Loading...

Choice Properties Real Estate Investment Trust

TSX:CHP.UN
Snowflake Description

Moderate growth potential unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CHP.UN
TSX
CA$10B
Imp Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

Choice Properties, Canada's preeminent diversified real estate investment trust, is the owner, manager and developer of a high quality portfolio comprising 756 properties totaling 67.7 million square feet of gross leasable area. The last earnings update was 21 days ago. More info.


Add to Portfolio Compare Print
CHP.UN Share Price and Events
7 Day Returns
1.9%
TSX:CHP.UN
1.4%
CA REITs
-1.6%
CA Market
1 Year Returns
19.5%
TSX:CHP.UN
10.6%
CA REITs
-2.4%
CA Market
CHP.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Choice Properties Real Estate Investment Trust (CHP.UN) 1.9% -2.1% 1.9% 19.5% 3.7% 27.7%
CA REITs 1.4% -1.1% 3.5% 10.6% 10.4% 15.2%
CA Market -1.6% -2.3% 2.5% -2.4% 11.9% 4.6%
1 Year Return vs Industry and Market
  • CHP.UN outperformed the REITs industry which returned 10.6% over the past year.
  • CHP.UN outperformed the Market in Canada which returned -2.4% over the past year.

Value

 Is Choice 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 Choice 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 Choice Properties Real Estate Investment Trust.

TSX:CHP.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 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.7%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

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

Calculation of Discount Rate/ Cost of Equity for TSX:CHP.UN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.35
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.347 (1 + (1- 26.5%) (133.74%))
0.791
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.8 * 5.96%)
6.72%

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

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

Choice 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:CHP.UN DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 6.72%)
2019 589.97 Analyst x2 552.84
2020 611.33 Analyst x3 536.81
2021 637.56 Est @ 4.29% 524.62
2022 660.43 Est @ 3.59% 509.25
2023 680.88 Est @ 3.1% 491.97
2024 699.61 Est @ 2.75% 473.70
2025 717.17 Est @ 2.51% 455.03
2026 733.95 Est @ 2.34% 436.38
2027 750.27 Est @ 2.22% 418.01
2028 766.32 Est @ 2.14% 400.09
Present value of next 10 years cash flows CA$4,798.71
TSX:CHP.UN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$766.32 × (1 + 1.95%) ÷ (6.72% – 1.95%)
CA$16,385.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$16,385.17 ÷ (1 + 6.72%)10
CA$8,554.53
TSX:CHP.UN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$4,798.71 + CA$8,554.53
CA$13,353.24
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$13,353.24 / 699.36
CA$19.05
TSX:CHP.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$19.05
Current discount Discount to share price of CA$13.66
= -1 x (CA$13.66 - CA$19.05) / CA$19.05
28.3%

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

Current Discount
Amount off the current price Choice Properties Real Estate Investment Trust is available for.
Intrinsic value
28%
Share price is CA$13.66 vs Future cash flow value of CA$19.05
Current Discount Checks
For Choice Properties Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Choice Properties Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Choice Properties Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Choice 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 Choice 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:CHP.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$-3.15
TSX:CHP.UN Share Price ** TSX (2019-05-15) in CAD CA$13.66
Canada REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 7.5x
Canada Market PE Ratio Median Figure of 549 Publicly-Listed Companies 14.56x

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

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

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

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

= 13.66 ÷ -3.15

-4.34x

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

  • Choice Properties Real Estate Investment Trust is loss making, we can't compare its value to the CA REITs industry average.
  • Choice Properties Real Estate Investment Trust is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Choice Properties Real Estate Investment Trust's expected growth come at a high price?
Raw Data
TSX:CHP.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -4.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
21.6%per year
North America REITs Industry PEG Ratio Median Figure of 144 Publicly-Listed REITs Companies 1.87x
Canada Market PEG Ratio Median Figure of 250 Publicly-Listed Companies 1.26x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Choice Properties Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Choice Properties Real Estate Investment Trust's assets?
Raw Data
TSX:CHP.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$9.12
TSX:CHP.UN Share Price * TSX (2019-05-15) in CAD CA$13.66
Canada REITs Industry PB Ratio Median Figure of 45 Publicly-Listed REITs Companies 0.96x
Canada Market PB Ratio Median Figure of 2,405 Publicly-Listed Companies 1.42x
TSX:CHP.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 13.66 ÷ 9.12

1.5x

* Primary Listing of Choice Properties Real Estate Investment Trust.

