CT Real Estate Investment Trust
Market Cap
CA$3.1b
Last Updated
2020/07/12 23:57 UTC
Data Sources
Company Financials +
Executive Summary
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.
Rewards
Risk Analysis
Snowflake Analysis
Second-rate dividend payer and slightly overvalued.
Similar Companies
Share Price & News
How has CT Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: CRT.UN has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-2.4%
CRT.UN
-2.1%
CA REITs
0.8%
CA Market
1 Year Return
-6.6%
CRT.UN
-21.3%
CA REITs
-11.3%
CA Market
Return vs Industry: CRT.UN exceeded the Canadian REITs industry which returned -21.3% over the past year.
Return vs Market: CRT.UN exceeded the Canadian Market which returned -11.3% over the past year.
Shareholder returns
| CRT.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.4% | -2.1% | 0.8% |
| 30 Day | -0.7% | -1.7% | 3.0% |
| 90 Day | 8.1% | -1.3% | 9.0% |
| 1 Year | -1.4%-6.6% | -17.1%-21.3% | -8.2%-11.3% |
| 3 Year | 11.4%-5.3% | 4.3%-11.6% | 4.1%-5.8% |
| 5 Year | 39.5%7.7% | 20.5%-9.3% | 21.5%3.1% |
Price Volatility Vs. Market
How volatile is CT Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
Should You Be Pleased About The CEO Pay At CT Real Estate Investment Trust's (TSE:CRT.UN)1 month ago | Simply Wall St
Trade Alert: The Chief Operating Officer Of CT Real Estate Investment Trust (TSE:CRT.UN), Kevin Salsberg, Has Just Spent CA$54k Buying 18% More Shares2 months ago | Simply Wall St
Should You Think About Buying CT Real Estate Investment Trust (TSE:CRT.UN) Now?Valuation
Is CT Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
41.1%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: CRT.UN (CA$13.55) is trading below our estimate of fair value (CA$22.99)
Significantly Below Fair Value: CRT.UN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: CRT.UN is poor value based on its PE Ratio (24.4x) compared to the CA REITs industry average (6.4x).
PE vs Market: CRT.UN is poor value based on its PE Ratio (24.4x) compared to the Canadian market (13.2x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate CRT.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: CRT.UN is overvalued based on its PB Ratio (2.1x) compared to the CA REITs industry average (0.7x).
Next Steps
Future Growth
How is CT Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
3.3%
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if CRT.UN's forecast earnings growth is above the savings rate (1.7%).
Earnings vs Market: Insufficient data to determine if CRT.UN's earnings are forecast to grow faster than the Canadian market
High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: CRT.UN's revenue (3.3% per year) is forecast to grow slower than the Canadian market (5.5% per year).
High Growth Revenue: CRT.UN's revenue (3.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if CRT.UN's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has CT Real Estate Investment Trust performed over the past 5 years?
4.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CRT.UN has high quality earnings.
Growing Profit Margin: CRT.UN's current net profit margins (25.3%) are lower than last year (26.9%).
Past Earnings Growth Analysis
Earnings Trend: CRT.UN's earnings have grown by 4.9% per year over the past 5 years.
Accelerating Growth: CRT.UN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: CRT.UN had negative earnings growth (-2.9%) over the past year, making it difficult to compare to the REITs industry average (24.2%).
Return on Equity
High ROE: CRT.UN's Return on Equity (8.4%) is considered low.
Next Steps
Financial Health
How is CT Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: CRT.UN's short term assets (CA$36.1M) do not cover its short term liabilities (CA$326.5M).
Long Term Liabilities: CRT.UN's short term assets (CA$36.1M) do not cover its long term liabilities (CA$2.4B).
Debt to Equity History and Analysis
Debt Level: CRT.UN's debt to equity ratio (77.6%) is considered high.
Reducing Debt: CRT.UN's debt to equity ratio has reduced from 95% to 77.6% over the past 5 years.
Debt Coverage: CRT.UN's debt is not well covered by operating cash flow (14.3%).
Interest Coverage: CRT.UN's interest payments on its debt are well covered by EBIT (3.4x coverage).
Balance Sheet
Next Steps
Dividend
What is CT Real Estate Investment Trust current dividend yield, its reliability and sustainability?
5.81%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: CRT.UN's dividend (5.81%) is higher than the bottom 25% of dividend payers in the Canadian market (1.87%).
High Dividend: CRT.UN's dividend (5.81%) is low compared to the top 25% of dividend payers in the Canadian market (6.03%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, CRT.UN has been paying a dividend for less than 10 years.
Growing Dividend: CRT.UN's dividend payments have increased, but the company has only paid a dividend for 7 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (24.1%), CRT.UN's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: CRT.UN's dividends in 3 years are forecast to be thoroughly covered by earnings (0.3% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
1.8yrs
Average management tenure
CEO
Ken Silver (61yo)
6.75yrs
Tenure
CA$1,921,690
Compensation
Mr. Kenneth Silver, also known as Ken, has been the Chief Executive Officer and President of CT Real Estate Investment Trust (REIT) since October 23, 2013. Mr. Silver joined CTC in 1995. He served as the C ...
CEO Compensation Analysis
Compensation vs Market: Ken's total compensation ($USD1.41M) is below average for companies of similar size in the Canadian market ($USD2.03M).
Compensation vs Earnings: Ken's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 6.75yrs | CA$1.92m | 0.043% CA$1.3m | |
| Senior VP & CFO | 1.75yrs | CA$863.74k | no data | |
| Chief Operating Officer | 0.67yr | CA$919.15k | 0.012% CA$378.0k | |
| Associate Vice President | no data | no data | no data | |
| VP, General Counsel & Secretary | no data | no data | no data | |
| Vice-President of Communications | no data | no data | no data | |
| Associate Vice-President of Investor Relations | no data | no data | no data |
1.8yrs
Average Tenure
Experienced Management: CRT.UN's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 6.75yrs | CA$1.92m | 0.043% CA$1.3m | |
| Independent Non Executive Chairman | 6.83yrs | CA$115.75k | 0.0035% CA$108.4k | |
| 6.83yrs | no data | 0.0018% CA$54.5k | ||
| Independent Trustee | 6.83yrs | CA$84.50k | 0.012% CA$364.4k | |
| Independent Trustee | 2.17yrs | CA$83.50k | no data | |
| Independent Trustee | 6.75yrs | CA$89.50k | no data | |
| Independent Trustee | 0.17yr | no data | 0.00088% CA$27.2k | |
| 2.17yrs | no data | no data |
6.8yrs
Average Tenure
60yo
Average Age
Experienced Board: CRT.UN's board of directors are considered experienced (6.8 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: CRT.UN insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.6%.
Top Shareholders
Company Information
CT Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: CT Real Estate Investment Trust
- Ticker: CRT.UN
- Exchange: TSX
- Founded:
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: CA$3.096b
- Shares outstanding: 228.50m
- Website: https://www.ctreit.com
Number of Employees
Location
- CT Real Estate Investment Trust
- 2180 Yonge Street
- P.O. Box 770, Station K
- Toronto
- Ontario
- M4P 2V8
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| CRT.UN | TSX (The Toronto Stock Exchange) | Yes | Units | CA | CAD | Oct 2013 |
| CTRR.F | OTCPK (Pink Sheets LLC) | Yes | Units | US | USD | Oct 2013 |
Biography
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 350 properties totalling approximately 28 million square feet of GLA, consisting primarily of retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT's most significant tenant.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/07/12 23:57 |
| End of Day Share Price | 2020/07/10 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.