InterRent Real Estate Investment Trust

TSX:IIP.UN

Snowflake Description

Second-rate dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

IIP.UN

TSX

CA$2B

Imp Market Cap

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Last updated 2019/06/25 00:03

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IIP.UN Share Price and Events

7 Day Returns

-2.3%

TSX:IIP.UN

0.2%

CA REITs

1.1%

CA Market

1 Year Returns

30.2%

TSX:IIP.UN

9.9%

CA REITs

-2.2%

CA Market

IIP.UN Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
InterRent Real Estate Investment Trust (IIP.UN)	-2.3%	0.7%	-2.7%	30.2%	81.6%	148.3%
CA REITs	0.2%	0.3%	-0.6%	9.9%	10.9%	17.2%
CA Market	1.1%	1.2%	1%	-2.2%	13.2%	2.1%

1 Year Return vs Industry and Market

IIP.UN outperformed the REITs industry which returned 9.9% over the past year.
IIP.UN outperformed the Market in Canada which returned -2.2% over the past year.

Price Volatility

IIP.UN

Industry

5yr Volatility vs Market

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IIP.UN Value

Is InterRent Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

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 InterRent 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.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for InterRent Real Estate Investment Trust.

TSX:IIP.UN Discounted Cash Flow Data Sources
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 5 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	6.7%
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.

Calculation of Discount Rate/ Cost of Equity for TSX:IIP.UN
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year CA Govt Bond Rate	1.9%
Equity Risk Premium	S&P Global	6%
REITs Unlevered Beta	Simply Wall St/ S&P Global	0.49
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.494 (1 + (1- 26.5%) (54.91%))	0.795
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 * 5.96%)	6.72%

Discounted Cash Flow Calculation for TSX:IIP.UN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for InterRent Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

InterRent 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.

TSX:IIP.UN DCF 1st Stage: Next 10 year cash flow forecast
	Adjusted Funds From Operations (AFFO) (CAD, Millions)	Source	Present Value Discounted (@ 6.72%)
2019	45.51	Analyst x5	42.65
2020	51.64	Analyst x4	45.35
2021	53.86	Est @ 4.3%	44.32
2022	55.79	Est @ 3.59%	43.02
2023	57.52	Est @ 3.1%	41.56
2024	59.11	Est @ 2.75%	40.02
2025	60.59	Est @ 2.51%	38.44
2026	62.01	Est @ 2.34%	36.87
2027	63.39	Est @ 2.22%	35.32
2028	64.75	Est @ 2.14%	33.80
Present value of next 10 years cash flows			CA$401.35

TSX:IIP.UN DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = CA$64.75 × (1 + 1.95%) ÷ (6.72% – 1.95%)	CA$1,384.35
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = CA$1,384.35 ÷ (1 + 6.72%)¹⁰	CA$722.75

TSX:IIP.UN Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = CA$401.35 + CA$722.75	CA$1,124.11
Equity Value per Share (CAD)	= Total value / Shares Outstanding = CA$1,124.11 / 110.51	CA$10.17

TSX:IIP.UN Discount to Share Price
	Calculation	Result
Value per share (CAD)	From above.	CA$10.17
Current discount	Discount to share price of CA$14.13 = -1 x (CA$14.13 - CA$10.17) / CA$10.17	-38.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

The current share price of InterRent Real Estate Investment Trust is above its future cash flow value.

Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.

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 InterRent 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 InterRent Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

TSX:IIP.UN PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2019-03-31) in CAD	CA$1.89
TSX:IIP.UN Share Price **	TSX (2019-06-24) in CAD	CA$14.13
Canada REITs Industry PE Ratio	Median Figure of 40 Publicly-Listed REITs Companies	10.09x
Canada Market PE Ratio	Median Figure of 542 Publicly-Listed Companies	15.1x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of InterRent Real Estate Investment Trust.

TSX:IIP.UN PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= TSX:IIP.UN Share Price ÷ EPS (both in CAD) = 14.13 ÷ 1.89	7.47x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

InterRent Real Estate Investment Trust is good value based on earnings compared to the CA REITs industry average.
InterRent Real Estate Investment Trust is good value based on earnings compared to the Canada market.

Price based on expected Growth

Does InterRent Real Estate Investment Trust's expected growth come at a high price?

Raw Data

TSX:IIP.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	7.47x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts	-1.5%per year
North America REITs Industry PEG Ratio	Median Figure of 144 Publicly-Listed REITs Companies	2.14x
Canada Market PEG Ratio	Median Figure of 248 Publicly-Listed Companies	1.18x

*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 InterRent 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 InterRent Real Estate Investment Trust's assets?

