Residential 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
-2.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Morguard North American Residential Real Estate Investment Trust expected to grow at an attractive rate?
  • Morguard North American Residential Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Morguard North American Residential Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Morguard North American Residential Real Estate Investment Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:MNAR.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:MNAR.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -2.5%
OTCPK:MNAR.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3.7%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
OTCPK:MNAR.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:MNAR.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 258 93 3
2019-12-31 243 70 3
OTCPK:MNAR.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 246 64 97
2018-12-31 242 60 172
2018-09-30 236 60 209
2018-06-30 233 70 195
2018-03-31 230 54 237
2017-12-31 226 59 160
2017-09-30 227 57 92
2017-06-30 223 51 110
2017-03-31 220 50 56
2016-12-31 218 53 29
2016-09-30 216 48 8
2016-06-30 211 45 -2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Morguard North American Residential Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Morguard North American Residential Real Estate Investment Trust's revenue is expected to grow by 3.7% 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
OTCPK:MNAR.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Morguard North American Residential Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:MNAR.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:MNAR.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 2.88
2018-12-31 5.11
2018-09-30 6.21
2018-06-30 5.80
2018-03-31 7.04
2017-12-31 4.76
2017-09-30 2.74
2017-06-30 3.26
2017-03-31 1.66
2016-12-31 1.00
2016-09-30 0.29
2016-06-30 -0.06

*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 North American Residential 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 North American Residential 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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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 North American Residential Real Estate Investment Trust has a total score of 0/6, 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 North American Residential 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 North American Residential 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 North American Residential Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Morguard North American Residential Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Morguard North American Residential Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Morguard North American Residential 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 North American Residential Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:MNAR.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 246.42 97.02 14.11
2018-12-31 242.42 172.23 13.77
2018-09-30 236.23 209.34 13.30
2018-06-30 233.06 195.35 13.04
2018-03-31 229.69 237.08 12.71
2017-12-31 226.50 160.44 12.62
2017-09-30 227.25 92.12 12.66
2017-06-30 223.35 109.83 12.55
2017-03-31 219.74 55.74 12.04
2016-12-31 218.47 29.26 11.98
2016-09-30 215.95 8.37 11.45
2016-06-30 211.17 -1.89 11.12
2016-03-31 205.11 24.48 10.66
2015-12-31 198.44 38.78 10.16
2015-09-30 190.66 47.01 9.79
2015-06-30 184.18 48.11 9.28
2015-03-31 179.74 18.91 8.96
2014-12-31 174.82 38.16 8.46
2014-09-30 171.50 40.71 8.19
2014-06-30 169.23 47.66 7.94
2014-03-31 160.85 69.43 7.26
2013-12-31 142.94 56.38 6.17
2013-09-30 123.09 96.35 5.04
2013-06-30 102.27 111.26 3.89
2013-03-31 86.50 178.25 2.99
2012-12-31 80.29 187.78 2.09
2012-09-30 76.63 189.67 1.30
2012-06-30 74.05 156.38 0.53

