Canadian Apartment Properties Real Estate Investment Trust
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CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (“MHC”) primarily located in and near major urban centres across Canada. The last earnings update was 38 days ago. More info.
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CAR.UN Share Price and Events
7 Day Returns
1 Year Returns
CAR.UN Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) | -3.6% | -3.4% | -7.6% | 20% | 66.6% | 116.9% |
| CA REITs | -1.1% | -1.9% | -4.7% | -0.6% | 12.3% | 11.9% |
| CA Market | -1.3% | -3.2% | -8.9% | -10.3% | 13.7% | 4.3% |
1 Year Return vs Industry and Market
- CAR.UN outperformed the REITs industry which returned -0.6% over the past year.
- CAR.UN outperformed the Market in Canada which returned -10.3% over the past year.
Value
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
Canadian Apartment 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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Canadian Apartment Properties Real Estate Investment Trust.
| 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 4 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.5% |
| Perpetual Growth Rate | 10-Year CA Government Bond Rate | 2.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year CA Govt Bond Rate | 2.3% |
| Equity Risk Premium | S&P Global | 7.7% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.36 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.357 (1 + (1- 26.5%) (59.7%)) |
0.514 |
| 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)
= 2.34% + (0.8 * 7.66%) |
8.47% |
Discounted Cash Flow Calculation for TSX:CAR.UN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Canadian Apartment Properties Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
Canadian Apartment 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.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Adjusted Funds From Operations (AFFO) (CAD, Millions) | 260.55 | 261.20 | 283.65 | 308.02 | 334.49 |
| Source | Analyst x4 | Analyst x2 | Est @ 8.59% | Est @ 8.59% | Est @ 8.59% |
|
Present Value Discounted (@ 8.47%) |
240.21 | 222.01 | 222.27 | 222.52 | 222.78 |
| Present value of next 5 years cash flows | CA$1,129.79 |
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= CA$334.49 × (1 + 2.34%) ÷ (8.47% – 2.34%) |
CA$5,586.11 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= CA$5,586.11 ÷ (1 + 8.47%)5 |
CA$3,720.50 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= CA$1,129.79 + CA$3,720.50 |
CA$4,850.28 |
| Equity Value per Share (CAD) |
= Total value / Shares Outstanding
= CA$4,850.28 / 145.61 |
CA$33.1 |
| Calculation | Result | |
|---|---|---|
| Value per share (CAD) | From above. | CA$33.10 |
| Current discount | Discount to share price of
CA$45.36
= -1 x (CA$45.36 - CA$33.10) / CA$33.10 |
-37% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Canadian Apartment Properties Real Estate Investment Trust is above its future cash flow value.
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 Canadian Apartment 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
Canadian Apartment Properties Real Estate Investment Trust's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-09-30) in CAD | CA$6.09 |
| TSX:CAR.UN Share Price ** | TSX (2018-12-14) in CAD | CA$45.36 |
| Canada REITs Industry PE Ratio | Median Figure of 41 Publicly-Listed REITs Companies | 8.27x |
| Canada Market PE Ratio | Median Figure of 551 Publicly-Listed Companies | 13.23x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Canadian Apartment Properties Real Estate Investment Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = TSX:CAR.UN Share Price ÷ EPS (both in CAD) = 45.36 ÷ 6.09 |
7.44x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Canadian Apartment Properties Real Estate Investment Trust is good value based on earnings compared to the CA REITs industry average.
- Canadian Apartment Properties Real Estate Investment Trust is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does
Canadian Apartment Properties Real Estate Investment Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 7.44x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
-66.9%per year |
| Canada REITs Industry PEG Ratio | Median Figure of 5 Publicly-Listed REITs Companies | -0.12x |
| Canada Market PEG Ratio | Median Figure of 265 Publicly-Listed Companies | 0.89x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 7.44x ÷ -66.9% |
-0.11x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Canadian Apartment Properties Real Estate Investment Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Canadian Apartment Properties Real Estate Investment Trust's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-09-30) in CAD | CA$38.20 |
| TSX:CAR.UN Share Price * | TSX (2018-12-14) in CAD | CA$45.36 |
| Canada REITs Industry PB Ratio | Median Figure of 42 Publicly-Listed REITs Companies | 0.94x |
| Canada Market PB Ratio | Median Figure of 2,285 Publicly-Listed Companies | 1.39x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = TSX:CAR.UN Share Price ÷ Book Value per Share (both in CAD) = 45.36 ÷ 38.20 |
1.19x |
* Primary Listing of Canadian Apartment Properties Real Estate Investment Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Canadian Apartment Properties Real Estate Investment Trust is overvalued based on assets compared to the CA REITs industry average.