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

  • Choice Properties Real Estate Investment Trust is overvalued based on assets compared to the CA REITs industry average.
X
Value checks
We assess Choice 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. Choice Properties Real Estate Investment Trust has a total score of 1/6, 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 Choice Properties Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

  • No analysts cover Choice Properties Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
21.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Choice Properties Real Estate Investment Trust expected to grow at an attractive rate?
  • Choice Properties Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Choice Properties Real Estate Investment Trust's earnings growth is expected to exceed the Canada market average.
  • Choice Properties Real Estate Investment Trust's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CHP.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CHP.UN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 21.6%
TSX:CHP.UN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 4.3%
Canada REITs Industry Earnings Growth Rate Market Cap Weighted Average 9.1%
Canada REITs Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.8%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.4%

*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:CHP.UN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CHP.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 1,414 3
2019-12-31 1,365 3
TSX:CHP.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,301 749 -880
2018-12-31 1,173 684 650
2018-09-30 1,053 644 404
2018-06-30 937 574 645
2018-03-31 846 594 1,007
2017-12-31 832 504 404
2017-09-30 819 543 624
2017-06-30 807 538 535
2017-03-31 796 539 -66
2016-12-31 784 531 -223
2016-09-30 777 473 -438
2016-06-30 768 461 -825

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Choice Properties Real Estate Investment Trust's earnings are expected to grow significantly at over 20% yearly.
  • Choice Properties Real Estate Investment Trust's revenue is expected to grow by 4.3% 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:CHP.UN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Choice Properties Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CHP.UN Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
TSX:CHP.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 -3.15
2018-12-31 2.33
2018-09-30 1.45
2018-06-30 2.32
2018-03-31 10.67
2017-12-31 4.29
2017-09-30 6.65
2017-06-30 5.73
2017-03-31 -0.71
2016-12-31 -2.41
2016-09-30 -4.76
2016-06-30 -9.00

*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 Choice 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 Choice 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.
Choice Properties Real Estate Investment Trust has a total score of 3/6, 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 Choice 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 Choice 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.
  • Choice Properties Real Estate Investment Trust does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Choice Properties Real Estate Investment Trust's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Choice Properties Real Estate Investment Trust's 1-year growth to the CA REITs industry average as it is not currently profitable.
Earnings and Revenue History
Choice 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 Choice Properties Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CHP.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,301.26 -879.55 45.56
2018-12-31 1,173.27 649.58 30.18
2018-09-30 1,053.16 404.08 28.36
2018-06-30 937.45 644.56 22.71
2018-03-31 845.69 1,007.16 19.71
2017-12-31 832.15 404.42 24.26
2017-09-30 818.57 624.39 23.67
2017-06-30 807.28 535.01 24.54
2017-03-31 795.65 -66.17 28.44
2016-12-31 784.39 -223.07 28.86
2016-09-30 777.47 -438.25 27.62
2016-06-30 768.33 -825.33 28.22
2016-03-31 753.81 -76.88 22.32
2015-12-31 743.10 -155.28 21.77
2015-09-30 727.29 -108.66 25.20
2015-06-30 710.30 187.01 23.20
2015-03-31 697.55 -3.27 23.84
2014-12-31 682.92 199.61 23.32
2014-09-30 900.03 154.08 31.23
2013-12-31 546.01 115.11 20.97

*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.
  • It is difficult to establish if Choice Properties Real Estate Investment Trust has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Choice Properties Real Estate Investment Trust has efficiently used its assets last year compared to the CA REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Choice Properties Real Estate Investment Trust improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Choice 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.
Choice Properties Real Estate Investment Trust has a total score of 0/6, 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 Choice 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 Choice Properties Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Choice Properties Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Choice 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 Choice 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 Choice Properties Real Estate Investment Trust Company Filings, last reported 1 month ago.

