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CT Real Estate Investment Trust

TSX:CRT.UN
Snowflake Description

Second-rate dividend payer with imperfect balance sheet.

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

CT Real Estate Investment Trust (TSX:CRT.UN) is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties primarily located in Canada. The last earnings update was 7 days ago. More info.


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CRT.UN Share Price and Events
7 Day Returns
0.2%
TSX:CRT.UN
-0.3%
CA REITs
-0.4%
CA Market
1 Year Returns
-0.7%
TSX:CRT.UN
9.7%
CA REITs
-1.1%
CA Market
CRT.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CT Real Estate Investment Trust (CRT.UN) 0.2% 7.5% 9.5% -0.7% -6.1% 18.3%
CA REITs -0.3% 4.2% 3.9% 9.7% 17.9% 14.5%
CA Market -0.4% 3.7% 2.3% -1.1% 20.3% 4.2%
1 Year Return vs Industry and Market
  • CRT.UN underperformed the REITs industry which returned 9.7% over the past year.

Value

 Is CT 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 CT 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 CT Real Estate Investment Trust.

TSX:CRT.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 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
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:CRT.UN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 8.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.36
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.36 (1 + (1- 26.5%) (87.12%))
0.591
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 * 8.05%)
8.39%

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

The calculations below outline how an intrinsic value for CT 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.

CT 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:CRT.UN DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Adjusted Funds From Operations (AFFO) (CAD, Millions) 220.49 233.82 261.99 293.55 328.92
Source Analyst x2 Analyst x2 Est @ 12.05% Est @ 12.05% Est @ 12.05%
Present Value
Discounted (@ 8.39%)
203.42 199.02 205.74 212.68 219.86
Present value of next 5 years cash flows CA$1,040.73
TSX:CRT.UN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= CA$328.92 × (1 + 1.95%) ÷ (8.39% – 1.95%)
CA$5,204.90
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= CA$5,204.90 ÷ (1 + 8.39%)5
CA$3,479.19
TSX:CRT.UN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= CA$1,040.73 + CA$3,479.19
CA$4,519.92
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$4,519.92 / 220.28
CA$20.52
TSX:CRT.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$20.52
Current discount Discount to share price of CA$13.41
= -1 x (CA$13.41 - CA$20.52) / CA$20.52
34.6%

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

Current Discount
Amount off the current price CT Real Estate Investment Trust is available for.
Intrinsic value
35%
Share price is CA$13.41 vs Future cash flow value of CA$20.52
Current Discount Checks
For CT 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.
  • CT Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CT 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 CT 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 CT 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:CRT.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$0.60
TSX:CRT.UN Share Price ** TSX (2019-02-15) in CAD CA$13.41
Canada REITs Industry PE Ratio Median Figure of 41 Publicly-Listed REITs Companies 8.86x
Canada Market PE Ratio Median Figure of 559 Publicly-Listed Companies 14.87x

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

** Primary Listing of CT Real Estate Investment Trust.

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

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

= 13.41 ÷ 0.60

22.5x

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

  • CT Real Estate Investment Trust is overvalued based on earnings compared to the CA REITs industry average.
  • CT Real Estate Investment Trust is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does CT Real Estate Investment Trust's expected growth come at a high price?
Raw Data
TSX:CRT.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.5x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
12.3%per year
Canada REITs Industry PEG Ratio Median Figure of 5 Publicly-Listed REITs Companies -0.37x
Canada Market PEG Ratio Median Figure of 261 Publicly-Listed Companies 0.96x

*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 CT 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 CT Real Estate Investment Trust's assets?
Raw Data
TSX:CRT.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$5.93
TSX:CRT.UN Share Price * TSX (2019-02-15) in CAD CA$13.41
Canada REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 0.97x
Canada Market PB Ratio Median Figure of 2,329 Publicly-Listed Companies 1.52x
TSX:CRT.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 13.41 ÷ 5.93

2.26x

* Primary Listing of CT Real Estate Investment Trust.

