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MGRUF - Morguard Real Estate Investment Trust: This 7.7%-Yielding REIT Remains A Hold
Morguard Real Estate Investment Trust Tr Unit
Investment Thesis
Morguard Real Estate Investment Trust (MGRUF) (TSX:MRT.UN) owns a portfolio of retail, office, and industrial properties in Canada. We expect the REIT to continue to face the challenges to grow its top and bottom lines due to higher exposure to oil-rich provinces and a high percentage of retail properties in its portfolio. Although Morguard is undervalued against its peers, we feel this is justified because of the weak growth prospect of its portfolio. Investors may want to seek opportunities elsewhere.