Allied Properties Real Estate Investment Trust

TSX:AP.UN

Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

AP.UN

TSX

CA$5B

Market Cap

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Last updated 2019/06/18 23:48

Company description

Allied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada’s major cities and (ii) network-dense urban data centres in Toronto that form Canada’s hub for global connectivity. The last earnings update was 48 days ago. More info.

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AP.UN Share Price and Events

7 Day Returns

0.9%

TSX:AP.UN

0.4%

CA REITs

0.4%

CA Market

1 Year Returns

12.9%

TSX:AP.UN

9.5%

CA REITs

-3%

CA Market

AP.UN Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Allied Properties Real Estate Investment Trust (AP.UN)	0.9%	-1.3%	-0.1%	12.9%	28.1%	38.1%
CA REITs	0.4%	0.7%	1.4%	9.5%	10.8%	17.6%
CA Market	0.4%	-1%	-0.6%	-3%	10.9%	1.6%

1 Year Return vs Industry and Market

AP.UN outperformed the REITs industry which returned 9.5% over the past year.
AP.UN outperformed the Market in Canada which returned -3% over the past year.

Price Volatility

AP.UN

Industry

5yr Volatility vs Market

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Value

Is Allied Properties Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Here we compare the current share price of Allied Properties Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Allied Properties Real Estate Investment Trust.

TSX:AP.UN Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations	Average of 1 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	6.7%
Perpetual Growth Rate	10-Year CA Government Bond Rate	1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:AP.UN
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year CA Govt Bond Rate	1.9%
Equity Risk Premium	S&P Global	6%
REITs Unlevered Beta	Simply Wall St/ S&P Global	0.49
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.493 (1 + (1- 26.5%) (38.58%))	0.754
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	0.8
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 1.95% + (0.8 * 5.96%)	6.72%

Discounted Cash Flow Calculation for TSX:AP.UN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Allied Properties Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Allied Properties Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

TSX:AP.UN DCF 1st Stage: Next 10 year cash flow forecast
	Adjusted Funds From Operations (AFFO) (CAD, Millions)	Source	Present Value Discounted (@ 6.72%)
2019	213.10	Analyst x2	199.69
2020	231.20	Analyst x2	203.02
2021	240.96	Est @ 4.22%	198.27
2022	249.49	Est @ 3.54%	192.37
2023	257.12	Est @ 3.06%	185.79
2024	264.14	Est @ 2.73%	178.84
2025	270.72	Est @ 2.49%	171.77
2026	277.03	Est @ 2.33%	164.71
2027	283.16	Est @ 2.21%	157.76
2028	289.21	Est @ 2.13%	150.99
Present value of next 10 years cash flows			CA$1,803.22

TSX:AP.UN DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = CA$289.21 × (1 + 1.95%) ÷ (6.72% – 1.95%)	CA$6,183.66
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = CA$6,183.66 ÷ (1 + 6.72%)¹⁰	CA$3,228.42

TSX:AP.UN Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = CA$1,803.22 + CA$3,228.42	CA$5,031.65
Equity Value per Share (CAD)	= Total value / Shares Outstanding = CA$5,031.65 / 109.10	CA$46.12

TSX:AP.UN Discount to Share Price
	Calculation	Result
Value per share (CAD)	From above.	CA$46.12
Current discount	Discount to share price of CA$48.60 = -1 x (CA$48.60 - CA$46.12) / CA$46.12	-5.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

The current share price of Allied Properties Real Estate Investment Trust is above its future cash flow value.

Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Allied Properties Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Allied Properties Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

TSX:AP.UN PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2019-03-31) in CAD	CA$5.94
TSX:AP.UN Share Price **	TSX (2019-06-18) in CAD	CA$48.6
Canada REITs Industry PE Ratio	Median Figure of 40 Publicly-Listed REITs Companies	9.97x
Canada Market PE Ratio	Median Figure of 545 Publicly-Listed Companies	15.01x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Allied Properties Real Estate Investment Trust.

