Canadian Apartment Properties Real Estate Investment Trust
Market Cap
CA$8.0b
Last Updated
2020/06/04 02:18 UTC
Data Sources
Company Financials +
Executive Summary
CAPREIT is one of Canada's largest real estate investment trusts.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -5.8% per year for the next 3 years
+ 1 more risk
Snowflake Analysis
Established dividend payer with imperfect balance sheet.
Share Price & News
How has Canadian Apartment 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: CAR.UN's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
-0.9%
CAR.UN
-0.1%
CA REITs
2.1%
CA Market
1 Year Return
-5.4%
CAR.UN
-21.3%
CA REITs
-10.3%
CA Market
Return vs Industry: CAR.UN exceeded the Canadian REITs industry which returned -21.7% over the past year.
Return vs Market: CAR.UN exceeded the Canadian Market which returned -11.4% over the past year.
Shareholder returns
| CAR.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.9% | -0.1% | 2.1% |
| 30 Day | -3.4% | 2.5% | 5.8% |
| 90 Day | -22.6% | -27.6% | -6.4% |
| 1 Year | -2.8%-5.4% | -17.0%-21.3% | -7.3%-10.3% |
| 3 Year | 51.2%37.9% | 1.2%-14.3% | 1.9%-7.6% |
| 5 Year | 104.6%71.8% | 23.4%-7.2% | 18.4%1.0% |
Price Volatility Vs. Market
How volatile is Canadian Apartment Properties Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
6 days ago | Simply Wall St
This Insider Has Just Sold Shares In Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN)2 months ago | Simply Wall St
This Insider Has Just Sold Shares In Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR.UN)Valuation
Is Canadian Apartment Properties Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
7.14x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: CAR.UN (CA$46.84) is trading above our estimate of fair value (CA$37.98)
Significantly Below Fair Value: CAR.UN is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: CAR.UN is poor value based on its PE Ratio (7.1x) compared to the REITs industry average (6.2x).
PE vs Market: CAR.UN is good value based on its PE Ratio (7.1x) compared to the Canadian market (13.1x).
Price to Earnings Growth Ratio
PEG Ratio: CAR.UN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: CAR.UN is overvalued based on its PB Ratio (0.9x) compared to the CA REITs industry average (0.7x).
Next Steps
Future Growth
How is Canadian Apartment Properties Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
-5.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: CAR.UN's earnings are forecast to decline over the next 3 years (-5.8% per year).
Earnings vs Market: CAR.UN's earnings are forecast to decline over the next 3 years (-5.8% per year).
High Growth Earnings: CAR.UN's earnings are forecast to decline over the next 3 years.
Revenue vs Market: CAR.UN's revenue (8.9% per year) is forecast to grow faster than the Canadian market (5.8% per year).
High Growth Revenue: CAR.UN's revenue (8.9% 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 CAR.UN's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Canadian Apartment Properties Real Estate Investment Trust performed over the past 5 years?
31.1%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CAR.UN has a large one-off gain of CA$743.9M impacting its March 31 2020 financial results.
Growing Profit Margin: CAR.UN's current net profit margins are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: CAR.UN's earnings have grown significantly by 31.1% per year over the past 5 years.
Accelerating Growth: CAR.UN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: CAR.UN had negative earnings growth (-19.1%) over the past year, making it difficult to compare to the REITs industry average (24.2%).
Return on Equity
High ROE: CAR.UN's Return on Equity (12.3%) is considered low.
Next Steps
Financial Health
How is Canadian Apartment Properties Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: CAR.UN's short term assets (CA$232.3M) do not cover its short term liabilities (CA$669.0M).
Long Term Liabilities: CAR.UN's short term assets (CA$232.3M) do not cover its long term liabilities (CA$5.1B).
Debt to Equity History and Analysis
Debt Level: CAR.UN's debt to equity ratio (61.2%) is considered high.
Reducing Debt: CAR.UN's debt to equity ratio has reduced from 85.1% to 61.2% over the past 5 years.
Debt Coverage: CAR.UN's debt is not well covered by operating cash flow (9.1%).
Interest Coverage: CAR.UN's interest payments on its debt are well covered by EBIT (3.6x coverage).
