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MEQ operates as a real estate corporation (not a REIT) focusing on managing residential rental apartments and is now trading at 23.2x times' Forward P/E, but only at 1.1x Book value. The company is not a REIT but a real estate company, as the company focuses on reinvesting and does not pay any meaningful dividends. (to be qualified as a REIT, the company needs to pay out a certain percentage of its income as dividends). MEQ is a very well-managed company with consistent revenue growth, around 12% on average. Like other real estate companies, the balance sheet is leveraged, with a net debt of $1.7B. The net debt/EBITDA is currently around 12.1x. MEQ reinvested heavily into acquiring new properties. As a result, the company paid minimal dividends and limited share repurchases over the last few years. We think MEQ has the potential to be a compounder, trading near 1.0x Book value is also an attractive valuation, but the leverage levels need to be monitored carefully, as the debt is quite high. But it is up 15% YTD and 21% in a year, and has certainly outperformed the sector. Insiders also own more than 48%.