TSX:AP.UN PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= TSX:AP.UN Share Price ÷ EPS (both in CAD) = 48.6 ÷ 5.94	8.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Allied Properties Real Estate Investment Trust is good value based on earnings compared to the CA REITs industry average.
Allied Properties Real Estate Investment Trust is good value based on earnings compared to the Canada market.

Price based on expected Growth

Does Allied Properties Real Estate Investment Trust's expected growth come at a high price?

Raw Data

TSX:AP.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	8.19x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts	0.2%per year
North America REITs Industry PEG Ratio	Median Figure of 144 Publicly-Listed REITs Companies	2.45x
Canada Market PEG Ratio	Median Figure of 248 Publicly-Listed Companies	1.14x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Unable to calculate PEG ratio for Allied Properties Real Estate Investment Trust, we can't assess if its growth is good value.

Price based on value of assets

What value do investors place on Allied Properties Real Estate Investment Trust's assets?

Raw Data

TSX:AP.UN PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2019-03-31) in CAD	CA$43.12
TSX:AP.UN Share Price *	TSX (2019-06-18) in CAD	CA$48.6
Canada REITs Industry PB Ratio	Median Figure of 46 Publicly-Listed REITs Companies	0.96x
Canada Market PB Ratio	Median Figure of 2,414 Publicly-Listed Companies	1.41x

TSX:AP.UN PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSX:AP.UN Share Price ÷ Book Value per Share (both in CAD) = 48.6 ÷ 43.12	1.13x

* Primary Listing of Allied Properties Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Allied Properties Real Estate Investment Trust is overvalued based on assets compared to the CA REITs industry average.

Value checks

We assess Allied Properties Real Estate Investment Trust's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

How is Allied Properties Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

No analysts cover Allied Properties Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

0.2%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Allied Properties Real Estate Investment Trust expected to grow at an attractive rate?

Allied Properties Real Estate Investment Trust's earnings growth is positive but not above the low risk savings rate of 1.9%.

Growth vs Market Checks

Allied Properties Real Estate Investment Trust's earnings growth is positive but not above the Canada market average.
Allied Properties Real Estate Investment Trust's revenue growth is expected to exceed the Canada market average.

Annual Growth Rates Comparison

Raw Data

TSX:AP.UN Future Growth Rates Data Sources
Data Point	Source	Value (per year)
TSX:AP.UN Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts	0.2%
TSX:AP.UN Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts	8.4%
Canada REITs Industry Earnings Growth Rate	Market Cap Weighted Average	10%
Canada REITs Industry Revenue Growth Rate	Market Cap Weighted Average	5.2%
Canada Market Earnings Growth Rate	Market Cap Weighted Average	14.6%
Canada Market Revenue Growth Rate	Market Cap Weighted Average	6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

TSX:AP.UN Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 1 Analyst Estimates (S&P Global)	See Below

All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

TSX:AP.UN Future Estimates Data
Date (Data in CAD Millions)	Revenue	Cash Flow	Avg. No. Analysts
2021-12-31	559		1
2020-12-31	512	245	1
2019-12-31	468	211	1

TSX:AP.UN Past Financials Data
Date (Data in CAD Millions)	Revenue	Cash Flow	Net Income *
2019-03-31	446	217	599
2018-12-31	436	239	540
2018-09-30	431	219	466
2018-06-30	428	184	363
2018-03-31	424	207	363
2017-12-31	419	199	358
2017-09-30	416	200	459
2017-06-30	406	207	411
2017-03-31	398	183	367
2016-12-31	390	164	324
2016-09-30	379	160	206
2016-06-30	373	147	238

*GAAP earnings excluding extraordinary items.

