InterRent Real Estate Investment Trust
Market Cap
CA$2.0b
Last Updated
2020/07/12 00:01 UTC
Data Sources
Company Financials +
Executive Summary
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.
Rewards
Risk Analysis
Snowflake Analysis
Solid track record established dividend payer.
Share Price & News
How has InterRent Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: IIP.UN has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-0.7%
IIP.UN
-2.1%
CA REITs
0.8%
CA Market
1 Year Return
2.2%
IIP.UN
-21.3%
CA REITs
-11.3%
CA Market
Return vs Industry: IIP.UN exceeded the Canadian REITs industry which returned -21.3% over the past year.
Return vs Market: IIP.UN exceeded the Canadian Market which returned -11.1% over the past year.
Shareholder returns
| IIP.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.7% | -2.1% | 0.8% |
| 30 Day | -1.6% | -1.7% | 3.0% |
| 90 Day | 4.1% | -1.3% | 9.0% |
| 1 Year | 4.2%2.2% | -17.1%-21.3% | -8.2%-11.3% |
| 3 Year | 97.3%83.9% | 4.3%-11.6% | 4.1%-5.8% |
| 5 Year | 156.1%123.9% | 20.5%-9.3% | 21.5%3.1% |
Price Volatility Vs. Market
How volatile is InterRent Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 months ago | Simply Wall St
Read This Before Selling InterRent Real Estate Investment Trust (TSE:IIP.UN) Shares4 months ago | Simply Wall St
InterRent Real Estate Investment Trust Analysts Are Pretty Bullish On The Stock After Recent Results4 months ago | Simply Wall St
What Kind Of Shareholders Own InterRent Real Estate Investment Trust (TSE:IIP.UN)?Valuation
Is InterRent Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
4.26x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: IIP.UN (CA$14.31) is trading above our estimate of fair value (CA$12.03)
Significantly Below Fair Value: IIP.UN is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: IIP.UN is good value based on its PE Ratio (4.3x) compared to the CA REITs industry average (6.4x).
PE vs Market: IIP.UN is good value based on its PE Ratio (4.3x) compared to the Canadian market (13.2x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate IIP.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: IIP.UN is overvalued based on its PB Ratio (1x) compared to the CA REITs industry average (0.7x).
Next Steps
Future Growth
How is InterRent Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
11.1%
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if IIP.UN's forecast earnings growth is above the savings rate (1.7%).
Earnings vs Market: Insufficient data to determine if IIP.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: IIP.UN's revenue (11.1% per year) is forecast to grow faster than the Canadian market (5.6% per year).
High Growth Revenue: IIP.UN's revenue (11.1% 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 IIP.UN's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has InterRent Real Estate Investment Trust performed over the past 5 years?
45.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: IIP.UN has a large one-off gain of CA$336.6M impacting its March 31 2020 financial results.
Growing Profit Margin: IIP.UN's current net profit margins are higher than last year .
Past Earnings Growth Analysis
Earnings Trend: IIP.UN's earnings have grown significantly by 45% per year over the past 5 years.
Accelerating Growth: IIP.UN's earnings growth over the past year (111.3%) exceeds its 5-year average (45% per year).
Earnings vs Industry: IIP.UN earnings growth over the past year (111.3%) exceeded the REITs industry 24.2%.
Return on Equity
High ROE: IIP.UN's Return on Equity (23.3%) is considered high.
Next Steps
Financial Health
How is InterRent Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: IIP.UN's short term assets (CA$17.2M) do not cover its short term liabilities (CA$80.1M).
Long Term Liabilities: IIP.UN's short term assets (CA$17.2M) do not cover its long term liabilities (CA$1.0B).
Debt to Equity History and Analysis
Debt Level: IIP.UN's debt to equity ratio (56.6%) is considered high.
Reducing Debt: IIP.UN's debt to equity ratio has reduced from 99% to 56.6% over the past 5 years.