TSX:CHP.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,554.83 12,804.10 30.77
2018-12-31 3,499.99 11,669.72 30.71
2018-09-30 3,260.09 11,940.86 82.01
2018-06-30 3,244.94 11,878.51 31.66
2018-03-31 1,547.46 9,367.71 2.43
2017-12-31 936.98 8,557.75 6.41
2017-09-30 912.03 8,476.07
2017-06-30 620.46 8,646.38 7.81
2017-03-31 590.30 8,622.80 6.77
2016-12-31 577.15 8,384.02 5.11
2016-09-30 332.30 8,510.94 1.78
2016-06-30 129.69 8,577.86
2016-03-31 699.66 7,867.67 5.49
2015-12-31 843.07 7,623.29 44.35
2015-09-30 813.11 7,448.25 7.61
2015-06-30 996.31 7,184.91
2015-03-31 817.32 7,147.36 8.87
2014-12-31 1,038.40 6,764.02 1.33
2014-09-30 952.86 6,554.08 8.26
2013-12-31 871.65 6,364.63 51.41
  • Choice Properties Real Estate Investment Trust's level of debt (501.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (715.2% vs 501.2% today).
  • Debt is not well covered by operating cash flow (5.8%, less than 20% of total debt).
  • Choice Properties Real Estate Investment Trust is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Choice 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. Choice 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 Choice 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
5.42%
Current annual income from Choice Properties Real Estate Investment Trust dividends. Estimated to be 5.42% next year.
If you bought CA$2,000 of Choice Properties Real Estate Investment Trust shares you are expected to receive CA$108 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?
  • Choice Properties Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.05%).
  • Choice Properties Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Canada (5.75%).
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:CHP.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 3 Analyst Estimates (S&P Global) See Below
Canada REITs Industry Average Dividend Yield Market Cap Weighted Average of 42 Stocks 5%
Canada Market Average Dividend Yield Market Cap Weighted Average of 332 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

TSX:CHP.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.74 4.00
2019-12-31 0.74 4.00
TSX:CHP.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-15 0.740 5.433
2019-03-14 0.740 5.282
2019-02-13 0.740 5.465
2019-01-16 0.740 5.810
2018-12-13 0.740 6.293
2018-11-15 0.740 6.090
2018-10-16 0.740 6.148
2018-09-13 0.740 6.072
2018-07-18 0.740 5.914
2018-06-19 0.740 6.051
2018-05-17 0.740 6.287
2018-04-17 0.740 6.361
2018-03-16 0.740 6.364
2018-02-14 0.740 6.223
2018-01-18 0.740 5.800
2017-12-14 0.740 5.609
2017-11-17 0.740 5.581
2017-10-18 0.740 5.491
2017-09-18 0.740 5.574
2017-08-18 0.740 5.644
2017-07-18 0.740 5.581
2017-06-20 0.740 5.405
2017-05-17 0.740 5.328
2017-04-18 0.710 5.079
2017-03-21 0.710 5.109
2017-02-14 0.710 5.053
2017-01-18 0.710 5.087
2016-12-19 0.710 5.255
2016-11-17 0.710 5.418
2016-10-18 0.710 5.403
2016-09-20 0.710 5.178
2016-08-18 0.710 5.092
2016-07-20 0.710 4.978
2016-06-17 0.670 4.765
2016-05-17 0.670 4.879
2016-04-19 0.670 5.125
2016-03-17 0.670 5.383
2016-02-16 0.670 5.390
2016-01-19 0.670 5.692
2015-12-17 0.650 5.637
2015-11-17 0.650 5.617
2015-10-20 0.650 5.592
2015-09-17 0.650 5.644
2015-08-18 0.650 5.781
2015-07-21 0.650 5.714
2015-06-17 0.650 5.927
2015-05-19 0.650 5.833
2015-04-17 0.650 5.784
2015-03-18 0.650 5.675
2015-02-18 0.650 5.708
2015-01-20 0.650 5.944
2014-12-16 0.650 6.146
2014-11-10 0.650 6.022
2014-10-21 0.650 6.192
2014-09-17 0.650 6.267
2014-08-19 0.650 6.012
2014-07-11 0.650 6.012
2014-06-17 0.650 6.103
2014-04-15 0.650 6.091
2014-03-18 0.650 6.102
2014-02-18 0.650 6.183
2014-01-21 0.650 6.253
2013-12-17 0.650 6.161
2013-11-11 0.650 6.267

