Dream Industrial Real Estate Investment Trust
Market Cap
CA$2.6b
Last Updated
2021/04/18 22:09 UTC
Data Sources
Company Financials +
Executive Summary
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. More Details
Rewards
Risk Analysis
Earnings are forecast to decline by an average of 12.4% per year for the next 3 years
+ 1 more risk
Snowflake Analysis
Good value average dividend payer.
Share Price & News
How has Dream Industrial Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: DIR.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: DIR.UN's weekly volatility (3%) has been stable over the past year.
Market Performance
7 Day Return
-2.0%
DIR.UN
-0.01%
CA REITs
0.6%
CA Market
1 Year Return
38.8%
DIR.UN
20.9%
CA REITs
38.5%
CA Market
Return vs Industry: DIR.UN exceeded the Canadian REITs industry which returned 20.9% over the past year.
Return vs Market: DIR.UN matched the Canadian Market which returned 38.5% over the past year.
Shareholder returns
| DIR.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.0% | -0.01% | 0.6% |
| 30 Day | 1.3% | 3.2% | 2.0% |
| 90 Day | 6.0% | 9.3% | 8.5% |
| 1 Year | 47.4%38.8% | 27.6%20.9% | 43.2%38.5% |
| 3 Year | 60.2%33.2% | 23.1%4.5% | 32.0%19.2% |
| 5 Year | 134.1%65.5% | 40.9%5.9% | 57.6%33.4% |
Long-Term Price Volatility Vs. Market
How volatile is Dream Industrial 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
Did You Participate In Any Of Dream Industrial Real Estate Investment Trust's (TSE:DIR.UN) Fantastic 135% Return ?2 months ago | Simply Wall St
How Many Dream Industrial Real Estate Investment Trust (TSE:DIR.UN) Shares Have Insiders Sold, In The Last Year?Valuation
Is Dream Industrial Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
39.8%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: DIR.UN (CA$13.57) is trading below our estimate of fair value (CA$22.54)
Significantly Below Fair Value: DIR.UN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: DIR.UN is good value based on its PE Ratio (10.4x) compared to the CA REITs industry average (11x).
PE vs Market: DIR.UN is good value based on its PE Ratio (10.4x) compared to the Canadian market (17.2x).
Price to Earnings Growth Ratio
PEG Ratio: DIR.UN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: DIR.UN is overvalued based on its PB Ratio (1.1x) compared to the CA REITs industry average (0.9x).
Future Growth
How is Dream Industrial Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
-12.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: DIR.UN's earnings are forecast to decline over the next 3 years (-12.4% per year).
Earnings vs Market: DIR.UN's earnings are forecast to decline over the next 3 years (-12.4% per year).
High Growth Earnings: DIR.UN's earnings are forecast to decline over the next 3 years.
Revenue vs Market: DIR.UN's revenue (11.7% per year) is forecast to grow faster than the Canadian market (6.7% per year).
High Growth Revenue: DIR.UN's revenue (11.7% 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 DIR.UN's Return on Equity is forecast to be high in 3 years time
Past Performance
How has Dream Industrial Real Estate Investment Trust performed over the past 5 years?
52.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: DIR.UN has a large one-off gain of CA$113.7M impacting its December 31 2020 financial results.
Growing Profit Margin: DIR.UN's current net profit margins (84.5%) are lower than last year (89.9%).
Past Earnings Growth Analysis
Earnings Trend: DIR.UN's earnings have grown significantly by 52.7% per year over the past 5 years.
Accelerating Growth: DIR.UN's earnings growth over the past year (12.8%) is below its 5-year average (52.7% per year).
Earnings vs Industry: DIR.UN earnings growth over the past year (12.8%) exceeded the REITs industry -17.1%.
Return on Equity
High ROE: DIR.UN's Return on Equity (10.5%) is considered low.
Financial Health
How is Dream Industrial Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: DIR.UN's short term assets (CA$267.9M) exceed its short term liabilities (CA$181.4M).
Long Term Liabilities: DIR.UN's short term assets (CA$267.9M) do not cover its long term liabilities (CA$1.4B).
Debt to Equity History and Analysis
Debt Level: DIR.UN's debt to equity ratio (66.9%) is considered high.
Reducing Debt: DIR.UN's debt to equity ratio has reduced from 147.6% to 66.9% over the past 5 years.
Debt Coverage: DIR.UN's debt is not well covered by operating cash flow (10.6%).
Interest Coverage: DIR.UN's interest payments on its debt are not well covered by EBIT (2.8x coverage).
Balance Sheet
Dividend
What is Dream Industrial Real Estate Investment Trust current dividend yield, its reliability and sustainability?
5.16%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: DIR.UN's dividend (5.16%) is higher than the bottom 25% of dividend payers in the Canadian market (1.48%).
High Dividend: DIR.UN's dividend (5.16%) is in the top 25% of dividend payers in the Canadian market (4.68%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, DIR.UN has been paying a dividend for less than 10 years.
Growing Dividend: DIR.UN's dividend payments have increased, but the company has only paid a dividend for 8 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (80.6%), DIR.UN's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: DIR.UN's dividends in 3 years are forecast to be covered by earnings (82% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.3yrs
Average management tenure
CEO
Brian Pauls
3.25yrs
Tenure
CA$1,087,848
Compensation
Mr. Brian D. Pauls has been Chief Executive Officer at Dream Industrial Real Estate Investment Trust since January 1, 2018 and has been its Trustee since May 17, 2018 and served as its President since Janu...
CEO Compensation Analysis
Compensation vs Market: Brian's total compensation ($USD870.24K) is below average for companies of similar size in the Canadian market ($USD2.17M).
Compensation vs Earnings: Brian's compensation has increased by more than 20% in the past year.
Leadership Team
Experienced Management: DIR.UN's management team is considered experienced (3.3 years average tenure).
Board Members
Experienced Board: DIR.UN's board of directors are considered experienced (5.9 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if 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 12%.
Top Shareholders
Company Information
Dream Industrial Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Dream Industrial Real Estate Investment Trust
- Ticker: DIR.UN
- Exchange: TSX
- Founded: 2012
- Industry: Industrial REITs
- Sector: Real Estate
- Implied Market Cap: CA$2.601b
- Market Cap: CA$2.350b
- Shares outstanding: 191.70m
- Website: https://www.dream.ca/industrial
Number of Employees
Location
- Dream Industrial Real Estate Investment Trust
- State Street Financial Centre
- Suite 301
- Toronto
- Ontario
- M5C 3H1
- Canada
Listings
Biography
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at September 30, 2020, Dream Industrial REIT owns and operates a portfolio of 266 industrial properties comprising ap...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/04/18 22:09 |
| End of Day Share Price | 2021/04/16 00:00 |
| Earnings | 2020/12/31 |
| Annual Earnings | 2020/12/31 |
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.