Even after appreciating 13.5% through the first half of the year, Morguard's (OTC:MRCBF) equity is still valued at under C$1.8 billion. We continue to believe Morguard represents one of the most unique and undervalued real estate investment opportunities available to investors and should therefore garner a premium valuation. Compared to the following alternatives for gaining exposure to a large-scale real estate portfolio, Morguard looks rather attractive:
· Private Market Real Estate Deals: Unless you are the general partner or lead investor, most real estate investment vehicles are structured in the form of limited partnerships or preferred equity investments. In these structures, the general partner will typically charge management fees and incentive fees, which reduce the investor's overall returns...
|FREE||SA PRO MEMBERS|
|IDEA GENERATOR||X||Exclusive access to 10 PRO ideas every day|
|INVESTING IDEAS LIBRARY||X||Exclusive access to PRO library of more than 15,000 ideas|
|SECTOR EXPERT NETWORK||X||Exclusive access to all sector experts for direct consultation|
|PERFORMANCE TRACKING||X||Track performance of all PRO stock ideas|
|PROFESSIONAL TOOLS||X||Professional Idea Filters to zero-in based on industry, market cap and more|