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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.
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% |
Below are the data sources, inputs and calculation used to determine the intrinsic value for CT Real Estate Investment Trust.
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.
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.
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 |
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 |
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 |
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 .
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.
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 >
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 >
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 |
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 >
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.
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 |
Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2020-12-31 | 517 | 2 | ||
2019-12-31 | 493 | 2 |
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.
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.
Date (Data in CAD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2020-12-31 | ||||
2019-12-31 |
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.
How has CT Real Estate Investment Trust performed over the past 5 years?
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.
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.
How is CT Real Estate Investment Trust's financial health and their level of debt?
All data from CT Real Estate Investment Trust Company Filings, last reported 1 month ago.
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 |
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.
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 |
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 >
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.
Average tenure and age of the CT Real Estate Investment Trust management team in years:
Average tenure and age of the CT Real Estate Investment Trust board of directors in years:
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 |
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 - – Full articleCT 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 - – Full articleBy 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 - – Full articleIf 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 - – Full articleCT 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 - – Full articleDividends 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 - – Full articleTSX: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 - – Full articleSee 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 - – Full articleIn 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 - – Full articleCT 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 - – Full article
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.
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 |
Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
---|---|---|---|---|---|---|---|
TSX | CRT.UN | Units | The Toronto Stock Exchange | CA | CAD | 23. Oct 2013 |
Retail REITs | |
Real Estate |
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.