Raw Data

TSX:IIP.UN PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2019-03-31) in CAD	CA$11.03
TSX:IIP.UN Share Price *	TSX (2019-06-24) in CAD	CA$14.13
Canada REITs Industry PB Ratio	Median Figure of 46 Publicly-Listed REITs Companies	0.97x
Canada Market PB Ratio	Median Figure of 2,425 Publicly-Listed Companies	1.43x

TSX:IIP.UN PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSX:IIP.UN Share Price ÷ Book Value per Share (both in CAD) = 14.13 ÷ 11.03	1.28x

* Primary Listing of InterRent Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

InterRent Real Estate Investment Trust is overvalued based on assets compared to the CA REITs industry average.

Value checks

We assess InterRent 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)

Full details on the Value part of the Simply Wall St company analysis model.

IIP.UN Future Performance

How is InterRent Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

No analysts cover InterRent 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!

-1.5%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is InterRent Real Estate Investment Trust expected to grow at an attractive rate?

InterRent Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.9%.

Growth vs Market Checks

InterRent Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
InterRent Real Estate Investment Trust's revenue growth is expected to exceed the Canada market average.

Annual Growth Rates Comparison

Raw Data

TSX:IIP.UN Future Growth Rates Data Sources
Data Point	Source	Value (per year)
TSX:IIP.UN Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts	-1.5%
TSX:IIP.UN Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts	9.5%
Canada REITs Industry Earnings Growth Rate	Market Cap Weighted Average	10%
Canada REITs Industry Revenue Growth Rate	Market Cap Weighted Average	5.3%
Canada Market Earnings Growth Rate	Market Cap Weighted Average	14.9%
Canada Market Revenue Growth Rate	Market Cap Weighted Average	5.9%

*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

Raw Data

TSX:IIP.UN Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 5 Analyst Estimates (S&P Global)	See Below

All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

TSX:IIP.UN Future Estimates Data
Date (Data in CAD Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2020-12-31	154	67		4
2019-12-31	141	63		5

TSX:IIP.UN Past Financials Data
Date (Data in CAD Millions)	Revenue	Cash Flow	Net Income *
2019-03-31	131	54	194
2018-12-31	127	40	168
2018-09-30	123	42	168
2018-06-30	119	39	198
2018-03-31	114	39	181
2017-12-31	109	43	201
2017-09-30	104	38	176
2017-06-30	100	34	77
2017-03-31	99	34	44
2016-12-31	97	34	39
2016-09-30	95	36	33
2016-06-30	93	34	46

*GAAP earnings excluding extraordinary items.

High Growth Checks

InterRent Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
InterRent Real Estate Investment Trust's revenue is expected to grow by 9.5% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

TSX:IIP.UN Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 5 Analyst Estimates (S&P Global)	See Below

All data from InterRent Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:IIP.UN Future Estimates Data
Date (Data in CAD Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2020-12-31
2019-12-31

TSX:IIP.UN Past Financials Data
Date (Data in CAD Millions)	EPS *
2019-03-31	1.89
2018-12-31	1.74
2018-09-30	1.84
2018-06-30	2.28
2018-03-31	2.16
2017-12-31	2.48
2017-09-30	2.26
2017-06-30	1.02
2017-03-31	0.60
2016-12-31	0.54
2016-09-30	0.46
2016-06-30	0.65

*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 InterRent Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Future performance checks

We assess InterRent 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)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
InterRent 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.

IIP.UN Past Performance

How has InterRent 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

Below we compare InterRent Real Estate Investment Trust's growth in the last year to its industry (REITs).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

InterRent Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
InterRent Real Estate Investment Trust's 1-year earnings growth is less than its 5-year average (7.3% vs 46.9%)
InterRent Real Estate Investment Trust's earnings growth has not exceeded the CA REITs industry average in the past year (7.3% vs 12.6%).