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

  • Whilst dividend payments have been stable, Choice Properties Real Estate Investment Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Choice Properties Real Estate Investment Trust only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Choice Properties Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Choice 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 Choice 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. Choice Properties Real Estate Investment Trust has a total score of 2/6, 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 Choice 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
Rael Diamond
COMPENSATION CA$2,402,807
AGE 41
TENURE AS CEO 0 years
CEO Bio

Mr. Rael Lee Diamond, CA, has been President and Chief Executive Officer at Choice Properties Real Estate Investment Trust since May 1, 2019 and had been its Chief Operating Officer since May 4, 2018 until 2019. Mr. Diamond has been the President and Chief Operating Officer of Canadian REIT since January 1, 2015. Mr. Diamond served as the Chief Financial Officer of Canadian REIT from March 31, 2013 to March 30, 2015 and also served as its Vice President. Mr. Diamond served as the Chief Financial Officer of Rouse Properties, Inc., from January 12, 2012 to September 25, 2012 and its Principal Accounting Officer until September 25, 2012. Mr. Diamond served as the Chief Financial Officer at Adira Capital since November 2006. He served as Chief Financial Officer and Senior Vice President of Brookfield Canada Office Properties since 2011. Mr. Diamond served as the Chief Financial Officer of Tova Ventures Inc. (also known as Auryx Gold Corp.) until June 2010. He served as Vice President and Controller at Brookfield Properties Corporation and Brookfield Office Properties Canada since 2005. Mr. Diamond joined Brookfield Properties Corporation in 2005. Mr. Diamond served as the Vice President and Controller at Canadian Commercial Operations for Brookfield Properties Corporation, from 2003 to 2005. He served in the Financial Advisory Services Group at Deloitte & Touche LLP, from September 1999 to August 2003. Mr. Diamond served as an Interim Chief Financial Officer of The Howard Hughes Corporation from August 2010 to December 2010. He served as Director of Auryx Gold Corp. until June 25, 2010. Mr. Diamond served as a Director of Tova Ventures Inc. from October 2007 to June 2010. Mr. Diamond is a Canadian Chartered Accountant. He holds a B.B.A. degree from York University.

CEO Compensation
  • Rael's compensation has increased whilst company is loss making.
  • Rael's remuneration is lower than average for companies of similar size in Canada.
Management Team

Rael Diamond

TITLE
President & CEO
COMPENSATION
CA$2M
AGE
41

Mario Barrafato

TITLE
Chief Financial Officer
COMPENSATION
CA$2M
AGE
53
TENURE
1 yrs

Adam Walsh

TITLE
VP, General Counsel & Secretary
AGE
44

Kristine Hill

TITLE
Vice President of Human Resources
Board of Directors Tenure

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

1.5
Average Tenure
63
Average Age
  • The average tenure for the Choice Properties Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Galen Weston