High Growth Checks

Allied Properties Real Estate Investment Trust's earnings are expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
Allied Properties Real Estate Investment Trust's revenue is expected to grow by 8.4% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

TSX:AP.UN Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 1 Analyst Estimates (S&P Global)	See Below

All data from Allied Properties Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:AP.UN Future Estimates Data
Date (Data in CAD Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31

TSX:AP.UN Past Financials Data
Date (Data in CAD Millions)	EPS *
2019-03-31	5.94
2018-12-31	5.53
2018-09-30	4.90
2018-06-30	3.95
2018-03-31	4.04
2017-12-31	4.07
2017-09-30	5.34
2017-06-30	4.89
2017-03-31	4.45
2016-12-31	4.01
2016-09-30	2.60
2016-06-30	3.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

Unable to establish if Allied Properties Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Future performance checks

We assess Allied Properties Real Estate Investment Trust's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Allied Properties Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

How has Allied Properties Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare Allied Properties Real Estate Investment Trust's growth in the last year to its industry (REITs).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

Allied Properties Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
Allied Properties Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (65% vs 24%)
Allied Properties Real Estate Investment Trust's earnings growth has exceeded the CA REITs industry average in the past year (65% vs 12.6%).

Earnings and Revenue History

Allied Properties Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from Allied Properties Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:AP.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions)	Revenue	Net Income *	G+A Expenses
2019-03-31	445.99	598.75	21.13
2018-12-31	436.40	540.28	18.67
2018-09-30	431.22	466.07	16.62
2018-06-30	427.90	363.36	16.22
2018-03-31	424.05	362.79	14.80
2017-12-31	419.26	357.96	14.44
2017-09-30	416.05	458.62	12.39
2017-06-30	406.45	410.64	11.63
2017-03-31	398.02	366.70	11.29
2016-12-31	389.72	324.31	10.38
2016-09-30	379.25	205.74	10.38
2016-06-30	373.41	237.67	9.56
2016-03-31	369.73	295.46	9.97
2015-12-31	365.40	254.37	8.92
2015-09-30	359.90	291.64	8.52
2015-06-30	354.87	241.02	8.30
2015-03-31	344.48	132.73	7.50
2014-12-31	337.55	151.78	7.69
2014-09-30	330.37	141.58	4.40
2014-06-30	321.49	161.06	7.58
2014-03-31	314.27	227.78	7.45
2013-12-31	302.03	238.62	7.07
2013-09-30	289.37	304.11	7.06
2013-06-30	279.22	354.06	4.15
2013-03-31	268.49	340.55	4.60
2012-12-31	258.39	369.82	5.50
2012-09-30	246.80	298.28	8.81
2012-06-30	230.10	210.01	8.93

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

Allied Properties Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Allied Properties Real Estate Investment Trust used its assets more efficiently than the CA REITs industry average last year based on Return on Assets.
Allied Properties Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).

Show me more strong past performing companies in the REITs industry

Past performance checks

We assess Allied Properties Real Estate Investment Trust's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Allied Properties Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

How is Allied Properties Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Allied Properties Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Allied Properties Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
Allied Properties Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.

Balance sheet

This treemap shows a more detailed breakdown of Allied Properties Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

High level of physical assets or inventory.
Debt is not covered by short term assets, assets are 0.1x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from Allied Properties Real Estate Investment Trust Company Filings, last reported 2 months ago.

TSX:AP.UN Past Debt and Equity Data
Date (Data in CAD Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2019-03-31	4,704.51	2,045.74	90.35
2018-12-31	4,374.66	2,122.06	18.36
2018-09-30	4,277.17	1,906.35	46.63
2018-06-30	3,961.30	1,966.46	2.08
2018-03-31	3,596.92	2,177.65	15.89
2017-12-31	3,549.02	2,118.82	6.05
2017-09-30	3,514.09	2,149.19	104.71
2017-06-30	3,158.12	2,225.68	10.63
2017-03-31	3,071.07	2,109.24	7.65
2016-12-31	3,021.51	2,074.10	12.19
2016-09-30	2,887.97	2,083.54	72.02
2016-06-30	2,642.97	2,123.66	4.00
2016-03-31	2,602.04	1,834.87	4.48
2015-12-31	2,591.73	1,741.91	4.32
2015-09-30	2,564.48	1,709.23	6.63
2015-06-30	2,496.05	1,656.49	31.98
2015-03-31	2,389.02	1,492.33	8.90
2014-12-31	2,330.03	1,497.78	5.26
2014-09-30	2,261.96	1,460.67	1.21
2014-06-30	2,079.12	1,469.38	3.22
2014-03-31	2,077.16	1,386.04	2.76
2013-12-31	2,068.71	1,331.21	31.76
2013-09-30	2,012.77	1,310.15	41.59
2013-06-30	1,975.29	1,207.11	1.65
2013-03-31	1,907.21	1,184.17	35.43
2012-12-31	1,777.64	1,183.94	63.40
2012-09-30	1,542.28	1,178.23	86.85
2012-06-30	1,340.65	1,152.77	39.22