Earnings and Revenue History

InterRent Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from InterRent Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:IIP.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions)	Revenue	Net Income *	G+A Expenses
2019-03-31	130.86	193.87	32.29
2018-12-31	127.29	168.30	25.74
2018-09-30	122.93	168.45	23.95
2018-06-30	118.58	198.13	19.92
2018-03-31	114.03	180.75	17.61
2017-12-31	109.00	200.98	14.89
2017-09-30	104.08	176.21	10.02
2017-06-30	100.38	77.01	9.42
2017-03-31	98.70	43.52	9.45
2016-12-31	97.47	38.61	10.89
2016-09-30	95.18	32.64	11.11
2016-06-30	92.65	46.23	11.79
2016-03-31	88.62	50.13	9.22
2015-12-31	82.98	49.80	8.01
2015-09-30	77.83	43.67	9.28
2015-06-30	72.78	28.60	8.28
2015-03-31	67.83	23.63	8.75
2014-12-31	65.40	23.98	7.66
2014-09-30	63.94	23.64	5.99
2014-06-30	63.47	19.17	6.01
2014-03-31	63.28	26.19	5.27
2013-12-31	60.51	30.26	5.97
2013-09-30	57.33	40.50	5.51
2013-06-30	53.73	79.79	6.90
2013-03-31	49.78	86.55	7.42
2012-12-31	47.53	82.54	6.27
2012-09-30	44.72	94.57	6.75
2012-06-30	41.99	55.09	5.31

*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.

InterRent Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
InterRent Real Estate Investment Trust used its assets more efficiently than the CA REITs industry average last year based on Return on Assets.
InterRent Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess InterRent 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)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
InterRent Real Estate Investment Trust has a total score of 2/6, 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.

IIP.UN Health

How is InterRent 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 InterRent Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

InterRent Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
InterRent Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.

Balance sheet

This treemap shows a more detailed breakdown of InterRent Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

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.

Raw Data

All data from InterRent Real Estate Investment Trust Company Filings, last reported 2 months ago.

TSX:IIP.UN Past Debt and Equity Data
Date (Data in CAD Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2019-03-31	1,173.20	855.65	0.68
2018-12-31	1,162.79	823.12	0.52
2018-09-30	1,125.82	801.59	3.07
2018-06-30	938.10	808.98	0.64
2018-03-31	885.39	788.70	0.43
2017-12-31	804.10	792.54	0.39
2017-09-30	766.17	776.41	0.37
2017-06-30	654.08	695.25	0.20
2017-03-31	618.61	687.86	0.62
2016-12-31	536.55	730.52	0.49
2016-09-30	522.16	711.98	0.32
2016-06-30	513.21	726.59	0.75
2016-03-31	507.77	675.95	0.83
2015-12-31	506.90	660.94	0.77
2015-09-30	497.97	578.47	1.11
2015-06-30	474.53	556.23
2015-03-31	466.96	459.28	0.23
2014-12-31	393.70	485.05	0.67
2014-09-30	389.91	433.29	0.23
2014-06-30	380.27	399.02	0.31
2014-03-31	377.74	387.43	0.37
2013-12-31	376.51	368.67	1.23
2013-09-30	373.80	355.92	0.65
2013-06-30	370.62	346.88	0.65
2013-03-31	359.35	250.06	21.82
2012-12-31	275.92	261.93	0.44
2012-09-30	261.85	256.70	0.54
2012-06-30	217.36	242.13	0.43

InterRent Real Estate Investment Trust's level of debt (72.9%) 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 (102.6% vs 72.9% today).
Debt is not well covered by operating cash flow (6.3%, less than 20% of total debt).
Interest payments on debt are not well covered by earnings (EBIT is 1.9x annual interest expense, ideally 3x coverage).

Financial health checks

We assess InterRent 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)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

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.

IIP.UN Dividends

What is InterRent Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

2.05%

Current annual income from InterRent Real Estate Investment Trust dividends. Estimated to be 2.06% next year.

If you bought CA$2,000 of InterRent Real Estate Investment Trust shares you are expected to receive CA$41 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

InterRent Real Estate Investment Trust's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.08%).
InterRent Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Canada (5.71%).

Upcoming dividend payment

Purchase InterRent Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.

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.

Raw Data

TSX:IIP.UN Annualized Past and Future Dividends
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 5 Analyst Estimates (S&P Global)	See Below
Canada REITs Industry Average Dividend Yield	Market Cap Weighted Average of 44 Stocks	4.9%
Canada Market Average Dividend Yield	Market Cap Weighted Average of 336 Stocks	3.5%
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	5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:IIP.UN Future Dividends Estimate Data
Date (Data in CA$)	Dividend per Share (annual)	Avg. No. Analysts
2020-12-31	0.29	8.00
2019-12-31	0.29	8.00