Value checks
We assess Canadian Apartment 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) Canadian Apartment Properties Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
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!
Earnings growth vs Low Risk Savings
- Canadian Apartment Properties Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
- Canadian Apartment Properties Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
- Canadian Apartment Properties Real Estate Investment Trust's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| TSX:CAR.UN Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | -66.9% |
| TSX:CAR.UN Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | 5.1% |
| Canada REITs Industry Earnings Growth Rate | Market Cap Weighted Average | -8.5% |
| Canada REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 5.6% |
| Canada Market Earnings Growth Rate | Market Cap Weighted Average | 17.3% |
| Canada Market Revenue Growth Rate | Market Cap Weighted Average | 7% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 758 | 334 | 2 | |
| 2019-12-31 | 722 | 385 | 306 | 4 |
| 2018-12-31 | 686 | 379 | 510 | 3 |
| Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-09-30 | 675 | 397 | 858 |
| 2018-06-30 | 665 | 389 | 955 |
| 2018-03-31 | 651 | 381 | 796 |
| 2017-12-31 | 639 | 359 | 837 |
| 2017-09-30 | 627 | 362 | 584 |
| 2017-06-30 | 617 | 355 | 499 |
| 2017-03-31 | 607 | 352 | 495 |
| 2016-12-31 | 597 | 357 | 439 |
| 2016-09-30 | 587 | 321 | 453 |
| 2016-06-30 | 567 | 319 | 318 |
| 2016-03-31 | 550 | 298 | 379 |
| 2015-12-31 | 534 | 293 | 346 |
*GAAP earnings excluding extraordinary items.
High Growth Checks
- Canadian Apartment Properties Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
- Canadian Apartment Properties Real Estate Investment Trust's revenue is expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
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 4 Analyst Estimates (S&P Global) | See Below |
All data from Canadian Apartment Properties Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CAD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 3.43 | 3.43 | 3.43 | 1.00 |
| 2019-12-31 | 3.29 | 3.29 | 3.29 | 1.00 |
| 2018-12-31 | 4.14 | 4.14 | 4.14 | 1.00 |
| Date (Data in CAD Millions) | EPS * |
|---|---|
| 2018-09-30 | 6.09 |
| 2018-06-30 | 6.88 |
| 2018-03-31 | 5.82 |
| 2017-12-31 | 6.15 |
| 2017-09-30 | 4.31 |
| 2017-06-30 | 3.71 |
| 2017-03-31 | 3.73 |
| 2016-12-31 | 3.36 |
| 2016-09-30 | 3.51 |
| 2016-06-30 | 2.54 |
| 2016-03-31 | 3.10 |
| 2015-12-31 | 2.92 |
*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 Canadian Apartment Properties Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Canadian Apartment 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)
Canadian Apartment Properties Real Estate Investment Trust has a total score of 0/6, 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 Canadian Apartment 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
Past Earnings growth analysis
- Canadian Apartment Properties Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
- Canadian Apartment Properties Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (46.9% vs 26.1%)
- Canadian Apartment Properties Real Estate Investment Trust's earnings growth has exceeded the CA REITs industry average in the past year (46.9% vs 24.6%).
