Further to the above - Positive Catalysts: 1. Recent Acquisition: MGR recently acquired Serenitas, indicating strategic moves for growth. 2. Expectations of Q2 Developments: Anticipating positive developments in Q2, including a pick-up in residential sales. Capital partnering, leasing developments, and potential asset sales to fund the pipeline are expected, suggesting optimism for future growth. 3. Positive Portfolio Stats: Despite challenges, some segments showed positive indicators, such as BTR leasing at LIV Munro increasing to 68%, rents at LIV Indigo growing by +8.8%, and leasing spreads in various segments. 4. Strong Demand and Limited Supply: Despite affordability concerns, the residential market is expected to be supported by strong demand (record immigrations, vacancy <2%, 10% rent growth) and limited supply. 5. Retail Segment Performance: The retail segment experienced a lift in MAT (+8.4%), driven by higher visitation.Positive leasing spreads and a slight increase in occupancy costs suggest a relatively stable retail segment.
Overall: While there are clear challenges and negatives, the presence of recent strategic moves, positive expectations for the future, and certain favorable indicators in different segments provide a mixed outlook for MGR. I'm more on the positive front.
MGR Price at posting:
$1.85 Sentiment: Buy Disclosure: Held
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