*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 North American Residential Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Morguard North American Residential Real Estate Investment Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Morguard North American Residential 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 North American Residential 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 North American Residential 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 North American Residential 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 North American Residential Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Morguard North American Residential Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Morguard North American Residential 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 North American Residential 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 North American Residential Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:MNAR.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,108.87 1,668.10 22.69
2018-12-31 1,127.86 1,713.08 16.79
2018-09-30 1,044.45 1,661.11 18.34
2018-06-30 1,038.82 1,653.49 22.13
2018-03-31 1,010.00 1,596.26 18.07
2017-12-31 917.71 1,598.18 25.12
2017-09-30 757.39 1,659.16 11.80
2017-06-30 775.93 1,423.76 8.66
2017-03-31 734.09 1,408.12 25.01
2016-12-31 684.03 1,458.54 7.59
2016-09-30 652.39 1,430.63 30.86
2016-06-30 623.19 1,402.86 19.24
2016-03-31 624.27 1,395.73 11.92
2015-12-31 684.97 1,364.09 8.60
2015-09-30 651.20 1,289.04 7.50
2015-06-30 611.78 1,234.41 7.02
2015-03-31 589.70 1,262.95 35.68
2014-12-31 573.60 1,194.30 32.55
2014-09-30 554.86 1,163.18 11.46
2014-06-30 526.82 1,185.00 59.75
2014-03-31 539.80 1,140.38 8.85
2013-12-31 522.96 1,109.95 5.25
2013-09-30 507.46 929.55 6.05
2013-06-30 493.83 941.64 8.89
2013-03-31 468.78 550.13 98.73
2012-12-31 386.66 619.22 5.18
2012-09-30 324.50 392.83 5.09
2012-06-30 143.48 371.88 3.02
  • Morguard North American Residential Real Estate Investment Trust's level of debt (150.4%) 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 (211.4% vs 150.4% today).
  • Debt is not well covered by operating cash flow (3.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Morguard North American Residential 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 North American Residential 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 North American Residential 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
3.77%
Current annual income from Morguard North American Residential Real Estate Investment Trust dividends. Estimated to be 3.81% next year.
If you bought $2,000 of Morguard North American Residential Real Estate Investment Trust shares you are expected to receive $75 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 North American Residential Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Morguard North American Residential Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Upcoming dividend payment

Purchase Morguard North American Residential Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
OTCPK:MNAR.F 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 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

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

OTCPK:MNAR.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.70 4.00
2019-12-31 0.68 4.00
OTCPK:MNAR.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-15 0.679 3.772
2019-04-15 0.679 3.827
2019-03-15 0.679 3.746
2019-02-15 0.679 3.824
2019-01-15 0.679 4.010
2018-12-14 0.679 4.028
2018-11-15 0.679 3.875
2018-10-15 0.660 3.956
2018-09-14 0.660 4.101
2018-08-15 0.660 4.023
2018-07-16 0.660 4.208
2018-06-15 0.660 4.340
2018-05-15 0.660 4.389
2018-04-16 0.660 4.662
2018-03-15 0.660 4.797
2018-02-15 0.660 4.879
2018-01-15 0.660 4.548
2017-12-15 0.660 4.378
2017-10-13 0.640 4.246
2017-09-15 0.640 4.154
2017-08-15 0.640 4.206
2017-07-14 0.640 4.192
2017-06-15 0.640 4.127
2017-05-15 0.640 4.157
2017-04-13 0.640 4.188
2017-03-15 0.640 4.345
2017-02-15 0.640 4.376
2017-01-13 0.640 4.554
2016-12-15 0.640 4.728
2016-10-14 0.600 4.517
2016-09-15 0.600 4.749
2016-08-15 0.600 4.605
2016-07-15 0.600 4.519
2016-06-15 0.600 4.697
2016-05-13 0.600 4.876
2016-04-15 0.600 5.037
2016-03-15 0.600 5.075
2016-02-16 0.600 5.227
2016-01-15 0.600 5.565
2015-12-15 0.600 5.705
2015-11-13 0.600 5.634
2015-10-15 0.600 5.666
2015-09-15 0.600 5.854
2015-08-14 0.600 5.956
2015-07-15 0.600 5.955
2015-06-15 0.600 6.083
2015-05-19 0.600 5.956
2015-04-15 0.600 5.772
2015-03-13 0.600 5.693
2015-02-13 0.600 5.741
2015-01-15 0.600 5.763
2014-12-15 0.600 6.056
2014-11-14 0.600 6.070
2014-10-15 0.600 5.871
2014-09-15 0.600 5.920
2014-08-15 0.600 5.693
2014-07-15 0.600 5.786
2014-06-13 0.600 5.776
2014-04-15 0.600 5.784
2014-03-14 0.600 6.169
2014-02-14 0.600 6.152
2014-01-15 0.600 6.196
2013-12-13 0.600 6.341
2013-11-15 0.600 6.264
2013-10-15 0.600 6.160
2013-09-13 0.600 6.492
2013-08-15 0.600 6.579
2013-07-15 0.600 6.212
2013-06-14 0.600 5.951
2013-05-15 0.600 5.392
2013-04-15 0.600 5.335
2013-03-15 0.600 5.348
2013-02-15 0.600 5.256
2013-01-15 0.600 5.099
2012-12-14 0.600 5.316
2012-11-15 0.600 5.374
2012-10-15 0.600 5.177
2012-09-14 0.600 5.099
2012-08-15 0.600 4.990
2012-07-13 0.600 4.977

