MRG has spent $5.8mm on its NCIB since December 2022 after years without activity. Insiders have also made net purchases of $580k.
I believe the low occupancy you noted for the GTA apartments was a strategic choice to avoid rushing to fill rent-controlled apartments when the market was relatively weak. When tenants have an opportunity to get in at a good price they may stay for a long-time and depress future rent growth. Occupancy rebounded to 98.6% at 3/31/23.
Thanks Koneko. I've seen and appreciated the buybacks and the excellent performance of the GTA apartments since this was written. Those are valuable addendums to new readers.
Great review! A couple of things to update:
MRG has spent $5.8mm on its NCIB since December 2022 after years without activity. Insiders have also made net purchases of $580k.
I believe the low occupancy you noted for the GTA apartments was a strategic choice to avoid rushing to fill rent-controlled apartments when the market was relatively weak. When tenants have an opportunity to get in at a good price they may stay for a long-time and depress future rent growth. Occupancy rebounded to 98.6% at 3/31/23.
Thanks Koneko. I've seen and appreciated the buybacks and the excellent performance of the GTA apartments since this was written. Those are valuable addendums to new readers.