Allied Properties Real Estate Investment Trust
Market Cap
CA$6.3b
Last Updated
2019/11/16 23:48 UTC
Data Sources
Company Financials +
Executive Summary
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.
Snowflake
Fundamentals
Established dividend payer with questionable track record.
Share Price & News
How has Allied Properties Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: AP.UN has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
1.6%
AP.UN
1.7%
CA REITs
0.6%
CA Market
1 Year Return
23.2%
AP.UN
14.3%
CA REITs
7.1%
CA Market
Return vs Industry: AP.UN exceeded the Canadian REITs industry which returned 14.3% over the past year.
Return vs Market: AP.UN exceeded the Canadian Market which returned 7.1% over the past year.
Shareholder returns
| AP.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.6% | 1.7% | 0.6% |
| 30 Day | 1.0% | -0.3% | 3.2% |
| 90 Day | 4.8% | 3.1% | 4.3% |
| 1 Year | 27.3%23.2% | 20.3%14.3% | 10.7%7.1% |
| 3 Year | 83.1%63.8% | 47.6%24.4% | 18.4%7.8% |
| 5 Year | 75.7%44.8% | 63.9%22.2% | 26.8%8.2% |
Price Volatility Vs. Market
How volatile is Allied Properties Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
How Much Of Allied Properties Real Estate Investment Trust (TSE:AP.UN) Do Institutions Own?3 months ago | Simply Wall St
Have Allied Properties Real Estate Investment Trust (TSE:AP.UN) Insiders Been Selling Their Stock?3 months ago | Simply Wall St
Just 4 Days Before Allied Properties Real Estate Investment Trust (TSE:AP.UN) Will Be Trading Ex-DividendValuation
Is Allied Properties Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
11.74x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: AP.UN (CA$54.07) is trading above our estimate of fair value (CA$53.53)
Significantly Below Fair Value: AP.UN is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: AP.UN is poor value based on its PE Ratio (11.7x) compared to the REITs industry average (10.2x).
PE vs Market: AP.UN is good value based on its PE Ratio (11.7x) compared to the Canadian market (14.6x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate AP.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: AP.UN is overvalued based on its PB Ratio (1.2x) compared to the CA REITs industry average (1x).
Next Steps
Future Growth
How is Allied Properties Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
4.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: AP.UN's forecast earnings growth (4.4% per year) is above the savings rate (1.9%).
Earnings vs Market: AP.UN's earnings (4.4% per year) are forecast to grow slower than the Canadian market (9.9% per year).
High Growth Earnings: AP.UN's earnings are forecast to grow, but not significantly.
Revenue vs Market: AP.UN's revenue (8.2% per year) is forecast to grow faster than the Canadian market (4.8% per year).
High Growth Revenue: AP.UN's revenue (8.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if AP.UN's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Allied Properties Real Estate Investment Trust performed over the past 5 years?
24.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: AP.UN has large one-off items impacting its financial results.
Growing Profit Margin: AP.UN's current net profit margins (102.3%) are lower than last year (108.1%).
Past Earnings Growth Analysis
Earnings Trend: AP.UN's earnings have grown significantly by 24.2% per year over the past 5 years.
Accelerating Growth: AP.UN's earnings growth over the past year (7.6%) is below its 5-year average (24.2% per year).
Earnings vs Industry: AP.UN earnings growth over the past year (7.6%) exceeded the REITs industry 7%.
Return on Equity
High ROE: AP.UN's Return on Equity (9.7%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Allied Properties Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: AP.UN has a high level of physical assets or inventory.
Debt Coverage by Assets: AP.UN's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: AP.UN's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if AP.UN has a sufficient allowance for bad loans.
Low Risk Liabilities: AP.UN reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if AP.UN has an acceptable proportion of non-loan assets held.
Low Risk Deposits: AP.UN has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if AP.UN has an appropriate level of bad loans.
Next Steps
Dividend
What is Allied Properties Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
2.95%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: AP.UN's dividend (2.95%) is higher than the bottom 25% of dividend payers in the Canadian market (2%).
High Dividend: AP.UN's dividend (2.95%) is low compared to the top 25% of dividend payers in the Canadian market (5.67%).
Stability and Growth of Payments
Stable Dividend: AP.UN's dividends per share have been stable in the past 10 years.
Growing Dividend: AP.UN's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (84%), AP.UN's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: AP.UN's dividends in 3 years are forecast to be thoroughly covered by earnings (0.5% payout ratio).
Next Steps
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?