Earnings and Revenue History
All data from Canadian Apartment Properties Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CAD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-09-30 | 675.35 | 858.36 | 71.20 | |
| 2018-06-30 | 664.77 | 954.60 | 64.33 | |
| 2018-03-31 | 651.25 | 795.88 | 53.21 | |
| 2017-12-31 | 638.84 | 836.81 | 55.84 | |
| 2017-09-30 | 627.14 | 584.19 | 50.80 | |
| 2017-06-30 | 617.23 | 499.02 | 39.34 | |
| 2017-03-31 | 606.80 | 494.52 | 52.75 | |
| 2016-12-31 | 596.83 | 439.48 | 52.02 | |
| 2016-09-30 | 586.88 | 452.52 | 41.61 | |
| 2016-06-30 | 566.88 | 318.13 | 50.56 | |
| 2016-03-31 | 550.48 | 378.86 | 27.51 | |
| 2015-12-31 | 533.80 | 345.63 | 36.12 | |
| 2015-09-30 | 519.13 | 291.02 | 43.42 | |
| 2015-06-30 | 513.68 | 412.35 | 41.76 | |
| 2015-03-31 | 508.83 | 325.51 | 51.67 | |
| 2014-12-31 | 506.41 | 317.98 | 36.02 | |
| 2014-09-30 | 502.32 | 323.61 | 34.23 | |
| 2014-06-30 | 495.96 | 259.67 | 24.57 | |
| 2014-03-31 | 488.23 | 245.57 | 13.03 | |
| 2013-12-31 | 477.02 | 267.68 | 13.31 | |
| 2013-09-30 | 465.11 | 342.27 | 10.76 | |
| 2013-06-30 | 454.24 | 385.31 | 19.08 | |
| 2013-03-31 | 432.48 | 447.43 | 28.46 | |
| 2012-12-31 | 412.42 | 412.26 | 27.24 | |
| 2012-09-30 | 394.88 | 475.64 | 27.21 | |
| 2012-06-30 | 378.58 | 401.91 | 29.65 | |
| 2012-03-31 | 370.89 | 338.79 | 24.19 | |
| 2011-12-31 | 361.96 | 316.17 | 28.73 |
*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.
- Canadian Apartment Properties Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Canadian Apartment Properties Real Estate Investment Trust used its assets more efficiently than the CA REITs industry average last year based on Return on Assets.
- Canadian Apartment Properties Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Canadian Apartment 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)
Canadian Apartment 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
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 Canadian Apartment Properties Real Estate Investment Trust's finances.
The net worth of a company is the difference between its assets and liabilities.
- Canadian Apartment Properties Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Canadian Apartment Properties Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x 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.
All data from Canadian Apartment Properties Real Estate Investment Trust Company Filings, last reported 2 months ago.
| Date (Data in CAD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-09-30 | 5,523.02 | 3,968.04 | 25.69 |
| 2018-06-30 | 5,445.15 | 3,908.82 | 25.19 |
| 2018-03-31 | 5,197.05 | 3,913.38 | 23.97 |
| 2017-12-31 | 4,923.41 | 4,042.47 | 23.79 |
| 2017-09-30 | 4,560.68 | 3,919.39 | 25.76 |
| 2017-06-30 | 4,366.14 | 3,636.63 | |
| 2017-03-31 | 4,276.16 | 3,558.81 | |
| 2016-12-31 | 4,158.15 | 3,523.46 | |
| 2016-09-30 | 4,063.97 | 3,423.33 | |
| 2016-06-30 | 3,798.31 | 3,587.39 | |
| 2016-03-31 | 3,725.14 | 3,344.69 | |
| 2015-12-31 | 3,659.95 | 3,271.84 | |
| 2015-09-30 | 3,306.35 | 3,436.03 | |
| 2015-06-30 | 3,319.56 | 2,737.15 | |
| 2015-03-31 | 3,171.32 | 2,701.03 | |
| 2014-12-31 | 2,983.11 | 2,775.01 | |
| 2014-09-30 | 2,922.97 | 2,740.68 | |
| 2014-06-30 | 2,831.00 | 2,696.27 | |
| 2014-03-31 | 2,778.22 | 2,684.29 | |
| 2013-12-31 | 2,757.47 | 2,645.33 | |
| 2013-09-30 | 2,549.74 | 2,655.29 | |
| 2013-06-30 | 2,515.14 | 2,511.99 | |
| 2013-03-31 | 2,475.83 | 2,407.00 | |
| 2012-12-31 | 2,429.21 | 2,336.87 | |
| 2012-09-30 | 2,109.43 | 2,381.41 | |
| 2012-06-30 | 2,031.27 | 2,291.71 | |
| 2012-03-31 | 1,763.52 | 1,935.90 | |
| 2011-12-31 | 1,740.66 | 1,940.24 |
- Canadian Apartment Properties Real Estate Investment Trust's level of debt (71.8%) 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 (104% vs 71.8% today).
- Debt is not well covered by operating cash flow (10%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Canadian Apartment 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) Canadian Apartment Properties Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
- 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
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
CA$2,000 of
Canadian Apartment Properties Real Estate Investment Trust
shares you are expected to receive
CA$59
in your first year as a dividend.