TITLE
Chairman
COMPENSATION
CA$43K
AGE
45
TENURE
0.3 yrs

Graeme Eadie

TITLE
Lead Trustee
COMPENSATION
CA$129K
AGE
66
TENURE
0.8 yrs

Paul Weiss

TITLE
COMPENSATION
CA$128K
AGE
70
TENURE
6.3 yrs

Kerry Adams

TITLE
COMPENSATION
CA$133K
AGE
65
TENURE
6.3 yrs

Chris Clark

TITLE
COMPENSATION
CA$120K
AGE
64
TENURE
6.3 yrs

Tony Graham

TITLE
COMPENSATION
CA$138K
AGE
61
TENURE
2.1 yrs

R. Michael Latimer

TITLE
COMPENSATION
CA$77K
TENURE
1 yrs

Karen Kinsley

TITLE
COMPENSATION
CA$77K
AGE
61
TENURE
1 yrs

Nancy H. Lockhart

TITLE
AGE
63

Dale Ponder

TITLE
AGE
61
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Choice Properties Real Estate Investment Trust insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
10. May 19 Buy Wittington Investments Limited Company 09. May 19 09. May 19 3,805,000 CA$13.15 CA$50,035,749
29. Mar 19 Sell Dallas Wingerak Individual 27. Mar 19 27. Mar 19 -2,000 CA$14.25 CA$-28,500
19. Mar 19 Buy Rashid Wasti Individual 18. Mar 19 18. Mar 19 1,500 CA$13.71 CA$20,565
10. Mar 19 Sell Rael Diamond Individual 05. Mar 19 05. Mar 19 -88,120 CA$13.56 CA$-1,194,907
10. Mar 19 Buy Rael Diamond Individual 05. Mar 19 05. Mar 19 88,120 CA$13.56 CA$1,194,907
10. Mar 19 Buy Rael Diamond Individual 05. Mar 19 05. Mar 19 88,120 CA$13.56 CA$1,194,907
27. Feb 19 Buy Rashid Wasti Individual 27. Feb 19 27. Feb 19 1,000 CA$13.55 CA$13,550
08. Jan 19 Buy Stephen Johnson Individual 28. Sep 18 24. Dec 18 456,673 CA$12.99 CA$5,735,569
01. Jan 19 Buy Rashid Wasti Individual 27. Dec 18 27. Dec 18 1,000 CA$11.49 CA$11,487
21. Dec 18 Buy Rashid Wasti Individual 20. Dec 18 20. Dec 18 1,000 CA$11.80 CA$11,795
12. Dec 18 Buy Sknaber Limited Company 06. Dec 18 06. Dec 18 8,200 CA$12.19 CA$99,935
05. Dec 18 Buy Karen Kinsley Individual 05. Dec 18 05. Dec 18 2,000 CA$12.08 CA$24,162
19. Nov 18 Buy Rashid Wasti Individual 11. Sep 18 16. Nov 18 1,800 CA$12.43 CA$21,972
03. Oct 18 Sell Rael Diamond Individual 28. Sep 18 28. Sep 18 -43,477 CA$12.36 CA$-537,237
03. Oct 18 Buy Rael Diamond Individual 28. Sep 18 28. Sep 18 43,477 CA$12.36 CA$537,237
03. Oct 18 Buy Rael Diamond Individual 28. Sep 18 28. Sep 18 43,477 CA$12.36 CA$537,237
03. Oct 18 Buy Mario Barrafato Individual 28. Sep 18 28. Sep 18 34,347 CA$12.36 CA$424,419
17. Sep 18 Buy Sarabjit Marwah Individual 17. Sep 18 17. Sep 18 14,000 CA$12.75 CA$178,500
07. Sep 18 Buy Rashid Wasti Individual 06. Sep 18 06. Sep 18 1,000 CA$12.35 CA$12,350
07. Sep 18 Buy Dallas Wingerak Individual 04. Sep 18 04. Sep 18 750 CA$12.46 CA$9,338
07. Sep 18 Buy Karen Kinsley Individual 06. Sep 18 06. Sep 18 3,000 CA$12.42 CA$37,262
25. May 18 Buy Camilla Dalglish Individual 25. May 18 25. May 18 43,400 CA$11.54 CA$501,031
18. May 18 Buy Rashid Wasti Individual 18. May 18 18. May 18 700 CA$11.44 CA$8,008
X
Management checks
We assess Choice 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. Choice 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

Simply Wall St News

Shareholders Are Loving Choice Properties Real Estate Investment Trust's (TSE:CHP.UN) 5.4% Yield

Could Choice Properties Real Estate Investment Trust (TSE:CHP.UN) be an attractive dividend share to own for the long haul? … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … With a five-year payment history and a 5.4% yield, many investors probably find Choice Properties Real Estate Investment Trust intriguing.

Simply Wall St -

Boasting A 19% Return On Equity, Is Choice Properties Real Estate Investment Trust (TSE:CHP.UN) A Top Quality Stock?

To keep the lesson grounded in practicality, we'll use ROE to better understand Choice Properties Real Estate Investment Trust (TSE:CHP.UN). … Over the last twelve months Choice Properties Real Estate Investment Trust has recorded a ROE of 19%. … Check out our latest analysis for Choice Properties Real Estate Investment Trust?

Simply Wall St -

Have Insiders Been Buying Choice Properties Real Estate Investment Trust (TSE:CHP.UN) Shares?