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

  • CT Real Estate Investment Trust is overvalued based on assets compared to the CA REITs industry average.
X
Value checks
We assess CT 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. CT 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 CT Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover CT 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
12.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CT Real Estate Investment Trust expected to grow at an attractive rate?
  • CT Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • CT Real Estate Investment Trust's earnings growth is positive but not above the Canada market average.
  • CT Real Estate Investment Trust's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CRT.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CRT.UN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 12.3%
TSX:CRT.UN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 4.5%
Canada REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
Canada REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Canada Market Earnings Growth Rate Market Cap Weighted Average 16.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*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:CRT.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 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CRT.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 517 2
2019-12-31 493 2
TSX:CRT.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 472 332 128
2018-09-30 464 333 137
2018-06-30 456 323 134
2018-03-31 449 316 134
2017-12-31 443 317 136
2017-09-30 436 300 124
2017-06-30 430 299 125
2017-03-31 420 288 120
2016-12-31 407 276 117
2016-09-30 400 276 117
2016-06-30 393 271 114
2016-03-31 384 271 115

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CT Real Estate Investment Trust's earnings are expected to grow by 12.3% yearly, however this is not considered high growth (20% yearly).
  • CT Real Estate Investment Trust's revenue is expected to grow by 4.5% 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:CRT.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 2 Analyst Estimates (S&P Global) See Below

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

TSX:CRT.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:CRT.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 0.60
2018-09-30 0.64
2018-06-30 0.62
2018-03-31 0.63
2017-12-31 0.64
2017-09-30 0.59
2017-06-30 0.60
2017-03-31 0.59
2016-12-31 0.58
2016-09-30 0.60
2016-06-30 0.59
2016-03-31 0.61

*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 CT Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess CT 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.
CT Real Estate Investment Trust has a total score of 1/6, 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 CT 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 CT 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.
  • CT Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years.
  • CT Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CT Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the CA REITs industry average.
Earnings and Revenue History
CT 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 CT Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CRT.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 472.48 128.03 12.19
2018-09-30 464.43 137.12 11.46
2018-06-30 456.05 133.58 10.85
2018-03-31 448.78 133.94 10.51
2017-12-31 443.30 135.82 11.05
2017-09-30 436.27 123.84 10.82
2017-06-30 429.91 125.45 10.61
2017-03-31 419.81 120.48 10.68
2016-12-31 407.17 116.63 10.33
2016-09-30 399.53 117.37 10.51
2016-06-30 392.52 113.88 10.87
2016-03-31 384.23 114.51 10.58
2015-12-31 378.18 112.78 9.65
2015-09-30 370.79 109.53 9.18
2015-06-30 364.41 105.93 8.74
2015-03-31 354.56 101.20 9.06
2014-12-31 344.79 159.28 8.43
2013-12-31 126.05 30.54 4.45

*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.
  • CT Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CT Real Estate Investment Trust used its assets less efficiently than the CA REITs industry average last year based on Return on Assets.
  • CT 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 CT 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.
CT Real Estate Investment Trust has a total score of 1/6, 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 CT 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 CT Real Estate Investment Trust's finances.

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

TSX:CRT.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,084.91 2,573.49 4.99
2018-09-30 2,987.44 2,596.48 7.84
2018-06-30 2,932.51 2,581.32 1.91
2018-03-31 2,895.77 2,596.15 12.27
2017-12-31 2,861.44 2,544.97 10.90
2017-09-30 2,801.66 2,394.79 11.76
2017-06-30 2,763.72 2,381.90 35.33
2017-03-31 2,657.76 2,393.98 11.53
2016-12-31 2,590.58 2,383.12 6.37
2016-09-30 2,560.11 2,290.42 6.80
2016-06-30 2,522.65 2,288.63 1.10
2016-03-31 2,269.46 2,112.73 30.93
2015-12-31 2,213.36 2,095.05 24.68
2015-09-30 2,181.82 2,078.83 43.50
2015-06-30 2,153.89 2,071.74 46.70
2015-03-31 2,089.48 1,984.13 1.47
2014-12-31 2,002.19 1,983.77 2.71
2013-12-31 1,780.39 1,800.00 47.00
  • CT Real Estate Investment Trust's level of debt (83.4%) 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 (101.1% vs 83.4% today).
  • Debt is not well covered by operating cash flow (12.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.4x coverage).
X
Financial health checks
We assess CT 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. CT Real Estate Investment Trust has a total score of 2/6, 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 CT 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
5.65%
Current annual income from CT Real Estate Investment Trust dividends. Estimated to be 5.73% next year.
If you bought CA$2,000 of CT Real Estate Investment Trust shares you are expected to receive CA$113 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?
  • CT Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.12%).
  • CT Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Canada (5.93%).
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:CRT.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 2 Analyst Estimates (S&P Global) See Below
Canada REITs Industry Average Dividend Yield Market Cap Weighted Average of 42 Stocks 5.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 329 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.9%