Dividend Amount
- Canadian Apartment Properties Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.21%).
- Canadian Apartment Properties Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Canada (6.22%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Canada REITs Industry Average Dividend Yield | Market Cap Weighted Average of 42 Stocks | 5.5% |
| Canada Market Average Dividend Yield | Market Cap Weighted Average of 330 Stocks | 3.8% |
| Canada Minimum Threshold Dividend Yield | 10th Percentile | 1.2% |
| Canada Bottom 25% Dividend Yield | 25th Percentile | 2.2% |
| Canada Top 25% Dividend Yield | 75th Percentile | 6.2% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CA$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2020-12-31 | 1.37 | 5.00 |
| 2019-12-31 | 1.34 | 8.00 |
| 2018-12-31 | 1.31 | 8.00 |
| Date (Data in CA$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-12-11 | 1.330 | 2.890 |
| 2018-11-15 | 1.330 | 2.851 |
| 2018-10-15 | 1.330 | 2.845 |
| 2018-08-15 | 1.330 | 2.821 |
| 2018-07-16 | 1.330 | 3.037 |
| 2018-06-15 | 1.330 | 3.076 |
| 2018-05-08 | 1.330 | 3.277 |
| 2018-04-16 | 1.280 | 3.414 |
| 2018-02-23 | 1.280 | 3.549 |
| 2017-11-06 | 1.280 | 3.503 |
| 2017-08-16 | 1.280 | 3.754 |
| 2017-07-18 | 1.280 | 3.893 |
| 2017-06-15 | 1.280 | 3.856 |
| 2017-05-15 | 1.280 | 3.789 |
| 2017-04-17 | 1.280 | 3.771 |
| 2017-02-27 | 1.280 | 3.911 |
| 2017-02-15 | 1.250 | 3.903 |
| 2017-01-16 | 1.250 | 3.939 |
| 2016-12-15 | 1.250 | 4.017 |
| 2016-11-14 | 1.250 | 4.112 |
| 2016-10-14 | 1.250 | 4.221 |
| 2016-09-15 | 1.250 | 4.243 |
| 2016-08-15 | 1.250 | 4.121 |
| 2016-07-15 | 1.250 | 3.880 |
| 2016-05-25 | 1.250 | 3.934 |
| 2016-04-18 | 1.220 | 4.032 |
| 2016-02-16 | 1.220 | 4.185 |
| 2016-01-18 | 1.220 | 4.207 |
| 2015-12-15 | 1.220 | 4.534 |
| 2015-11-16 | 1.220 | 4.648 |
| 2015-09-21 | 1.220 | 4.461 |
| 2015-08-18 | 1.220 | 4.325 |
| 2015-07-16 | 1.220 | 4.309 |
| 2015-06-16 | 1.220 | 4.363 |
| 2015-05-08 | 1.220 | 4.435 |
| 2015-04-15 | 1.180 | 4.061 |
| 2015-03-03 | 1.180 | 4.101 |
| 2015-02-13 | 1.180 | 4.220 |
| 2015-01-15 | 1.180 | 4.225 |
| 2014-12-16 | 1.180 | 4.591 |
| 2014-11-17 | 1.180 | 4.692 |
| 2014-10-15 | 1.180 | 4.750 |
| 2014-09-15 | 1.180 | 4.988 |
| 2014-08-15 | 1.180 | 4.924 |
| 2014-07-15 | 1.180 | 5.079 |
| 2014-05-27 | 1.180 | 5.183 |
| 2014-04-16 | 1.150 | 5.317 |
| 2014-03-17 | 1.150 | 5.444 |
| 2014-02-19 | 1.150 | 5.423 |
| 2014-01-15 | 1.150 | 5.416 |
| 2013-12-16 | 1.150 | 5.453 |
| 2013-11-15 | 1.150 | 5.567 |
| 2013-10-15 | 1.150 | 5.400 |
| 2013-09-18 | 1.150 | 5.614 |
| 2013-08-15 | 1.150 | 5.600 |
| 2013-07-15 | 1.150 | 5.326 |
| 2013-05-21 | 1.150 | 4.964 |
| 2013-05-16 | 1.120 | 4.434 |
| 2013-04-12 | 1.120 | 4.414 |
| 2013-03-06 | 1.120 | 4.464 |
| 2013-02-15 | 1.120 | 4.397 |
| 2013-01-17 | 1.120 | 4.388 |
| 2012-12-17 | 1.120 | 4.526 |
| 2012-10-19 | 1.116 | 4.647 |
| 2012-08-08 | 1.120 | 4.564 |
| 2012-07-16 | 1.080 | 4.345 |
| 2012-06-18 | 1.080 | 4.511 |
| 2012-05-17 | 1.080 | 4.586 |
| 2012-04-16 | 1.080 | 4.655 |
| 2012-03-08 | 1.080 | 4.808 |
| 2012-02-17 | 1.080 | 4.737 |
| 2012-01-19 | 1.080 | 4.724 |
| 2011-12-15 | 1.080 | 4.820 |
| 2011-11-18 | 1.080 | 5.099 |
| 2011-10-11 | 1.080 | 5.323 |
| 2011-09-16 | 1.080 | 5.140 |
| 2011-08-11 | 1.080 | 5.293 |