TSX:IIP.UN Past Annualized Dividends Data
Date (Data in CA$)	Dividend per share (annual)	Avg. Yield (%)
2019-06-13	0.290	2.035
2019-05-16	0.290	2.050
2019-04-16	0.290	2.126
2019-03-18	0.290	2.046
2019-02-15	0.290	2.079
2019-01-16	0.290	2.127
2018-12-18	0.290	2.239
2018-11-19	0.290	2.242
2018-10-19	0.270	2.134
2018-09-18	0.270	2.296
2018-08-22	0.270	2.355
2018-07-20	0.270	2.456
2018-06-20	0.270	2.465
2018-05-23	0.270	2.478
2018-04-17	0.270	2.591
2018-03-22	0.270	2.689
2018-02-20	0.270	2.757
2018-01-23	0.270	2.930
2017-12-21	0.270	2.889
2017-11-20	0.270	2.997
2017-10-20	0.243	2.854
2017-09-19	0.243	2.995
2017-08-21	0.243	3.062
2017-07-14	0.243	3.134
2017-06-16	0.243	3.030
2017-05-15	0.243	3.011
2017-04-19	0.243	3.071
2017-03-24	0.243	3.100
2017-02-17	0.243	3.188
2017-01-19	0.243	3.226
2016-12-23	0.243	3.326
2016-11-21	0.243	3.395
2016-10-20	0.231	3.138
2016-09-26	0.231	2.975
2016-08-17	0.231	2.843
2016-07-20	0.231	2.748
2016-06-21	0.231	2.888
2016-05-16	0.231	2.961
2016-03-15	0.231	3.108
2016-02-18	0.231	3.340
2016-01-20	0.231	3.510
2015-12-23	0.231	3.597
2015-11-12	0.231	3.480
2015-09-23	0.220	3.348
2015-08-18	0.220	3.438
2015-07-16	0.220	3.464
2015-06-17	0.220	3.496
2015-05-21	0.220	3.463
2015-04-16	0.220	3.362
2015-03-18	0.220	3.391
2015-02-17	0.220	3.493
2015-01-21	0.220	3.439
2014-12-23	0.220	3.622
2014-11-17	0.220	3.700
2014-10-21	0.200	3.445
2014-09-18	0.200	3.639
2014-08-19	0.200	3.543
2014-07-21	0.200	3.472
2014-06-18	0.200	3.498
2014-05-16	0.200	3.543
2014-04-17	0.200	3.565
2014-03-18	0.200	3.577
2014-02-19	0.200	3.606
2014-01-16	0.200	3.701
2013-12-17	0.200	3.745
2013-11-18	0.200	3.669
2013-10-17	0.200	3.588
2013-09-19	0.200	3.697
2013-08-19	0.200	3.900
2013-07-17	0.200	3.642
2013-06-20	0.200	3.533
2013-05-13	0.200	3.280
2013-04-22	0.160	2.534
2013-03-21	0.160	2.564
2013-02-19	0.160	2.490
2013-01-18	0.160	2.690
2012-12-17	0.160	3.046
2012-11-19	0.160	3.066
2012-10-22	0.160	2.980
2012-09-24	0.160	2.992
2012-08-23	0.160	2.896
2012-07-18	0.120	2.268
2012-06-18	0.120	2.736
2012-05-17	0.120	2.742
2012-04-16	0.120	2.892
2012-03-22	0.120	3.139
2012-02-22	0.120	3.072
2012-01-20	0.120	3.252
2011-12-22	0.120	3.594
2011-11-21	0.120	3.826
2011-10-19	0.120	4.499
2011-09-20	0.120	4.605
2011-08-23	0.120	4.795
2011-07-21	0.120	5.491
2011-05-18	0.120	5.975
2011-04-21	0.120	6.660
2011-03-21	0.120	6.915
2011-02-16	0.120	7.949
2011-01-24	0.120	8.052
2010-12-21	0.120	8.142
2010-11-18	0.120	7.989
2010-10-21	0.120	7.960
2010-09-20	0.120	7.934
2010-08-19	0.120	8.286
2010-07-14	0.120	8.475
2010-06-21	0.120	8.830
2010-05-21	0.120	8.433
2010-04-20	0.120	8.461
2010-03-22	0.120	8.157
2010-02-16	0.120	8.014
2010-01-18	0.120	8.129
2009-12-18	0.120	7.741
2009-11-13	0.120	7.544
2009-10-19	0.120	6.901
2009-09-18	0.120	6.433
2009-08-24	0.120	6.996
2009-07-22	0.120	7.401

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Dividends per share have been stable in the past 10 years.
Dividends per share have increased over the past 10 years.

