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gym97

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  1. gym97

    mReits

    for those in Canada, MTG (Timbercreek Senior). They have been buying back shares to narrow the price / NAV discount to their detriment and to shareholder's benefit, i.e. this will lower their fees. Management passes along all loan fees to unitholders (i.e. they have no incentive to churn) and they publicly said that they will be buying shares personally in the last conference call. Unlike the US, in Canada, there is a huge dearth of capital between traditional bank debt and traditional equity, which is where mortgage REITs come into play. Average duration is less than 2 years and exposure to Alberta is minimal. All loans are variable rate. I don't foresee rising rates to be a problem here. They are trading at a 0.78x NAV and I think they are unfairly being lumped in with US mREITs, many of whom may have poorer management incentives.
  2. for anybody that is interested. http://www.fairfaxindia.ca/news/press-releases/press-release-details/2015/Fairfax-India-to-Acquire-45-of-ADI-Finechem-Limited-and-to-Make-an-Open-Offer-for-an-Additional-26-of-ADI-Finechem-Limited/default.aspx
  3. packer, besides liquidity, do you see any disadvantage from holding the savings shares? assuming you don't care about liquidity, it almost seems like the savings shares should trade at a premium given the buzzi family are majority owners anyways. I think buzzi savings shares look cheap but there has always been a discount to the regular common shares.
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