| 2011-07-19 | 1.080 | 5.530 |
| 2011-06-20 | 1.080 | 5.543 |
| 2011-05-17 | 1.080 | 5.622 |
| 2011-04-19 | 1.080 | 5.636 |
| 2011-02-16 | 1.080 | 5.766 |
| 2011-01-17 | 1.080 | 6.102 |
| 2010-11-22 | 1.080 | 6.261 |
| 2010-11-17 | 1.080 | 6.198 |
| 2010-10-15 | 1.080 | 6.231 |
| 2010-09-15 | 1.080 | 6.330 |
| 2010-08-13 | 1.080 | 6.534 |
| 2010-07-16 | 1.080 | 6.889 |
| 2010-06-15 | 1.080 | 7.056 |
| 2010-05-17 | 1.080 | 7.111 |
| 2010-04-12 | 1.080 | 7.505 |
| 2010-03-10 | 1.080 | 7.522 |
| 2010-02-12 | 1.080 | 7.639 |
| 2010-01-15 | 1.080 | 7.482 |
| 2009-12-16 | 1.080 | 7.651 |
| 2009-11-18 | 1.080 | 8.180 |
| 2009-10-16 | 1.080 | 7.815 |
| 2009-09-14 | 1.080 | 7.525 |
| 2009-08-13 | 1.080 | 8.109 |
| 2009-07-16 | 1.080 | 8.121 |
| 2009-06-15 | 1.080 | 8.010 |
| 2009-05-14 | 1.080 | 8.292 |
| 2009-04-16 | 1.080 | 8.624 |
| 2009-03-10 | 1.080 | 8.682 |
| 2009-02-20 | 1.080 | 8.431 |
| 2009-01-16 | 1.080 | 7.977 |
| 2008-12-15 | 1.080 | 7.342 |
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
Canadian Apartment Properties Real Estate Investment Trust's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are well covered by earnings (2.1x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (234.7x coverage).
Income/ dividend checks
We assess Canadian Apartment 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 Canadian Apartment Properties Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Canadian Apartment Properties Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | CA$585,298 |
| AGE | 67 |
| TENURE AS CEO | 1.1 years |
CEO Bio
Mr. David Ehrlich has been Chief Executive Officer at Canadian Apartment Properties Real Estate Investment Trust since November 1, 2017 and served as its President until November 14, 2018. Mr. Ehrlich served as Chief Executive Officer of Irish Residential Properties REIT plc since April 2014 until November 1, 2017 and served as its Executive Director since March 31, 2014 until November 1, 2017. He has been the Non-Executive Director of Irish Residential Properties REIT plc since November 1, 2017. Mr. Ehrlich served as a Senior Partner at Stikeman Elliott LLP from September 2003 to December 2013, where he was a Member of both the corporate and real estate groups until December 2013. During his law career of over 30 years, his practice was focused on real estate and structured finance, including public real estate securities. He is actively involved with real estate investment trusts since their inception in Canada, serving for both issuers and underwriters in numerous transactions. He has also been involved with some of Canada’s largest REIT merger and acquisition transactions. He serves as a Trustee of European Commercial Real Estate Limited since February 15, 2017. Mr. Ehrlich has been a Non-Independent Trustee of Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) since February 4, 2013. He serves as an Editor of Legal Texts and Spoken at Organized Numerous Real Estate Conferences. Mr. Ehrlich graduated from Dalhousie Law School in 1977 and was a Member of the Nova Scotia Barristers Society since 1979 (and a continuing Member of the Law Society of Upper Canada since 1986). He has been a Trustee of Irish Residential Properties REIT Plc (ISE) since April 2014.