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

  • Whilst dividend payments have been stable, Morguard North American Residential Real Estate Investment Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Morguard North American Residential Real Estate Investment Trust only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Morguard North American Residential Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x 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.
X
Income/ dividend checks
We assess Morguard North American Residential Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 North American Residential 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 North American Residential Real Estate Investment Trust has a total score of 3/6, 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 North American Residential 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$584,412
AGE 71
TENURE AS CEO 7.3 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 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 United States of America.
Management Team Tenure

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

4.3
Average Tenure
  • The tenure for the Morguard North American Residential Real Estate Investment Trust management team is about average.
Management Team

Rai Sahi

TITLE
Chairman & CEO
COMPENSATION
CA$584K
AGE
71
TENURE
7.3 yrs

Christopher Newman

TITLE
Chief Financial Officer
COMPENSATION
CA$80K
TENURE
0.5 yrs

Sanjay Ratejay

TITLE
Vice President of Operations

Beverley Flynn

TITLE
Senior VP
TENURE
14.6 yrs

Paul Miatello

TITLE
Senior Vice President
AGE
48
TENURE
1.3 yrs
Board of Directors Tenure

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

7.1
Average Tenure
67.5
Average Age
  • The tenure for the Morguard North American Residential Real Estate Investment Trust board of directors is about average.
Board of Directors

Mel Leiderman

TITLE
Independent Trustee
COMPENSATION
CA$49K
AGE
66
TENURE
7.1 yrs

Rai Sahi

TITLE
Chairman & CEO
COMPENSATION
CA$584K
AGE
71
TENURE
7.3 yrs

Frank Munsters

TITLE
COMPENSATION
CA$41K
TENURE
7.2 yrs

Avtar Bains

TITLE
Lead Trustee
COMPENSATION
CA$37K
TENURE
7.1 yrs

Bruce Robertson

TITLE
Independent Trustee
COMPENSATION
CA$98K
AGE
51
TENURE
7.2 yrs

Dino Chiesa

TITLE
Independent Trustee
COMPENSATION
CA$39K
AGE
69
TENURE
7.1 yrs

William Wallace

TITLE
Independent Trustee
COMPENSATION
CA$38K
TENURE
7.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
04. Oct 18 Buy Paul Miatello Individual 03. Oct 18 03. Oct 18 600 $12.76 $7,654
X
Management checks
We assess Morguard North American Residential 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 North American Residential 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

Company Info

Description

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. Its portfolio consists of 12,587 residential suites (as of April 30, 2019) located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland with an appraised value of approximately $2.9 billion at March 31, 2019.

Details
Name: Morguard North American Residential Real Estate Investment Trust
MNAR.F
Exchange: OTCPK
Founded:
CA$678,693,478
CA$452,054,311
50,956,170
Website: http://www.morguard.com
Address: Morguard North American Residential 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 MRG.UN Trust Units The Toronto Stock Exchange CA CAD 18. Apr 2012
OTCPK MNAR.F Trust Units Pink Sheets LLC US USD 18. Apr 2012
Number of employees
Current staff
Staff numbers
0
Morguard North American Residential Real Estate Investment Trust employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:38
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/03
Last earnings filing: 2019/04/30
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.