Debt Coverage: IIP.UN's debt is not well covered by operating cash flow (6.8%).
Interest Coverage: IIP.UN's interest payments on its debt are well covered by EBIT (3.3x coverage).
Balance Sheet
Next Steps
Dividend
What is InterRent Real Estate Investment Trust current dividend yield, its reliability and sustainability?
2.17%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: IIP.UN's dividend (2.17%) is higher than the bottom 25% of dividend payers in the Canadian market (1.87%).
High Dividend: IIP.UN's dividend (2.17%) is low compared to the top 25% of dividend payers in the Canadian market (6.07%).
Stability and Growth of Payments
Stable Dividend: IIP.UN's dividends per share have been stable in the past 10 years.
Growing Dividend: IIP.UN's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (36.4%), IIP.UN's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: IIP.UN's dividends in 3 years are forecast to be thoroughly covered by earnings (0.4% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
7.3yrs
Average management tenure
CEO
Mike McGahan
10.83yrs
Tenure
CA$1,465,000
Compensation
Mr. Michael Darryl McGahan, also known as Mike, has been the Chief Executive Officer and Trustee of InterRent Real Estate Investment Trust since September 30, 2009. Mr. McGahan is President and Chief Execu ...
CEO Compensation Analysis
Compensation vs Market: Mike's total compensation ($USD1.08M) is below average for companies of similar size in the Canadian market ($USD2.03M).
Compensation vs Earnings: Mike's compensation has increased by more than 20% in the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Trustee | 10.83yrs | CA$1.47m | 2.43% CA$49.1m | |
| President | 5.25yrs | CA$905.00k | 0.0033% CA$66.9k | |
| Chief Financial Officer | 10.17yrs | CA$785.00k | 0.20% CA$3.9m | |
| Chief Operating Officer | 2.42yrs | CA$525.00k | 0.067% CA$1.4m | |
| Chief Information Officer | no data | no data | no data | |
| Vice President of Acquisitions | 7.25yrs | CA$369.15k | no data |
7.3yrs
Average Tenure
Experienced Management: IIP.UN's management team is seasoned and experienced (7.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Trustee | 10.83yrs | CA$1.47m | 2.43% CA$49.1m | |
| Independent Trustee | 9.17yrs | CA$61.77k | 0.019% CA$379.4k | |
| Independent Chair of the Board of Trustees | no data | CA$72.21k | 0.026% CA$530.9k | |
| Independent Trustee | 10.83yrs | CA$70.60k | 0.35% CA$7.1m | |
| Independent Trustee | 3.08yrs | CA$45.10k | no data | |
| Independent Trustee | 1.42yrs | CA$40.83k | no data |
9.2yrs
Average Tenure
Experienced Board: IIP.UN's board of directors are considered experienced (9.2 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 13.5%.
Top Shareholders
Company Information
InterRent Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: InterRent Real Estate Investment Trust
- Ticker: IIP.UN
- Exchange: TSX
- Founded: 1997
- Industry: Residential REITs
- Sector: Real Estate
- Implied Market Cap: CA$2.020b
- Market Cap: CA$1.971b
- Shares outstanding: 141.17m
- Website: https://www.interrentreit.com
Number of Employees
Location
- InterRent Real Estate Investment Trust
- 485 Bank Street
- Suite 207
- Ottawa
- Ontario
- K2P 1Z2
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| IIP.UN | TSX (The Toronto Stock Exchange) | Yes | REIT Units | CA | CAD | Oct 2001 |
| IBVA | DB (Deutsche Boerse AG) | Yes | REIT Units | DE | EUR | Oct 2001 |
| IIPZ.F | OTCPK (Pink Sheets LLC) | Yes | REIT Units | US | USD | Oct 2001 |
Biography
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 to use the proven industry experience of the Trustees, Management and Operational Team to: (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.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/07/12 00:01 |
| End of Day Share Price | 2020/07/10 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
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.