Current Payout to shareholders

What portion of InterRent Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.

Dividends paid are well covered by earnings (2.3x coverage).

Future Payout to shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.

Income/ dividend checks

We assess InterRent 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 InterRent Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

IIP.UN Management

What is the CEO of InterRent Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Mike McGahan

COMPENSATION	CA$1,210,000
TENURE AS CEO	9.8 years

CEO Bio

Mr. Michael Darryl McGahan, also known as Mike, has been the Chief Executive Officer and Trustee of InterRent Real Estate Investment Trust since September 30, 2009. Mr. McGahan is president and chief executive officer of CLV Group Inc. (“CLV”), which was the property manager for the REIT up to February 15, 2018. He has over 25 years’ experience in the real estate business focusing on the multi-residential apartment and commercial properties sectors and has successfully bought, sold, financed and managed over 250 properties valued in excess of $1 billion. Mr. McGahan has vast experience in finding properties that have untapped potential and creating value through repositioning, renovations and improved efficiencies using pro-active management. He has been a licensed real estate agent and mortgage broker for over twenty years. Mr. McGahan received a Bachelor of Social Sciences degree from the University of Ottawa.

CEO Compensation

Mike's compensation has been consistent with company performance over the past year, both up more than 20%.
Mike's remuneration is lower than average for companies of similar size in Canada.

Management Team Tenure

Average tenure of the InterRent Real Estate Investment Trust management team in years:

6.2

Average Tenure

The average tenure for the InterRent Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.

Management Team

Mike McGahan

TITLE

CEO & Trustee

COMPENSATION

CA$1M

TENURE

9.8 yrs

Brad Cutsey

TITLE

President

COMPENSATION

CA$960K

AGE

45

TENURE

4.2 yrs

Curt Millar

TITLE

Chief Financial Officer

COMPENSATION

CA$565K

TENURE

9.1 yrs

Dave Nevins

TITLE

Chief Operating Officer

COMPENSATION

CA$521K

TENURE

1.3 yrs

Will Chan

TITLE

Chief Information Officer

Osbert Drewniak

TITLE

Vice President of Acquisitions

COMPENSATION

CA$369K

TENURE

6.2 yrs

Catherine Wood

TITLE

Vice President of Talent Development & Recruiting

Board of Directors Tenure

Average tenure of the InterRent Real Estate Investment Trust board of directors in years:

8.1

Average Tenure

The tenure for the InterRent Real Estate Investment Trust board of directors is about average.

Board of Directors

Paul Amirault

TITLE

Chair of the Board of Trustees

COMPENSATION

CA$50K

Mike McGahan

TITLE

CEO & Trustee

COMPENSATION

CA$1M

TENURE

9.8 yrs

Ron Leslie

TITLE

COMPENSATION

CA$55K

TENURE

8.1 yrs

Paul Bouzanis

TITLE

COMPENSATION

CA$62K

TENURE

9.8 yrs

Cheryl Pangborn

TITLE

COMPENSATION

CA$39K

TENURE

2 yrs

John Jussup

TITLE

TENURE

0.3 yrs

Who owns this company?

Recent Insider Trading

No 3 month individual insider trading information.

Recent Insider Transactions

Announced	Type	Name	Entity	Role		Start	End	Shares	Max Price (CA$)	Value (CA$)

Management checks

We assess InterRent 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)

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.

IIP.UN News

Simply Wall St News

Can We See Significant Institutional Ownership On The InterRent Real Estate Investment Trust (TSE:IIP.UN) Share Register?

Check out our latest analysis for InterRent Real Estate Investment Trust TSX:IIP.UN Ownership Summary, June 22nd 2019 What Does The Institutional Ownership Tell Us About InterRent Real Estate Investment Trust? … Insider Ownership Of InterRent Real Estate Investment Trust The definition of company insiders can be subjective, and does vary between jurisdictions. … General Public Ownership The general public -- mostly retail investors -- own 69% of InterRent Real Estate Investment Trust.

Simply Wall St - 2 days ago – Full article

How Many InterRent Real Estate Investment Trust (TSE:IIP.UN) Shares Do Institutions Own?