3.8yrs
Average management tenure
CEO
Michael Emory (63yo)
31.8yrs
Tenure
CA$4,053,238
Compensation
Mr. Michael R. Emory has been the Chief Executive Officer and President of Allied Properties REIT since 2003. Mr. Emory is active in the commercial real estate business. He has experience in Real Estate, S ...
CEO Compensation Analysis
Compensation vs Market: Michael's total compensation ($USD3.06M) is about average for companies of similar size in the Canadian market ($USD2.90M).
Compensation vs Earnings: Michael's compensation has increased by more than 20% in the past year.
Management Age and Tenure
3.8yrs
Average Tenure
59yo
Average Age
Experienced Management: AP.UN's management team is considered experienced (3.8 years average tenure).
Board Age and Tenure
13.5yrs
Average Tenure
72yo
Average Age
Experienced Board: AP.UN's board of directors are seasoned and experienced ( 13.5 years average tenure).
Insider Trading
Insider Buying: AP.UN insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Member of the Board of Directors |
| Shares | 7,212 |
| Max Price | CA$53.86 |
| Entity | Individual |
| Role | Chairman of the Board Chairman of the Board |
| Shares | 5,000 |
| Max Price | CA$53.85 |
| Entity | Individual |
| Role | Chairman of the Board Chairman of the Board |
| Shares | 5,000 |
| Max Price | CA$50.53 |
| Entity | Company |
| Shares | 1,300 |
| Max Price | CA$50.75 |
| Entity | Individual |
| Role | Member of the Board of Directors |
| Shares | 2,000 |
| Max Price | CA$47.75 |
| Entity | Individual |
| Role | Chairman of the Board Chairman of the Board |
| Shares | 438 |
| Max Price | CA$48.20 |
| Entity | Individual |
| Role | Member of the Board of Directors |
| Shares | 550 |
| Max Price | CA$44.49 |
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.6%.
Management Team
Michael Emory (63yo)
President
- Tenure: 31.8yrs
- Compensation: CA$4.05m
Tom Burns (63yo)
Executive VP & COO
- Tenure: 7.8yrs
- Compensation: CA$2.02m
Jennifer Irwin
Vice President of Human Resources & Communications
- Tenure: 8.8yrs
- Compensation: CA$278.20k
Tim Low (55yo)
Senior Vice President of Leasing
- Tenure: 2.3yrs
- Compensation: CA$467.95k
Doug Riches (68yo)
Senior Vice President of Urban Data Centres
- Tenure: 2.3yrs
- Compensation: CA$374.64k
Hugh Clark (42yo)
Executive Vice President of Development
- Tenure: 1.8yrs
- Compensation: CA$412.89k
Cecilia Williams (42yo)
Executive VP & CFO
- Tenure: 4.8yrs
- Compensation: CA$1.14m
Luqman Ahmad
Senior Vice President of Finance & Accounting
- Tenure: 0yrs
David Silva
Vice President of Technology
- Tenure: 2.7yrs
Colin Worrell
Managing Director of Leasing
- Tenure: 0yrs
Board Members
Gord Cunningham (74yo)
Chairman of the Board
- Tenure: 17.8yrs
- Compensation: CA$145.00k
Michael Emory (63yo)
President
- Tenure: 31.8yrs
- Compensation: CA$4.05m
Gerry Connor (73yo)
- Tenure: 17.1yrs
- Compensation: CA$115.00k
Margaret Nelligan (60yo)
- Tenure: 4.5yrs
- Compensation: CA$90.00k
Jim Griffiths (72yo)
- Tenure: 13.5yrs
- Compensation: CA$90.00k
Lois Cormack (58yo)
- Tenure: 1.5yrs
- Compensation: CA$60.00k
Peter Sharpe (72yo)
- Tenure: 7.5yrs
- Compensation: CA$90.00k
Company Information
Allied Properties Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Allied Properties Real Estate Investment Trust
- Ticker: AP.UN
- Exchange: TSX
- Founded: 2002
- Industry: Office REITs
- Sector: Real Estate
- Market Cap: CA$6.287b
- Shares outstanding: 116.27m
- Website: https://www.alliedreit.com
Number of Employees
Location
- Allied Properties Real Estate Investment Trust
- 134 Peter Street
- Suite 1700
- Toronto
- Ontario
- M5V 2H2
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| AP.UN | TSX (The Toronto Stock Exchange) | Yes | Trust Units | CA | CAD | Feb 2003 |
| APYR.F | OTCPK (Pink Sheets LLC) | Yes | Trust Units | US | USD | Feb 2003 |
Biography
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 connectiv ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/11/16 23:48 |
| End of Day Share Price | 2019/11/15 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.