CT Real Estate Investment Trust
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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.
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CRT.UN Share Price and Events
7 Day Returns
1 Year Returns
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.
Price Volatility
Related Companies
Value
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.
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 .
Current Discount
Current Discount Checks
- 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?
| 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 >
- 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?
| 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?
| 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 >
- CT Real Estate Investment Trust is overvalued based on assets compared to the CA REITs industry average.
Value checks
We assess CT Real Estate Investment Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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
- 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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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.
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.
| 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.
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.
Future performance checks
We assess CT Real Estate Investment Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
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.
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).
Past performance checks
We assess CT Real Estate Investment Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
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 |
- 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).
Financial health checks
We assess CT Real Estate Investment Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) CT Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
CA$2,000 of
CT Real Estate Investment Trust
shares you are expected to receive
CA$113
in your first year as a dividend.
Dividend Amount
- CT Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.12%).
- CT Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Canada (5.93%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| Canada REITs Industry Average Dividend Yield | Market Cap Weighted Average of 42 Stocks | 5.2% |
| Canada Market Average Dividend Yield | Market Cap Weighted Average of 329 Stocks | 3.6% |
| Canada Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
| Canada Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Canada Top 25% Dividend Yield | 75th Percentile | 5.9% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CA$) | 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 >
- 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.
Income/ dividend checks
We assess CT Real Estate Investment Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the CT Real Estate Investment Trust management team is about average.
Management Team
Ken Silver
President
CA$2M
59
5.3 yrs
Kevin Salsberg
Senior Vice-President of Real Estate
CA$695K
2.7 yrs
Lesley Gibson
Senior VP & CFO
47
0.3 yrs
Greg Hicks
COO & Trustee
46
Marina Davies
Associate Vice President
Kimberley Graham
VP, General Counsel & Secretary
Jane Shaw
Vice-President of Communications
Andrea Orzech
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:
- The tenure for the CT Real Estate Investment Trust board of directors is about average.
Board of Directors
Leo Laidley
Independent Non Executive Chairman
CA$110K
71
5.4 yrs
Ken Silver
President
CA$2M
59
5.4 yrs
Greg Hicks
COO & Trustee
46
0.8 yrs
Anna Martini
CA$85K
55
5.3 yrs
John O’Bryan
CA$81K
67
5.4 yrs
Heather Briant
57
0.8 yrs
Dean McCann
59
5.4 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CA$) | 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 | ||
Management checks
We assess CT Real Estate Investment Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleHow 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 - – Full articleWith 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 - – Full articleWhat 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 - – Full articleShould 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 - – Full articleIs 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 - – Full articleWho 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 - – Full articleCT 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 - – Full articleIs 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 - – Full articleIs 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 - – Full articleCompany 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
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.