Allied Properties Real Estate Investment Trust's level of debt (40.2%) compared to net worth is high (greater than 40%).
The level of debt compared to net worth has been reduced over the past 5 years (66.8% vs 40.2% today).
Debt is not well covered by operating cash flow (11.5%, less than 20% of total debt).
Interest payments on debt are well covered by earnings (EBIT is 3.1x coverage).

Financial health checks

We assess Allied Properties Real Estate Investment Trust's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

Dividends

What is Allied Properties Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

3.28%

Current annual income from Allied Properties Real Estate Investment Trust dividends. Estimated to be 3.33% next year.

If you bought CA$2,000 of Allied Properties Real Estate Investment Trust shares you are expected to receive CA$66 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

Allied Properties Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
Allied Properties Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Canada (5.77%).

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

TSX:AP.UN Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 1 Analyst Estimates (S&P Global)	See Below
Canada REITs Industry Average Dividend Yield	Market Cap Weighted Average of 43 Stocks	5%
Canada Market Average Dividend Yield	Market Cap Weighted Average of 335 Stocks	3.6%
Canada Minimum Threshold Dividend Yield	10th Percentile	1.2%
Canada Bottom 25% Dividend Yield	25th Percentile	2.1%
Canada Top 25% Dividend Yield	75th Percentile	5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:AP.UN Future Dividends Estimate Data
Date (Data in CA$)	Dividend per Share (annual)	Avg. No. Analysts
2021-12-31	1.68	1.00
2020-12-31	1.63	7.00
2019-12-31	1.60	7.00