View our latest analysis for InterRent Real Estate Investment Trust TSX:IIP.UN Ownership Summary, June 22nd 2019 What Does The Institutional Ownership Tell Us About InterRent Real Estate Investment Trust? … InterRent Real Estate Investment Trust already has institutions on the share registry. … Insider Ownership Of InterRent Real Estate Investment Trust The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St - 2 days ago – Full article

Why You Shouldn't Look At InterRent Real Estate Investment Trust's (TSE:IIP.UN) Bottom Line

InterRent Real Estate Investment Trust is a CA$1.6b small-cap, real estate investment trust (REIT) based in Ottawa, Canada. … View our latest analysis for InterRent Real Estate Investment Trust 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. … InterRent Real Estate Investment Trust can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for IIP.UN’s future growth?

Simply Wall St - 2 weeks ago – Full article

Is InterRent Real Estate Investment Trust (TSE:IIP.UN) A Smart Pick For Income Investors?

Today we'll take a closer look at InterRent Real Estate Investment Trust (TSE:IIP.UN) from a dividend investor's perspective. Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth.. … If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful.. … A slim 2.1% yield is hard to get excited about, but the long payment history is respectable. At the right price, or with strong growth opportunities, InterRent Real Estate Investment Trust could have potential.

Simply Wall St - 1 month ago – Full article

Does InterRent Real Estate Investment Trust (TSE:IIP.UN) Create Value For Shareholders?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of InterRent Real Estate Investment Trust (TSE:IIP.UN). … Over the last twelve months InterRent Real Estate Investment Trust has recorded a ROE of 14%. … See our latest analysis for InterRent Real Estate Investment Trust?

Simply Wall St - 2 months ago – Full article

Do Directors Own InterRent Real Estate Investment Trust (TSE:IIP.UN) Shares?

The big shareholder groups in InterRent Real Estate Investment Trust (TSE:IIP.UN) have power over the company. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … InterRent Real Estate Investment Trust has a market capitalization of CA$1.5b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St - 4 months ago – Full article

Is InterRent Real Estate Investment Trust (TSE:IIP.UN) A Healthy REIT?

InterRent Real Estate Investment Trust is a CA$1.4b. … real estate investment trust (REIT) based in Ottawa, Canada. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St - 5 months ago – Full article

Is InterRent Real Estate Investment Trust's (TSE:IIP.UN) 15% Better Than Average?

By way of learning-by-doing, we'll look at ROE to gain a better understanding InterRent Real Estate Investment Trust (TSE:IIP.UN). … Our data shows InterRent Real Estate Investment Trust has a return on equity of 15% for the last year. … See our latest analysis for InterRent Real Estate Investment Trust?

Simply Wall St - 6 months ago – Full article

Should You Worry About InterRent Real Estate Investment Trust's (TSE:IIP.UN) CEO Pay?

Mike McGahan became the CEO of InterRent Real Estate Investment Trust (TSE:IIP.UN) in 2009. … See our latest analysis for InterRent Real Estate Investment Trust? … Our data indicates that InterRent Real Estate Investment Trust is worth CA$1.3b, and total annual CEO compensation is CA$1m.

Simply Wall St - 7 months ago – Full article

Brief Commentary On InterRent Real Estate Investment Trust's (TSE:IIP.UN) Fundamentals

Attractive stocks have exceptional fundamentals. … In the case of InterRent Real Estate Investment Trust (TSE:IIP.UN), there's

Simply Wall St - 9 months ago – Full article

IIP.UN Company Info

Description

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties. InterRent's strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure and, offer opportunities for accretive acquisitions. InterRent's primary objectives are: (i) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet.

Details

Name:	InterRent Real Estate Investment Trust
Ticker:	IIP.UN
Exchange:	TSX
Founded:	1997
Implied Market Cap:	CA$1,558,167,284
Market Cap:	CA$1,513,288,409
Shares outstanding:	110,508,318
Website:	http://www.interrentreit.com
Address:	InterRent Real Estate Investment Trust 485 Bank Street, Suite 207, Ottawa, Ontario, K2P 1Z2, Canada

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
TSX	IIP.UN	REIT Units	The Toronto Stock Exchange	CA	CAD	05. Oct 2001
OTCPK	IIPZ.F	REIT Units	Pink Sheets LLC	US	USD	05. Oct 2001
DB	IBVA	REIT Units	Deutsche Boerse AG	DE	EUR	05. Oct 2001

Number of employees

Current staff

359

InterRent Real Estate Investment Trust employees.

Industry

Industry:	Residential REITs
Sector:	Real Estate

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/06/25 00:03
End of day share price update:	2019/06/24 00:00
Last estimates confirmation:	2019/06/19
Last earnings filing:	2019/04/29
Last earnings reported:	2019/03/31
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.

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