Morguard (MRC.TO), mcap=$1.2bn, price $113 vs $110

Developer of real estate projects in Canada and the U.S. Trades at 68% discount to NAV, well below historical levels.
Paying C$2.1bn mcap for C$1.8bn of cash listed securities + C$2.1bn of directly-owned real estate.
At 5.8x ’22 FFO is significantly below peer valuations.
Half of the portfolio is in multifamily residential and 23% in office space.
Consistent historical financial results.
The CEO owns 60% of the common.
Resumption of buybacks, monetization of properties, and post-covid recovery are expected to act as catalysts.