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Plaza Retail REIT

TSX:PLZ.UN
Snowflake Description

Established dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PLZ.UN
TSX
CA$450M
Imp Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. The last earnings update was 48 days ago. More info.


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PLZ.UN Share Price and Events
7 Day Returns
1.2%
TSX:PLZ.UN
-0.3%
CA REITs
0.7%
CA Market
1 Year Returns
-1.1%
TSX:PLZ.UN
10.1%
CA REITs
-1.2%
CA Market
PLZ.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Plaza Retail REIT (PLZ.UN) 1.2% 3.8% 4.3% -1.1% -11.1% 6.1%
CA REITs -0.3% 0.4% -0.7% 10.1% 10.3% 17.4%
CA Market 0.7% 1.1% 0.9% -1.2% 14.1% 1.6%
1 Year Return vs Industry and Market
  • PLZ.UN underperformed the REITs industry which returned 10.1% over the past year.
  • PLZ.UN matched the Canada Market (-1.2%) over the past year.

PLZ.UN Value

 Is Plaza Retail REIT 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 Plaza Retail REIT 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 Plaza Retail REIT.

TSX:PLZ.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 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
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:PLZ.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%) (144.33%))
1.011
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.01
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.011 * 5.96%)
7.98%

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

The calculations below outline how an intrinsic value for Plaza Retail REIT 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.

Plaza Retail REIT 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:PLZ.UN DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 7.98%)
2019 32.30 Analyst x1 29.91
2020 31.09 Analyst x2 26.67
2021 32.42 Est @ 4.3% 25.76
2022 33.59 Est @ 3.59% 24.71
2023 34.63 Est @ 3.1% 23.59
2024 35.58 Est @ 2.75% 22.45
2025 36.47 Est @ 2.51% 21.32
2026 37.33 Est @ 2.34% 20.21
2027 38.16 Est @ 2.22% 19.13
2028 38.98 Est @ 2.14% 18.10
Present value of next 10 years cash flows CA$231.84
TSX:PLZ.UN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$38.98 × (1 + 1.95%) ÷ (7.98% – 1.95%)
CA$659.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$659.17 ÷ (1 + 7.98%)10
CA$306.03
TSX:PLZ.UN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$231.84 + CA$306.03
CA$537.87
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$537.87 / 103.83
CA$5.18
TSX:PLZ.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$5.18
Current discount Discount to share price of CA$4.33
= -1 x (CA$4.33 - CA$5.18) / CA$5.18
16.4%

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

Current Discount
Amount off the current price Plaza Retail REIT is available for.
Intrinsic value
16%
Share price is CA$4.33 vs Future cash flow value of CA$5.18
Current Discount Checks
For Plaza Retail REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Plaza Retail REIT's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Plaza Retail REIT'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 Plaza Retail REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Plaza Retail REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:PLZ.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.30
TSX:PLZ.UN Share Price ** TSX (2019-06-25) in CAD CA$4.33
Canada REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 10.07x
Canada Market PE Ratio Median Figure of 543 Publicly-Listed Companies 15.12x

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

** Primary Listing of Plaza Retail REIT.

TSX:PLZ.UN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:PLZ.UN Share Price ÷ EPS (both in CAD)

= 4.33 ÷ 0.30

14.29x

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

  • Plaza Retail REIT is overvalued based on earnings compared to the CA REITs industry average.
  • Plaza Retail REIT is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Plaza Retail REIT's expected growth come at a high price?
Raw Data
TSX:PLZ.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
8.8%per year
North America REITs Industry PEG Ratio Median Figure of 144 Publicly-Listed REITs Companies 2.24x
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 Plaza Retail REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Plaza Retail REIT's assets?
Raw Data
TSX:PLZ.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$4.44
TSX:PLZ.UN Share Price * TSX (2019-06-25) in CAD CA$4.33
Canada REITs Industry PB Ratio Median Figure of 46 Publicly-Listed REITs Companies 0.97x
Canada Market PB Ratio Median Figure of 2,426 Publicly-Listed Companies 1.45x
TSX:PLZ.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:PLZ.UN Share Price ÷ Book Value per Share (both in CAD)

= 4.33 ÷ 4.44

0.98x

* Primary Listing of Plaza Retail REIT.

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

  • Plaza Retail REIT is overvalued based on assets compared to the CA REITs industry average.
X
Value checks
We assess Plaza Retail REIT's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Plaza Retail REIT 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.

PLZ.UN Future Performance

 How is Plaza Retail REIT expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover Plaza Retail REIT, 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!
Annual Growth Rate
8.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Plaza Retail REIT expected to grow at an attractive rate?
  • Plaza Retail REIT's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Plaza Retail REIT's earnings growth is positive but not above the Canada market average.
  • Plaza Retail REIT's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:PLZ.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:PLZ.UN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 8.8%
TSX:PLZ.UN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 0.2%
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 6%

*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:PLZ.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 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:PLZ.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 112 2
2019-12-31 108 1
TSX:PLZ.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 113 39 31
2018-12-31 103 34 12
2018-09-30 103 33 20
2018-06-30 103 36 21
2018-03-31 102 32 20
2017-12-31 103 36 23
2017-09-30 105 34 23
2017-06-30 106 35 23
2017-03-31 104 35 28
2016-12-31 105 33 33
2016-09-30 101 34 28
2016-06-30 98 30 30

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Plaza Retail REIT's earnings are expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
  • Plaza Retail REIT's revenue is expected to grow by 0.2% 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:PLZ.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 2 Analyst Estimates (S&P Global) See Below

All data from Plaza Retail REIT Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:PLZ.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:PLZ.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 0.30
2018-12-31 0.12
2018-09-30 0.20
2018-06-30 0.20
2018-03-31 0.19
2017-12-31 0.23
2017-09-30 0.23
2017-06-30 0.23
2017-03-31 0.28
2016-12-31 0.33
2016-09-30 0.29
2016-06-30 0.31

*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 Plaza Retail REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Plaza Retail REIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. 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.
Plaza Retail REIT 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.

