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Canadian Apartment Properties Real Estate Investment Trust

TSX:CAR.UN
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CAR.UN
TSX
CA$7B
Market Cap
  1. Home
  2. CA
  3. Real Estate
Company 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. The last earnings update was 41 days ago. More info.


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CAR.UN Share Price and Events
7 Day Returns
-6.3%
TSX:CAR.UN
-0.3%
CA REITs
-1.3%
CA Market
1 Year Returns
19.6%
TSX:CAR.UN
-0.3%
CA REITs
-11.4%
CA Market
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) -6.3% -3.3% -6.7% 19.6% 67.5% 116%
CA REITs -0.3% -1% -4.7% -0.3% 12.7% 12.9%
CA Market -1.3% -4.5% -10.6% -11.4% 12.6% 3.3%
1 Year Return vs Industry and Market
  • CAR.UN outperformed the REITs industry which returned -0.3% over the past year.
  • CAR.UN outperformed the Market in Canada which returned -11.4% over the past year.
Price Volatility
CAR.UN
Industry
5yr Volatility vs Market

Value

 Is Canadian Apartment 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 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.
Raw Data

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

TSX:CAR.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 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.

Calculation of Discount Rate/ Cost of Equity for TSX:CAR.UN
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))
= 0.359 (1 + (1- 26.5%) (59.97%))
0.518
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.

TSX:CAR.UN DCF 1st Stage: Next 5 year cash flow forecast
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
TSX:CAR.UN DCF 2nd Stage: Terminal Value
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
TSX:CAR.UN Total Equity Value
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 / 145.88
CA$33.02
TSX:CAR.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$33.02
Current discount Discount to share price of CA$45.05
= -1 x (CA$45.05 - CA$33.02) / CA$33.02
-36.4%

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.
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 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?
Raw Data
TSX:CAR.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in CAD CA$6.09
TSX:CAR.UN Share Price ** TSX (2018-12-17) in CAD CA$45.05
Canada REITs Industry PE Ratio Median Figure of 41 Publicly-Listed REITs Companies 8.24x
Canada Market PE Ratio Median Figure of 551 Publicly-Listed Companies 13.2x

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

** Primary Listing of Canadian Apartment Properties Real Estate Investment Trust.

TSX:CAR.UN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CAR.UN Share Price ÷ EPS (both in CAD)

= 45.05 ÷ 6.09

7.39x

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?
Raw Data
TSX:CAR.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.39x
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 .

TSX:CAR.UN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.39x ÷ -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?
Raw Data
TSX:CAR.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in CAD CA$38.20
TSX:CAR.UN Share Price * TSX (2018-12-17) in CAD CA$45.05
Canada REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 0.93x
Canada Market PB Ratio Median Figure of 2,286 Publicly-Listed Companies 1.38x
TSX:CAR.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CAR.UN Share Price ÷ Book Value per Share (both in CAD)

= 45.05 ÷ 38.20

1.18x

* 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.
X
Value checks
We assess Canadian Apartment Properties Real Estate Investment Trust's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. 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

 How is Canadian Apartment Properties Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

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!
Annual Growth Rate
-66.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Canadian Apartment Properties Real Estate Investment Trust expected to grow at an attractive rate?
  • 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
Raw Data
TSX:CAR.UN Future Growth Rates Data Sources
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 5.8%
Canada Market Earnings Growth Rate Market Cap Weighted Average 16.5%
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
Raw Data
TSX:CAR.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 4 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CAR.UN Future Estimates Data
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
TSX:CAR.UN Past Financials Data
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.

Super high growth metrics
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
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:CAR.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 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.

TSX:CAR.UN Future Estimates Data
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
TSX:CAR.UN Past Financials Data
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.
X
Future performance checks
We assess Canadian Apartment Properties Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. 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.
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
Below we compare Canadian Apartment 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.
  • 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
Canadian Apartment 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 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.

TSX:CAR.UN Past Revenue, Cash Flow and Net Income Data
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).
X
Past performance checks
We assess Canadian Apartment Properties Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. 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.
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

 How is Canadian Apartment 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 Canadian Apartment Properties Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Canadian Apartment 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 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.
Raw Data

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

TSX:CAR.UN Past Debt and Equity Data
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).
X
Financial health checks
We assess Canadian Apartment Properties Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Canadian Apartment Properties Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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 Canadian Apartment 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
Dividend payments
2.95%
Current annual income from Canadian Apartment Properties Real Estate Investment Trust dividends. Estimated to be 2.96% next year.
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
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?
  • Canadian Apartment Properties Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.23%).
  • Canadian Apartment Properties Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Canada (6.38%).
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:CAR.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 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 6.4%

Industry and Market average data is calculated daily.

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

TSX:CAR.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.37 5.00
2019-12-31 1.34 8.00
2018-12-31 1.31 8.00
TSX:CAR.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2018-12-11 1.330 2.900
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
2008-12-18 1.080 7.271

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).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (234.7x coverage).
X
Income/ dividend checks
We assess Canadian Apartment Properties Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. 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

 What is the CEO of Canadian Apartment 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
David Ehrlich
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:

0.8
Average Tenure
  • 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

TITLE
CEO & Director
COMPENSATION
CA$585K
AGE
67
TENURE
1.1 yrs

Mark Kenney

TITLE
President & COO
COMPENSATION
CA$2M
TENURE
0.1 yrs

Scott Cryer

TITLE
Chief Financial Officer
COMPENSATION
CA$1M
TENURE
7.5 yrs

Stephen Co

TITLE
Vice President of Accounting
TENURE
0.6 yrs

Corinne Pruzanski

TITLE
General Counsel & Corporate Secretary

Jodi Lieberman

TITLE
Chief Human Resources Officer

Gobal Mailwaganam

TITLE
MD and Director of Housing & Municipal Affairs

Trish MacPherson

TITLE
Executive Vice President of Operations

Patti Baker

TITLE
Managing Director

Judy Harkai

TITLE
Managing Director
Board of Directors Tenure

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

7.2
Average Tenure
67
Average Age
  • The tenure for the Canadian Apartment Properties Real Estate Investment Trust board of directors is about average.
Board of Directors

Michael Stein

TITLE
Chairman
COMPENSATION
CA$180K
AGE
67
TENURE
21.9 yrs

David Ehrlich

TITLE
CEO & Director
COMPENSATION
CA$585K
AGE
67
TENURE
5.8 yrs

Stanley Swartzman

TITLE
Lead Trustee
COMPENSATION
CA$200K
AGE
78
TENURE
12.9 yrs

Harold Burke

TITLE
COMPENSATION
CA$93K
AGE
71
TENURE
8.6 yrs

Elaine Todres

TITLE
COMPENSATION
CA$168K
AGE
68
TENURE
5.6 yrs

Paul Harris

TITLE
COMPENSATION
CA$150K
AGE
66
TENURE
20.9 yrs

Gina Cody

TITLE
COMPENSATION
CA$91K
AGE
61
TENURE
1.6 yrs

Jamie Schwartz

TITLE
AGE
42
TENURE
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
X
Management checks
We assess Canadian Apartment Properties Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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
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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 -

Do 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 -

Check 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 -

Is 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 -

Is 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 -

You 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 -

Should 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 -

Who 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 -

Should 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 -

Value-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 -

Company 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$6,617,147,916
145,880,686
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
Staff numbers
917
Canadian Apartment Properties Real Estate Investment Trust employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/12/17 23:33
End of day share price update: 2018/12/17 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.