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Nitor Capital

 
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  • Pure Multi-Family REIT And Agellan Commercial REIT: 8% Yields With Plenty Of Upside
    Wed, Jul. 23 PMULF, ACRVF 32 Comments

    Summary

    • Canadian-listed equities with US-based assets/businesses are inefficiently priced and offer compelling investments.
    • Pure Multi-Family REIT, a Canadian-listed Residential REIT with 100% of its real estate in the US, sells at just 10x Funds From Operations and yields 8%.
    • Agellan Comercial REIT, a Canadian-listed Commercial REIT with predominantly US properties, sells at under 8x FFO and yields over 8%.
  • Update: Morguard Corporation
       • Thu, Jul. 17 MRCBF 3 Comments

    Summary

    • Even after appreciating by 13.5% year-to-date Morguard continues to offer significant upside.
    • Morguard still represents one of the most unique and undervalued real estate investment opportunities available to investors and should garner a premium valuation.
    • Recently completed new development projects will further increase both NAV and earnings going forward.
  • Morguard Corp: A Diverse High Quality Real Estate Portfolio That Sells At A 50% Discount
       • Wed, Mar. 12 MRCBF 25 Comments

    Summary

    • Morguard owns US and Canadian real estate, two REITs, and an asset management business that manages over $15 billion in real estate assets.
    • Combined, these assets are worth $2.46 billion or $195 per share.
    • The value of Morguard's assets represent a 50% premium to the current market cap, which is just $1.6 billion or $129 per share.
  • Federated National Holdings Company - Buying Into A Fixed Income Portfolio At A Significant Discount
       • Mar. 6, 2013 FNHC 8 Comments