So before you buy or sell Choice Properties Real Estate Investment Trust (TSE:CHP.UN), you may well want to know whether insiders have been buying or selling. … Choice Properties Real Estate Investment Trust Insider Transactions Over The Last Year. … Overall, Choice Properties Real Estate Investment Trust insiders were net buyers last year

Simply Wall St -

What Kind Of Shareholders Own Choice Properties Real Estate Investment Trust (TSE:CHP.UN)?

Every investor in Choice Properties Real Estate Investment Trust (TSE:CHP.UN) should be aware of the most powerful shareholder groups. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Choice Properties Real Estate Investment Trust has a market capitalization of CA$8.7b, so it's too big to fly under the radar.

Simply Wall St -

Is Choice Properties Real Estate Investment Trust's (TSE:CHP.UN) 12% Better Than Average?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Choice Properties Real Estate Investment Trust (TSE:CHP.UN). … Over the last twelve months Choice Properties Real Estate Investment Trust has recorded a ROE of 12%. … See our latest analysis for Choice Properties Real Estate Investment Trust?

Simply Wall St -

How Much Are Choice Properties Real Estate Investment Trust (TSE:CHP.UN) Insiders Spending On Buying Shares?

So before you buy or sell Choice Properties Real Estate Investment Trust (TSE:CHP.UN), you may well want to know whether insiders have been buying or selling. … The Last 12 Months Of Insider Transactions At Choice Properties Real Estate Investment Trust. … In the last twelve months there was more buying than selling by Choice Properties Real Estate Investment Trust insiders

Simply Wall St -

Is Choice Properties Real Estate Investment Trust (TSE:CHP.UN) A Healthy REIT?

Choice Properties Real Estate Investment Trust is a CA$7.9b. … real estate investment trust (REIT) based in Toronto, Canada. … Check out our latest analysis for Choice Properties Real Estate Investment Trust

Simply Wall St -

Looking At Choice Properties Real Estate Investment Trust (TSE:CHP.UN) From All Angles

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Choice Properties Real Estate Investment Trust (TSE:CHP.UN), it

Simply Wall St -

Is Choice Properties Real Estate Investment Trust (TSE:CHP.UN) A Healthy REIT?

Choice Properties Real Estate Investment Trust is a CA$7.16b. … real estate investment trust (REIT) based in Toronto, Canada. … See our latest analysis for Choice Properties Real Estate Investment Trust

Simply Wall St -

Should Income Investors Buy Choice Properties Real Estate Investment Trust (TSE:CHP.UN) Before Its Ex-Dividend?

Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Choice Properties Real Estate Investment Trust's latest financial data to analyse its dividend characteristics. … View our latest analysis for Choice Properties Real Estate Investment Trust 5 checks you should do on a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is it the top 25% annual dividend yield payer? … TSX:CHP.UN Historical Dividend Yield May 26th 18 How well does Choice Properties Real Estate Investment Trust fit our criteria?

Simply Wall St -

Company Info

Description

Choice Properties, Canada's preeminent diversified real estate investment trust, is the owner, manager and developer of a high quality portfolio comprising 756 properties totaling 67.7 million square feet of gross leasable area. The portfolio is comprised of retail properties, predominantly leased to necessity-based tenants, industrial, office and residential assets concentrated in attractive markets and offers an unmatched development pipeline. Choice Properties' strategic alliance with its principal tenant, Loblaw Companies Limited, the country's leading retailer, is a key competitive advantage providing long-term growth opportunities.

Details
Name: Choice Properties Real Estate Investment Trust
CHP.UN
Exchange: TSX
Founded:
CA$9,574,172,208
CA$4,226,313,598
699,355,165
Website: http://www.choicereit.ca
Address: Choice Properties Real Estate Investment Trust
22 St. Clair Avenue East,
Suite 500,
Toronto,
Ontario, M4T 2S5,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CHP.UN Units The Toronto Stock Exchange CA CAD 05. Jul 2013
OTCPK PPRQ.F Units Pink Sheets LLC US USD 05. Jul 2013
Number of employees
Current staff
Staff numbers
238
Choice Properties Real Estate Investment Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:34
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


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

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