TSX:CRT.UN

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CT Real Estate Investment Trust

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.


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.UNIndustryMarket
7 Day-2.4%-2.1%0.8%
30 Day-0.7%-1.7%3.0%
90 Day8.1%-1.3%9.0%
1 Year-1.4%-6.6%-17.1%-21.3%-8.2%-11.3%
3 Year11.4%-5.3%4.3%-11.6%4.1%-5.8%
5 Year39.5%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

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

NamePositionTenureCompensationOwnership
Kenneth Silver
President6.75yrsCA$1.92m0.043% CA$1.3m
Lesley Gibson
Senior VP & CFO1.75yrsCA$863.74kno data
Kevin Salsberg
Chief Operating Officer0.67yrCA$919.15k0.012% CA$378.0k
Marina Davies
Associate Vice Presidentno datano datano data
Kimberley Graham
VP, General Counsel & Secretaryno datano datano data
Jane Shaw
Vice-President of Communicationsno datano datano data
Andrea Orzech
Associate Vice-President of Investor Relationsno datano datano 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

NamePositionTenureCompensationOwnership
Kenneth Silver
President6.75yrsCA$1.92m0.043% CA$1.3m
David Laidley
Independent Non Executive Chairman6.83yrsCA$115.75k0.0035% CA$108.4k
Dean McCann
6.83yrsno data0.0018% CA$54.5k
John O'Bryan
Independent Trustee6.83yrsCA$84.50k0.012% CA$364.4k
Heather Briant
Independent Trustee2.17yrsCA$83.50kno data
Anna Martini
Independent Trustee6.75yrsCA$89.50kno data
Kelly Smith
Independent Trustee0.17yrno data0.00088% CA$27.2k
Gregory Hicks
2.17yrsno datano 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CRT.UNTSX (The Toronto Stock Exchange)YesUnitsCACADOct 2013
CTRR.FOTCPK (Pink Sheets LLC)YesUnitsUSUSDOct 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/12 23:57
End of Day Share Price2020/07/10 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.