Industry and Market average data is calculated daily.

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

TSX:CRT.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.78 5.00
2019-12-31 0.76 5.00
TSX:CRT.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-02-15 0.757 5.647
2019-01-15 0.757 5.902
2018-12-14 0.757 6.387
2018-11-15 0.728 5.929
2018-10-15 0.728 5.803
2018-09-14 0.728 5.711
2018-08-15 0.728 5.428
2018-07-13 0.728 5.460
2018-06-15 0.728 5.674
2018-05-15 0.728 5.528
2018-04-13 0.728 5.545
2018-03-15 0.728 5.516
2018-02-15 0.728 5.513
2017-12-15 0.728 5.183
2017-11-15 0.700 4.780
2017-10-13 0.700 4.940
2017-09-15 0.700 4.990
2017-08-15 0.700 5.026
2017-07-14 0.700 4.868
2017-06-15 0.700 4.877
2017-05-15 0.700 4.683
2017-04-13 0.700 4.737
2017-03-15 0.700 4.665
2017-02-15 0.700 4.612
2017-01-13 0.700 4.707
2016-12-15 0.700 4.700
2016-11-15 0.680 4.523
2016-10-14 0.680 4.520
2016-09-15 0.680 4.506
2016-08-15 0.680 4.470
2016-07-15 0.680 4.486
2016-06-15 0.680 4.523
2016-05-13 0.680 4.553
2016-04-15 0.680 4.629
2016-03-15 0.680 4.729
2016-02-16 0.680 4.761
2016-01-15 0.680 5.009
2015-11-09 0.680 5.238
2015-10-15 0.663 5.108
2015-09-15 0.663 5.153
2015-08-14 0.663 5.325
2015-07-15 0.663 5.295
2015-06-15 0.663 5.400
2015-05-15 0.663 5.399
2015-04-15 0.663 5.301
2015-03-18 0.663 5.151
2015-02-13 0.663 5.024
2015-01-15 0.663 5.186
2014-12-15 0.663 5.485
2014-10-15 0.650 5.541
2014-09-15 0.650 5.843
2014-08-15 0.650 5.592
2014-07-15 0.650 5.729
2014-06-13 0.650 5.766
2014-04-15 0.650 5.706
2014-03-14 0.650 5.897
2014-02-14 0.650 5.821
2014-01-15 0.650 5.763
2013-12-13 0.650 5.976

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

  • Whilst dividend payments have been stable, CT Real Estate Investment Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but CT Real Estate Investment Trust only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of CT Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (344.8x coverage).
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Income/ dividend checks
We assess CT Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 CT Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CT Real Estate Investment Trust has a total score of 3/6, 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 CT 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
Ken Silver
COMPENSATION CA$1,732,316
AGE 59
TENURE AS CEO 5.3 years
CEO Bio