TSX:AP.UN Past Annualized Dividends Data
Date (Data in CA$)	Dividend per share (annual)	Avg. Yield (%)
2019-05-15	1.596	3.265
2019-04-15	1.596	3.323
2019-03-15	1.596	3.268
2019-02-15	1.596	3.327
2019-01-15	1.596	3.408
2018-12-04	1.596	3.570
2018-11-15	1.560	3.495
2018-10-15	1.560	3.661
2018-09-17	1.560	3.617
2018-08-15	1.560	3.545
2018-07-16	1.560	3.628
2018-06-15	1.560	3.699
2018-05-15	1.560	3.659
2018-04-16	1.560	3.720
2018-03-15	1.560	3.842
2018-02-15	1.560	3.766
2018-01-15	1.560	3.815
2017-12-06	1.560	3.737
2017-11-16	1.530	3.662
2017-10-16	1.530	3.692
2017-08-23	1.530	3.906
2017-07-18	1.530	3.949
2017-06-15	1.530	3.941
2017-05-17	1.530	4.004
2017-04-17	1.530	4.088
2017-03-22	1.530	4.156
2017-02-17	1.530	4.284
2017-01-19	1.530	4.406
2016-12-07	1.530	4.331
2016-11-21	1.500	4.430
2016-10-19	1.500	4.297
2016-09-15	1.500	4.008
2016-08-15	1.500	3.977
2016-07-18	1.500	3.856
2016-06-15	1.500	3.912
2016-05-16	1.500	4.061
2016-04-20	1.500	4.219
2016-03-15	1.500	4.343
2016-02-17	1.500	4.637
2016-01-21	1.500	4.777
2015-12-09	1.500	4.804
2015-11-19	1.459	4.502
2015-10-21	1.459	4.273
2015-09-18	1.459	4.202
2015-08-20	1.459	4.208
2015-07-21	1.459	4.026
2015-06-18	1.459	4.011
2015-05-20	1.459	4.039
2015-04-21	1.459	3.719
2015-03-20	1.459	3.618
2015-02-18	1.459	3.729
2015-01-19	1.459	3.690
2014-12-10	1.459	3.847
2014-11-20	1.410	3.768
2014-10-21	1.410	3.903
2014-09-22	1.410	4.091
2014-08-19	1.410	3.982
2014-07-16	1.410	3.979
2014-06-18	1.410	4.036
2014-04-21	1.410	4.027
2014-03-19	1.410	4.131
2014-02-20	1.410	4.200
2014-01-17	1.410	4.313
2013-11-12	1.410	4.335
2013-10-22	1.360	4.056
2013-09-18	1.360	4.141
2013-08-16	1.360	4.358
2013-07-19	1.360	4.366
2013-06-18	1.360	4.305
2013-05-21	1.360	4.160
2013-04-16	1.360	4.020
2013-03-19	1.360	4.112
2013-02-19	1.360	4.013
2013-01-16	1.360	3.935
2012-12-17	1.360	4.142
2012-10-18	1.320	4.188
2012-09-18	1.320	4.191
2012-08-17	1.320	4.278
2012-07-19	1.320	4.376
2012-06-18	1.320	4.563
2012-05-16	1.320	4.669
2012-04-17	1.320	4.842
2012-03-20	1.320	5.081
2012-02-16	1.320	4.999
2012-01-18	1.320	5.103
2011-12-19	1.320	5.187
2011-11-18	1.320	5.474
2011-10-18	1.320	5.527
2011-09-19	1.320	5.624
2011-08-16	1.320	5.682
2011-07-18	1.320	5.728
2011-06-16	1.320	5.610
2011-05-18	1.320	5.661
2011-04-19	1.320	5.629
2011-03-17	1.320	5.958
2011-02-18	1.320	5.993
2011-01-18	1.320	6.074
2010-12-16	1.320	6.125
2010-11-16	1.320	6.049
2010-10-18	1.320	5.900
2010-09-16	1.320	6.000
2010-08-17	1.320	6.256
2010-07-16	1.320	6.479
2010-06-16	1.320	6.572
2010-05-18	1.320	6.729
2010-04-19	1.320	6.419
2010-03-16	1.320	6.476
2010-02-16	1.320	6.811
2010-01-18	1.320	6.796
2009-12-16	1.320	6.916
2009-11-17	1.320	7.417
2009-10-16	1.320	7.771
2009-09-24	1.320	7.999
2009-08-17	1.320	7.854
2009-07-16	1.320	8.467

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Dividends per share have been stable in the past 10 years.
Dividends per share have increased over the past 10 years.

Current Payout to shareholders

What portion of Allied Properties Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.

Dividends paid are covered by earnings (1.4x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be covered by earnings (1.6x coverage).

Show me more dividend paying companies in the REITs industry

Income/ dividend checks

We assess Allied Properties Real Estate Investment Trust's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Allied Properties Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

Management

What is the CEO of Allied Properties Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Michael Emory

COMPENSATION	CA$4,053,238
AGE	62
TENURE AS CEO	31.4 years

CEO Bio

Mr. Michael R. Emory has been the Chief Executive Officer and President of Allied Properties REIT since 2003. Mr. Emory is active in the commercial real estate business. He has experience in Real Estate, Senior Executive, Risk Management, Corporate Governance, Strategic Planning and Human Resources/Compensation. Mr. Emory served as the President and Chief Executive Officer of Allied Canadian Corporation. He was a Partner at Aird & Berlis LLP. He has been an Independent Director of Equitable Bank and Equitable Group Inc. since May 2014. He has been a Non-Independent Trustee of Allied Properties REIT since 2003. He served as a Director of Allied Canadian Corporation since 1988. He served as President of Greater Toronto Chapter of the National Association of Industrial and Office Properties. He serves as a Director of the National Association of Industrial and Office Properties. He serves as a Director of Real Property Association of Canada. Mr. Emory received his Bachelor of Arts (Honours) degree from Queen's University and his J.D. from the University of Toronto.

CEO Compensation

Michael's compensation has been consistent with company performance over the past year, both up more than 20%.
Michael's remuneration is about average for companies of similar size in Canada.

