The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario.
+ 1 more risk
Undervalued with proven track record and pays a dividend.
Share Price & News
How has Morguard North American Residential Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MNAR.F's share price has been volatile over the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: MNAR.F underperformed the US REITs industry which returned -14% over the past year.
Return vs Market: MNAR.F underperformed the US Market which returned 4.6% over the past year.
Price Volatility Vs. Market
How volatile is Morguard North American Residential Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Is Morguard North American Residential Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MNAR.F ($9.26) is trading below our estimate of fair value ($15.55)
Significantly Below Fair Value: MNAR.F is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: MNAR.F is good value based on its PE Ratio (3.4x) compared to the REITs industry average (26.1x).
PE vs Market: MNAR.F is good value based on its PE Ratio (3.4x) compared to the US market (15.1x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate MNAR.F's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: MNAR.F is good value based on its PB Ratio (0.4x) compared to the US REITs industry average (1.3x).
How is Morguard North American Residential Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if MNAR.F's forecast earnings growth is above the savings rate (2.2%).
Earnings vs Market: Insufficient data to determine if MNAR.F's earnings are forecast to grow faster than the US market
High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: MNAR.F's revenue (6.9% per year) is forecast to grow slower than the US market (8.9% per year).
High Growth Revenue: MNAR.F's revenue (6.9% 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 MNAR.F's Return on Equity is forecast to be high in 3 years time
How has Morguard North American Residential Real Estate Investment Trust performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MNAR.F has a large one-off gain of CA$36.2M impacting its March 31 2020 financial results.
Growing Profit Margin: MNAR.F's current net profit margins (68.8%) are higher than last year (39.5%).
Past Earnings Growth Analysis
Earnings Trend: MNAR.F's earnings have grown significantly by 31.2% per year over the past 5 years.
Accelerating Growth: MNAR.F's earnings growth over the past year (74.5%) exceeds its 5-year average (31.2% per year).
Earnings vs Industry: MNAR.F earnings growth over the past year (74.5%) exceeded the REITs industry 5.3%.
Return on Equity
High ROE: MNAR.F's Return on Equity (12.5%) is considered low.
How is Morguard North American Residential Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: MNAR.F's short term assets (CA$43.1M) do not cover its short term liabilities (CA$89.1M).
Long Term Liabilities: MNAR.F's short term assets (CA$43.1M) do not cover its long term liabilities (CA$1.7B).
Debt to Equity History and Analysis
Debt Level: MNAR.F's debt to equity ratio (116.2%) is considered high.
Reducing Debt: MNAR.F's debt to equity ratio has reduced from 213.9% to 116.2% over the past 5 years.
Debt Coverage: MNAR.F's debt is not well covered by operating cash flow (3.7%).
Interest Coverage: MNAR.F's interest payments on its debt are not well covered by EBIT (2x coverage).
What is Morguard North American Residential Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MNAR.F's dividend (4.78%) is higher than the bottom 25% of dividend payers in the US market (1.75%).
High Dividend: MNAR.F's dividend (4.78%) is in the top 25% of dividend payers in the US market (4.71%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, MNAR.F has been paying a dividend for less than 10 years.
Growing Dividend: MNAR.F's dividend payments have increased, but the company has only paid a dividend for 8 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (36.8%), MNAR.F's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MNAR.F's dividends in 3 years are forecast to be covered by earnings (56.7% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Kuldip Sahi (72yo)
Mr. Kuldip Rai Sahi, FCPA, FCGA, has been the President and Chief Executive Officer of Morguard Real Estate Investment Trust and Trustee since November 10, 1998 and Chairman, President and Chief Executive ...
CEO Compensation Analysis
Compensation vs Market: Kuldip's total compensation ($USD433.10K) is below average for companies of similar size in the US market ($USD2.27M).
Compensation vs Earnings: Kuldip's compensation has been consistent with company performance over the past year.
|Chairman & CEO||8.33yrs||CA$597.92k||2.39% CA$14.2m|
|Chief Financial Officer||1.5yrs||CA$107.46k||no data|
|Senior VP||15.58yrs||no data||0.077% CA$458.4k|
|Senior Vice President||2.33yrs||no data||0.12% CA$739.2k|
|Senior Vice President||2.33yrs||no data||0.026% CA$152.8k|
|Vice President of Operations - US||no data||no data||no data|
Experienced Management: MNAR.F's management team is considered experienced (2.3 years average tenure).
|Chairman & CEO||8.33yrs||CA$597.92k||2.39% CA$14.2m|
|Independent Trustee||8.08yrs||CA$39.00k||0.026% CA$154.3k|
|Independent Trustee||8.17yrs||CA$43.50k||0.026% CA$152.8k|
|Independent Trustee||8.08yrs||CA$52.00k||0.013% CA$76.4k|
|Independent Trustee||8.17yrs||CA$104.17k||1.01% CA$6.0m|
|Independent Lead Trustee||8.08yrs||CA$41.00k||0.038% CA$229.2k|
|Independent Trustee||8.08yrs||CA$39.00k||0.026% CA$152.8k|
Experienced Board: MNAR.F's board of directors are considered experienced (8.1 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.3%.
Morguard North American Residential Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
- Name: Morguard North American Residential Real Estate Investment Trust
- Ticker: MNAR.F
- Exchange: OTCPK
- Industry: Residential REITs
- Sector: Real Estate
- Implied Market Cap: CA$822.432m
- Market Cap: CA$413.211m
- Listing Market Cap: CA$595.728m
- Shares outstanding: 56.22m
- Website: https://www.morguard.com
- Morguard North American Residential Real Estate Investment Trust
- 55 City Centre Drive
- Suite 1000
- L5B 1M3
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|MRG.UN||TSX (The Toronto Stock Exchange)||Yes||Trust Units||CA||CAD||Apr 2012|
|MNAR.F||OTCPK (Pink Sheets LLC)||Yes||Trust Units||US||USD||Apr 2012|
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 13,277 residential suites (as of April 28, 2020) located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland with an appraised value of approximately $3.1 billion at March 31, 2020.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/05/27 10:53|
|End of Day Share Price||2020/05/14 00:00|
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.