Mr. Kenneth Silver, also known as Ken, has been the Chief Executive Officer and President of CT Real Estate Investment Trust (REIT) since October 23, 2013. Mr. Silver joined CTC in 1995. He served as the Chief Executive Officer of Canadian Tire Real Estate Limited at Canadian Tire Corporation Limited since August 2013 and served as its President of Canadian Tire Real Estate Limited until October 2013. He served as Senior Vice President of Corporate Strategy & Real Estate at Canadian Tire Corporation Limited from 1995 to 2013. He served as the Senior Vice President of Real Estate and Construction for Canadian Tire Corp. Ltd and served as its Vice President of Real Estate and Construction. He was responsible for Canadian Tire Corp’s real estate portfolio, corporate strategy development, mergers and acquisitions and sustainability initiatives. He joined Canadian Tire in 1995 and has more than 20 years of development and retail & commercial real estate in Canada and the United States. He has been a Trustee at CT Real Estate Investment Trust (REIT) since September 2013. Mr. Silver holds a Bachelor of Arts Degree from Queen's University, a Master of Business Administration degree from McGill University and completed the Directors Education Program at the Institute of Corporate Directors at the University of Toronto.

CEO Compensation
  • Ken's compensation has been consistent with company performance over the past year.
  • Ken's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the CT Real Estate Investment Trust management team in years:

2.7
Average Tenure
47
Average Age
  • The tenure for the CT Real Estate Investment Trust management team is about average.
Management Team

Ken Silver

TITLE
President
COMPENSATION
CA$2M
AGE
59
TENURE
5.3 yrs

Kevin Salsberg

TITLE
Senior Vice-President of Real Estate
COMPENSATION
CA$695K
TENURE
2.7 yrs

Lesley Gibson

TITLE
Senior VP & CFO
AGE
47
TENURE
0.3 yrs

Greg Hicks

TITLE
COO & Trustee
AGE
46

Marina Davies

TITLE
Associate Vice President

Kimberley Graham

TITLE
VP, General Counsel & Secretary

Jane Shaw

TITLE
Vice-President of Communications

Andrea Orzech

TITLE
Associate Vice-President of Investor Relations
Board of Directors Tenure

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

5.4
Average Tenure
59
Average Age
  • The tenure for the CT Real Estate Investment Trust board of directors is about average.
Board of Directors

Leo Laidley

TITLE
Independent Non Executive Chairman
COMPENSATION
CA$110K
AGE
71
TENURE
5.4 yrs

Ken Silver

TITLE
President
COMPENSATION
CA$2M
AGE
59
TENURE
5.4 yrs

Greg Hicks

TITLE
COO & Trustee
AGE
46
TENURE
0.8 yrs

Anna Martini

TITLE
COMPENSATION
CA$85K
AGE
55
TENURE
5.3 yrs

John O’Bryan

TITLE
COMPENSATION
CA$81K
AGE
67
TENURE
5.4 yrs

Heather Briant

TITLE
AGE
57
TENURE
0.8 yrs

Dean McCann

TITLE
AGE
59
TENURE
5.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
29. Nov 18 Sell Canadian Tire Corporation, Limited Company 28. Nov 18 28. Nov 18 -15,191,586 CA$12.55 CA$-190,654,398
15. May 18 Buy Kevin Salsberg Individual 14. May 18 14. May 18 6,200 CA$13.25 CA$82,150
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Management checks
We assess CT 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. CT 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

Here's What We Think About CT Real Estate Investment Trust's (TSE:CRT.UN) CEO Pay

In 2013 Ken Silver was appointed CEO of CT Real Estate Investment Trust (TSE:CRT.UN). … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Ken Silver's Compensation Compare With Similar Sized Companies?

Simply Wall St -

How Should You Analyze REIT Stock CT Real Estate Investment Trust (TSE:CRT.UN)?

CT Real Estate Investment Trust is a CA$2.6b. … real estate investment trust (REIT) based in Toronto, Canada. … See our latest analysis for CT Real Estate Investment Trust

Simply Wall St -

With A Return On Equity Of 11%, Has CT Real Estate Investment Trust's (TSE:CRT.UN) Management Done Well?

By way of learning-by-doing, we'll look at ROE to gain a better understanding CT Real Estate Investment Trust (TSE:CRT.UN). … Our data shows CT Real Estate Investment Trust has a return on equity of 11% for the last year. … Check out our latest analysis for CT Real Estate Investment Trust?