Management Team Tenure

Average tenure and age of the Allied Properties Real Estate Investment Trust management team in years:

3.3

Average Tenure

Average Age

The tenure for the Allied Properties Real Estate Investment Trust management team is about average.

1.4 yrs

Luqman Ahmad

TITLE

Senior Vice President of Finance & Accounting

David Silva

TITLE

Vice President of Technology

TENURE

2.3 yrs

Jennifer Irwin

TITLE

Vice President of Human Resources & Communications

COMPENSATION

CA$278K

TENURE

8.4 yrs

Doug Riches

TITLE

Senior Vice President of Urban Data Centres

COMPENSATION

CA$375K

AGE

67

TENURE

1.9 yrs

Colin Worrell

TITLE

Managing Director of Leasing

Board of Directors Tenure

Average tenure and age of the Allied Properties Real Estate Investment Trust board of directors in years:

13.1

Average Tenure

Average Age

The average tenure for the Allied Properties Real Estate Investment Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.

Board of Directors

Gord Cunningham

TITLE

Chairman of the Board

COMPENSATION

CA$145K

AGE

73

TENURE

17.4 yrs

Michael Emory

TITLE

Recent Insider Trading

No 3 month insider trading information.

Recent Insider Transactions

Announced	Type	Name	Entity	Start	End	Shares	Max Price (CA$)	Value (CA$)
14. Mar 19	Sell	James Griffiths	Individual	12. Mar 19	12. Mar 19	-2,000	CA$47.75	CA$-95,500
08. Mar 19	Sell	Gordon Cunningham	Individual	06. Mar 19	06. Mar 19	-438	CA$48.20	CA$-21,109
02. Jan 19	Buy	Margaret Nelligan	Individual	27. Dec 18	27. Dec 18	550	CA$44.49	CA$24,470

Management checks

We assess Allied Properties Real Estate Investment Trust's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Be Excited About Allied Properties Real Estate Investment Trust's (TSE:AP.UN) 13% Return On Equity?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Allied Properties Real Estate Investment Trust: 13% = CA$599m ÷ CA$4.7b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … As is clear from the image below, Allied Properties Real Estate Investment Trust has a better ROE than the average (9.4%) in the REITs industry. … Combining Allied Properties Real Estate Investment Trust's Debt And Its 13% Return On Equity While Allied Properties Real Estate Investment Trust does have some debt, with debt to equity of just 0.40, we wouldn't say debt is excessive.

Simply Wall St - 1 week ago – Full article

Does Allied Properties Real Estate Investment Trust's (TSE:AP.UN) CEO Pay Compare Well With Peers?

View our latest analysis for Allied Properties Real Estate Investment Trust How Does Michael Emory's Compensation Compare With Similar Sized Companies? … According to our data, Allied Properties Real Estate Investment Trust has a market capitalization of CA$5.4b, and pays its CEO total annual compensation worth CA$4.1m. … Boasting a total shareholder return of 49% over three years, Allied Properties Real Estate Investment Trust has done well by shareholders.

Simply Wall St - 3 weeks ago – Full article

Allied Properties Real Estate Investment Trust (TSE:AP.UN) Shareholders Booked A 38% Gain In The Last Five Years

To wit, the Allied Properties Real Estate Investment Trust share price has climbed 38% in five years, easily topping the market return of 4.3% (ignoring dividends). … During five years of share price growth, Allied Properties Real Estate Investment Trust achieved compound earnings per share (EPS) growth of 12% per year. … TSX:AP.UN Past and Future Earnings, May 16th 2019 We know that Allied Properties Real Estate Investment Trust has improved its bottom line lately, but is it going to grow revenue?

Simply Wall St - 1 month ago – Full article

Is Allied Properties Real Estate Investment Trust's (TSE:AP.UN) 3.4% Dividend Worth Your Time?

Dividend paying stocks like Allied Properties Real Estate Investment Trust (TSE:AP.UN) tend to be popular with investors, and for good reason - some research shows that a significant amount of all stock market returns come from reinvested dividends. … With Allied Properties Real Estate Investment Trust yielding 3.4% and having paid a dividend for over 10 years, many investors likely find the company quite interesting. … There are a few simple ways to reduce the risks of buying Allied Properties Real Estate Investment Trust for its dividend, and we'll go through these below.