CEO Compensation
- David's compensation has increased by more than 20% in the past year.
- David's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure
Average tenure of the Canadian Apartment Properties Real Estate Investment Trust management team in years:
- The average tenure for the Canadian Apartment Properties Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team
David Ehrlich
CEO & Director
CA$585K
67
1.1 yrs
Mark Kenney
President & COO
CA$2M
0.1 yrs
Scott Cryer
Chief Financial Officer
CA$1M
7.5 yrs
Stephen Co
Vice President of Accounting
0.6 yrs
Corinne Pruzanski
General Counsel & Corporate Secretary
Jodi Lieberman
Chief Human Resources Officer
Gobal Mailwaganam
MD and Director of Housing & Municipal Affairs
Trish MacPherson
Executive Vice President of Operations
Patti Baker
Managing Director
Judy Harkai
Managing Director
Board of Directors Tenure
Average tenure and age of the Canadian Apartment Properties Real Estate Investment Trust board of directors in years:
- The tenure for the Canadian Apartment Properties Real Estate Investment Trust board of directors is about average.
Board of Directors
Michael Stein
Chairman
CA$180K
67
21.9 yrs
David Ehrlich
CEO & Director
CA$585K
67
5.8 yrs
Stanley Swartzman
Lead Trustee
CA$200K
78
12.9 yrs
Harold Burke
CA$93K
71
8.6 yrs
Elaine Todres
CA$168K
68
5.6 yrs
Paul Harris
CA$150K
66
20.9 yrs
Gina Cody
CA$91K
61
1.6 yrs
Jamie Schwartz
42
0.8 yrs
Who owns this company?
Recent Insider Trading
- Canadian Apartment Properties Real Estate Investment Trust insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CA$) | Value (CA$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20. Nov 18 | Sell | Paul Harris | Individual | 15. Nov 18 | 19. Nov 18 | -2,000 | CA$46.88 | CA$-93,311 | ||
| 21. Aug 18 | Sell | Elaine Todres | Individual | 20. Aug 18 | 20. Aug 18 | -5,924 | CA$47.20 | CA$-278,413 | ||
| 15. Mar 18 | Buy | Michael Stein | Individual | 15. Mar 18 | 15. Mar 18 | 1,500 | CA$35.15 | CA$52,725 | ||
Management checks
We assess Canadian Apartment 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) Canadian Apartment Properties Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
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
External News
Simply Wall St News
How To Look At Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN)
Canadian Apartment Properties Real Estate Investment Trust is a CA$6.7b. … real estate investment trust (REIT) based in Toronto, Canada. … See our latest analysis for Canadian Apartment Properties Real Estate Investment Trust
Simply Wall St - – Full articleDo Institutions Own Shares In Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN)?
If you want to know who really controls Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN), then you'll have to look at the makeup of its share registry. … Canadian Apartment Properties Real Estate Investment Trust has a market capitalization of CA$6.8b, so it's too big to fly under the radar. … Check out our latest analysis for Canadian Apartment Properties Real Estate Investment Trust
Simply Wall St - – Full articleCheck If Insiders Are Selling Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN)
CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (“MHC”) primarily located in and near major urban centres across Canada. … Canadian Apartment Properties Real Estate Investment Trust's insiders have divested from. … A well-known argument is that insiders divesting from their own companies’ shares sends a pessimistic signal
Simply Wall St - – Full articleIs It The Right Time To Buy Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN)?
Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN), a reits company based in Canada,. … With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Today I will analyse the most recent data on Canadian Apartment Properties Real Estate Investment Trust’s outlook and valuation to see if the opportunity still exists
Simply Wall St - – Full articleIs Canadian Apartment Properties Real Estate Investment Trust's (TSE:CAR.UN) ROE Of 17.00% Sustainable?
Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Canadian Apartment Properties Real Estate Investment Trust’s equity capital deployed. … This means Canadian Apartment Properties Real Estate Investment Trust returns enough to cover its own cost of equity, with a buffer of 8.57%. … Canadian Apartment Properties Real Estate Investment Trust’s above-industry ROE is encouraging, and is also in excess of its cost of equity.
Simply Wall St - – Full articleYou May Have Been Looking At Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN) All Wrong
Canadian Apartment Properties Real Estate Investment Trust is a CA$4.82B mid-cap real estate investment trust (REIT) based in Toronto, Canada. … Check out our latest analysis for Canadian Apartment Properties Real Estate Investment Trust A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … Canadian Apartment Properties Real Estate Investment Trust can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for CAR.UN’s future growth?
Simply Wall St - – Full articleShould Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN) Be Part Of Your Dividend Portfolio?
Does Canadian Apartment Properties Real Estate Investment Trust tick all the boxes of a great dividend stock? … View our latest analysis for Canadian Apartment Properties Real Estate Investment Trust 5 questions I ask before picking a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is its annual yield among the top 25% of dividend-paying companies? … TSX:CAR.UN Historical Dividend Yield Jan 30th 18 Does Canadian Apartment Properties Real Estate Investment Trust pass our checks?
Simply Wall St - – Full articleWho Owns Most Of Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN)?
View our latest analysis for Canadian Apartment Properties Real Estate Investment Trust TSX:CAR.UN Ownership_summary Jan 15th 18 Institutional Ownership With an institutional ownership of 28.32%, CAR.UN can face volatile stock price movements if institutions execute block trades on the open market, more so, when there are relatively small amounts of shares available on the market to trade Although CAR.UN has a high institutional ownership, such stock moves, in the short-term, are more commonly linked to a particular type of active institutional investors – hedge funds. … This size of ownership gives retail investors collective power in deciding on major policy decisions such as executive compensation, appointment of directors and acquisitions of businesses. … This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and potential acquisitions.
Simply Wall St - – Full articleShould You Buy Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN) Now?
In addition to this, it seems like Canadian Apartment Properties Real Estate Investment Trust’s share price is quite stable, which could mean two things: firstly, it may take the share price a while to fall back down to an attractive buying range, and secondly, there may be less chances to buy low in the future once it reaches that value. … Can we expect growth from Canadian Apartment Properties Real Estate Investment Trust? … If you are no longer interested in Canadian Apartment Properties Real Estate Investment Trust, you can use our free platform to see my list of over 50 other stocks with a high growth potential.
Simply Wall St - – Full articleValue-Adding Dividend Stocks To Buy Now
Canadian Apartment Properties Real Estate Investment Trust, First Capital Realty, and RioCan Real Estate Investment Trust are three of the best paying dividend stocks for creating diversified portfolio income. … Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities primarily located in and near major urban centres across Canada. … TSX:FCR Historical Dividend Yield Dec 12th 17 RioCan Real Estate Investment Trust (TSX:REI.UN) RioCan is Canada's largest real estate investment trust with a total enterprise value of approximately $13.9 billion as at June 30, 2017.
Simply Wall St - – Full articleCompany Info
Map
Description
CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (“MHC”) primarily located in and near major urban centres across Canada. As at September 30, 2018, CAPREIT had owning interests in 50,869 residential units, comprised of 44,277 residential suites and 32 MHC comprising 6,592 land lease sites.
Details
| Name: | Canadian Apartment Properties Real Estate Investment Trust |
| CAR.UN | |
| Exchange: | TSX |
| Founded: | 1997 |
| CA$6,647,088,374 | |
| 145,609,822 | |
| Website: | http://www.caprent.com |
| Address: |
Canadian Apartment Properties Real Estate Investment Trust 11 Church Street, Suite 401, Toronto, Ontario, M5E 1W1, Canada |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| TSX | CAR.UN | Trust Units | The Toronto Stock Exchange | CA | CAD | 21. May 1998 | |
| OTCPK | CDPY.F | Trust Units | Pink Sheets LLC | US | USD | 21. May 1998 |
Number of employees
Current staff
Industry
| Residential REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2018/12/14 23:38 |
| End of day share price update: | 2018/12/14 00:00 |
| Last estimates confirmation: | 2018/12/13 |
| Last earnings filing: | 2018/11/06 |
| Last earnings reported: | 2018/09/30 |
| Last annual earnings reported: | 2017/12/31 |
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.