Simply Wall St -

What Type Of Shareholder Owns CT Real Estate Investment Trust's (TSE:CRT.UN)?

If you want to know who really controls CT Real Estate Investment Trust (TSE:CRT.UN), then you'll have to look at the makeup of its share registry. … With a market capitalization of CA$2.7b, CT Real Estate Investment Trust is a decent size, so it is probably on the radar of institutional investors. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

Should You Invest In CT Real Estate Investment Trust (TSE:CRT.UN)?

CT Real Estate Investment Trust is a CA$2.88b. … real estate investment trust (REIT) based in Toronto, Canada. … 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

Simply Wall St -

Is CT Real Estate Investment Trust (TSE:CRT.UN) A Smart Choice For Dividend Investors?

Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … In the past 5 years CT Real Estate Investment Trust (TSE:CRT.UN) has returned an average of 5.00% per year to investors in the form of dividend payouts. … Let's dig deeper into whether CT Real Estate Investment Trust should have a place in your portfolio.

Simply Wall St -

Who Are CT Real Estate Investment Trust's (TSE:CRT.UN) Major Shareholders?

TSX:CRT.UN Insider_trading May 14th 18 General Public Ownership The general public holds a substantial 11.72% stake in CRT.UN, making it a highly popular stock among retail investors. … Public Company Ownership Another important group of owners for potential investors in CRT.UN are other public companies that hold a stake of 57.58% in CRT.UN. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.Next Steps: CRT.UN's considerably high level of institutional ownership calls for further analysis into its margin of safety.

Simply Wall St -

CT Real Estate Investment Trust (TSE:CRT.UN): Dividend Is Coming In 3 Days, Should You Buy?

See our latest analysis for CT Real Estate Investment Trust 5 checks you should do on a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is its annual yield among the top 25% of dividend-paying companies? … TSX:CRT.UN Historical Dividend Yield Apr 23rd 18 How does CT Real Estate Investment Trust fare? … Next Steps: Whilst there are few things you may like about CT Real Estate Investment Trust from a dividend stock perspective, the truth is that overall it probably is not the best choice for a dividend investor.

Simply Wall St -

Is CT Real Estate Investment Trust (TSE:CRT.UN) A Smart Pick For Income Investors?

In the past 4 years CT Real Estate Investment Trust (TSX:CRT.UN) has returned an average of 5.00% per year to investors in the form of dividend payouts. … See our latest analysis for CT Real Estate Investment Trust 5 checks you should do on a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is it paying an annual yield above 75% of dividend payers? … TSX:CRT.UN Historical Dividend Yield Apr 12th 18 How does CT Real Estate Investment Trust fare?

Simply Wall St -

Is It Too Late To Buy CT Real Estate Investment Trust (TSE:CRT.UN)?

CT Real Estate Investment Trust (TSX:CRT.UN), a reits company based in Canada, saw significant share price volatility over the past couple of months on the TSX, rising to the highs of CA$14.6 and falling to the lows of CA$12.85. … Let’s take a look at CT Real Estate Investment Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … What’s more interesting is that, CT 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 move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value.

Simply Wall St -

Company Info

Map
Description

CT Real Estate Investment Trust (TSX:CRT.UN) is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties primarily located in Canada. Its portfolio is comprised of over 325 properties totaling approximately 26 million square feet of GLA, consisting primarily of retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT's most significant tenant.

Details
Name: CT Real Estate Investment Trust
CRT.UN
Exchange: TSX
Founded:
CA$2,953,990,738
220,282,680
Website: http://www.ctreit.com
Address: CT Real Estate Investment Trust
2180 Yonge Street,
P.O. Box 770, Station K,
Toronto,
Ontario, M4P 2V8,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CRT.UN Units The Toronto Stock Exchange CA CAD 23. Oct 2013
Number of employees
Current staff
Staff numbers
15
CT Real Estate Investment Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/18 03:16
End of day share price update: 2019/02/15 00:00
Last estimates confirmation: 2019/02/13
Last earnings filing: 2019/02/11
Last earnings reported: 2018/12/31
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.