Simply Wall St - 1 month ago – Full article

Does Allied Properties Real Estate Investment Trust (TSE:AP.UN) Deserve A Spot On Your Watchlist?

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in Allied Properties Real Estate Investment Trust (TSE:AP.UN). … See our latest analysis for Allied Properties Real Estate Investment Trust? … Allied Properties Real Estate Investment Trust maintained stable EBIT margins over the last year, all while growing revenue 4.1% to CA$436m.

Simply Wall St - 1 month ago – Full article

Allied Properties Real Estate Investment Trust (TSE:AP.UN) Insiders Have Been Selling

So shareholders might well want to know whether insiders have been buying or selling shares in Allied Properties Real Estate Investment Trust (TSE:AP.UN). … Allied Properties Real Estate Investment Trust Insider Transactions Over The Last Year. … In total, Allied Properties Real Estate Investment Trust insiders sold more than they bought over the last year

Simply Wall St - 2 months ago – Full article

Investing In Allied Properties Real Estate Investment Trust (TSE:AP.UN): What You Need To Know

Allied Properties Real Estate Investment Trust is a CA$5.0b. … real estate investment trust (REIT) based in Toronto, Canada. … See our latest analysis for Allied Properties Real Estate Investment Trust

Simply Wall St - 3 months ago – Full article

What Kind Of Shareholder Owns Most Allied Properties Real Estate Investment Trust (TSE:AP.UN) Stock?

If you want to know who really controls Allied Properties Real Estate Investment Trust (TSE:AP.UN), then you'll have to look at the makeup of its share registry. … Generally speaking, as a company grows, institutions will increase their ownership. … Allied Properties Real Estate Investment Trust is a pretty big company.

Simply Wall St - 4 months ago – Full article

What Allied Properties Real Estate Investment Trust's (TSE:AP.UN) ROE Can Tell Us

To keep the lesson grounded in practicality, we'll use ROE to better understand Allied Properties Real Estate Investment Trust (TSE:AP.UN). … Our data shows Allied Properties Real Estate Investment Trust has a return on equity of 11% for the last year. … View our latest analysis for Allied Properties Real Estate Investment Trust?

Simply Wall St - 5 months ago – Full article

Who Has Been Selling Allied Properties Real Estate Investment Trust (TSE:AP.UN) Shares?

So before you buy or sell Allied Properties Real Estate Investment Trust (TSE:AP.UN), you may well want to know whether insiders have been buying or selling. … Allied Properties Real Estate Investment Trust Insider Transactions Over The Last Year. … All up, insiders sold more shares in Allied Properties Real Estate Investment Trust than they bought, over the last year.

Simply Wall St - 5 months ago – Full article

Company Info

Description

Allied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada’s major cities and (ii) network-dense urban data centres in Toronto that form Canada’s hub for global connectivity. Allied’s business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.

Details

Name:	Allied Properties Real Estate Investment Trust
Ticker:	AP.UN
Exchange:	TSX
Founded:	2002
Market Cap:	CA$5,302,078,381
Shares outstanding:	109,096,263
Website:	http://www.alliedreit.com
Address:	Allied Properties Real Estate Investment Trust 134 Peter Street, Suite 1700, Toronto, Ontario, M5V 2H2, Canada

Listings

	Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
	TSX	AP.UN	Trust Units	The Toronto Stock Exchange	CA	CAD	20. Feb 2003
	OTCPK	APYR.F	Trust Units	Pink Sheets LLC	US	USD	20. Feb 2003

Number of employees

Current staff

263

Allied Properties Real Estate Investment Trust employees.

Industry

Industry:	Office REITs
Sector:	Real Estate

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/06/18 23:48
End of day share price update:	2019/06/18 00:00
Last estimates confirmation:	2019/06/11
Last earnings filing:	2019/05/01
Last earnings reported:	2019/03/31
Last annual earnings reported:	2018/12/31

All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)