Balance Sheet
Next Steps
Dividend
What is Canadian Apartment Properties Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
2.95%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: CAR.UN's dividend (2.95%) is higher than the bottom 25% of dividend payers in the Canadian market (2.02%).
High Dividend: CAR.UN's dividend (2.95%) is low compared to the top 25% of dividend payers in the Canadian market (6.35%).
Stability and Growth of Payments
Stable Dividend: CAR.UN's dividends per share have been stable in the past 10 years.
Growing Dividend: CAR.UN's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (43.7%), CAR.UN's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: CAR.UN's dividends in 3 years are forecast to be thoroughly covered by earnings (0.5% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.1yrs
Average management tenure
CEO
Mark Kenney (51yo)
1.25yrs
Tenure
CA$3,185,816
Compensation
Mr. Mark Kenney has been President of Canadian Apartment Properties Real Estate Investment Trust since November 14, 2018 and serves as its Chief Executive Officer since March 27, 2019. Mr. Kenney also serv ...
CEO Compensation Analysis
Compensation vs Market: Mark's total compensation ($USD2.36M) is below average for companies of similar size in the Canadian market ($USD3.52M).
Compensation vs Earnings: Mark's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 1.25yrs | CA$3.19m | 0.15% CA$11.9m | |
| Chief Financial Officer | 9yrs | CA$1.24m | 0.0057% CA$459.1k | |
| Executive Vice President | no data | CA$685.57k | no data | |
| Vice President of Accounting | 2.08yrs | no data | no data | |
| General Counsel & Corporate Secretary | no data | no data | 0.0074% CA$594.1k | |
| Chief Human Resources Officer | no data | no data | 0.0014% CA$110.2k | |
| MD and Director of Housing & Municipal Affairs | no data | no data | no data | |
| Managing Director | no data | no data | no data | |
| Managing Director | no data | no data | no data | |
| Managing Director | no data | no data | no data |
2.1yrs
Average Tenure
Experienced Management: CAR.UN's management team is considered experienced (2.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 1.25yrs | CA$3.19m | 0.15% CA$11.9m | |
| Independent Chairman of the Board | 23.42yrs | CA$270.00k | 0.22% CA$17.6m | |
| Independent Trustee | 0.42yr | no data | no data | |
| Independent Trustee | 10.08yrs | CA$131.25k | no data | |
| Independent Trustee | 1yr | CA$93.03k | no data | |
| Independent Trustee | 3.08yrs | CA$197.36k | 0.013% CA$1.1m | |
| Independent Trustee | 7.08yrs | CA$152.50k | 0.0018% CA$140.5k | |
| Independent Trustee | 2.25yrs | CA$170.00k | 0.00010% CA$8.0k |
2.7yrs
Average Tenure
63yo
Average Age
Experienced Board: CAR.UN's board of directors are not considered experienced ( 2.7 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: CAR.UN insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.8%.
Top Shareholders
Company Information
Canadian Apartment Properties Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Canadian Apartment Properties Real Estate Investment Trust
- Ticker: CAR.UN
- Exchange: TSX
- Founded: 1997
- Industry: Residential REITs
- Sector: Real Estate
- Market Cap: CA$7.985b
- Shares outstanding: 170.47m
- Website: https://www.caprent.com
Number of Employees
Location
- Canadian Apartment Properties Real Estate Investment Trust
- 11 Church Street
- Suite 401
- Toronto
- Ontario
- M5E 1W1
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| CAR.UN | TSX (The Toronto Stock Exchange) | Yes | Trust Units | CA | CAD | May 1998 |
| CDPY.F | OTCPK (Pink Sheets LLC) | Yes | Trust Units | US | USD | May 1998 |
| CARUN N | BMV (Bolsa Mexicana de Valores) | Yes | Trust Units | MX | MXN | May 1998 |
Biography
CAPREIT is one of Canada's largest real estate investment trusts. CAPREIT owns approximately 56,800 suites, including townhomes and manufactured housing sites, in Canada and, indirectly through its investment in ERES, approximately 5,600 suites in the Netherlands. CAPREIT manages approximately 60,900 of its owned suites in Canada and Netherlands, and additionally 3,700 suites in Ireland as at March 31, 2020.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/06/04 02:18 |
| End of Day Share Price | 2020/06/03 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
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.