PLZ.UN Past Performance

  How has Plaza Retail REIT 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 Plaza Retail REIT'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.
  • Plaza Retail REIT's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Plaza Retail REIT's 1-year earnings growth exceeds its 5-year average (58.1% vs -24.4%)
  • Plaza Retail REIT's earnings growth has exceeded the CA REITs industry average in the past year (58.1% vs 12.6%).
Earnings and Revenue History
Plaza Retail REIT'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 Plaza Retail REIT Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:PLZ.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 112.59 31.44 9.58
2018-12-31 102.53 12.06 9.39
2018-09-30 102.73 20.44 9.35
2018-06-30 102.56 21.09 9.06
2018-03-31 101.97 19.89 9.17
2017-12-31 103.47 23.23 9.14
2017-09-30 104.88 23.34 8.91
2017-06-30 106.32 23.17 8.90
2017-03-31 104.35 28.46 8.84
2016-12-31 105.40 32.63 8.81
2016-09-30 100.61 27.84 8.86
2016-06-30 97.83 29.56 8.86
2016-03-31 97.02 26.34 8.72
2015-12-31 98.47 38.05 8.67
2015-09-30 101.30 48.33 8.59
2015-06-30 100.24 48.76 8.60
2015-03-31 98.86 36.00 8.25
2014-12-31 95.58 85.28 8.37
2014-09-30 94.48 61.05 8.28
2014-06-30 94.21 52.98 8.01
2014-03-31 91.05 45.50 7.45
2013-12-31 84.40 -11.59 7.01
2013-09-30 79.19 -1.33 6.59
2013-06-30 71.67 9.72 6.31
2013-03-31 69.83 37.69 6.14
2012-12-31 70.31 43.60 5.93
2012-09-30 68.33 50.45 5.79
2012-06-30 66.67 43.61 5.27

*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.
  • Plaza Retail REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Plaza Retail REIT used its assets less efficiently than the CA REITs industry average last year based on Return on Assets.
  • Plaza Retail REIT has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Plaza Retail REIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. 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.
Plaza Retail REIT has a total score of 3/6, 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.

PLZ.UN Health

 How is Plaza Retail REIT'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 Plaza Retail REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Plaza Retail REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Plaza Retail REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Plaza Retail REIT'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 0.1x 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 Plaza Retail REIT Company Filings, last reported 2 months ago.

TSX:PLZ.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 460.43 588.66 7.73
2018-12-31 451.70 584.60 7.30
2018-09-30 457.14 565.74 6.99
2018-06-30 455.57 578.73 11.21
2018-03-31 454.20 583.95 8.54
2017-12-31 463.10 545.47 6.25
2017-09-30 459.03 556.95 5.99
2017-06-30 457.55 548.98 4.66
2017-03-31 457.87 544.47 5.29
2016-12-31 451.74 555.11 5.18
2016-09-30 446.50 552.85 5.50
2016-06-30 445.07 558.21 3.80
2016-03-31 439.82 553.39 8.17
2015-12-31 419.55 584.41 2.74
2015-09-30 419.96 584.63 4.30
2015-06-30 416.41 563.14 4.38
2015-03-31 413.75 536.41 4.93
2014-12-31 407.39 526.04 6.37
2014-09-30 400.36 526.41 4.36
2014-06-30 395.43 528.71 4.59
2014-03-31 404.58 525.23 4.52
2013-12-31 327.64 573.86 25.28
2013-09-30 304.09 595.11 4.59
2013-06-30 306.02 578.69 3.75
2013-03-31 256.62 281.23 4.08
2012-12-31 251.21 273.76 2.90
2012-09-30 251.19 284.65 3.47
2012-06-30 226.90 292.78 3.46
  • Plaza Retail REIT's level of debt (127.8%) 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 (129.9% vs 127.8% today).
  • Debt is not well covered by operating cash flow (6.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Plaza Retail REIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Plaza Retail REIT has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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.

PLZ.UN Dividends

 What is Plaza Retail REIT'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
Dividend payments
6.47%
Current annual income from Plaza Retail REIT dividends. Estimated to be 6.47% next year.
If you bought CA$2,000 of Plaza Retail REIT shares you are expected to receive CA$129 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?
  • Plaza Retail REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
  • Plaza Retail REIT's dividend is above the markets top 25% of dividend payers in Canada (5.71%).
Upcoming dividend payment

Purchase Plaza Retail REIT 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.
Dividend payment calendar
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:PLZ.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 2 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 1.2%
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:PLZ.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.28 3.00
2019-12-31 0.28 3.00
TSX:PLZ.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-06-17 0.280 6.511
2019-05-15 0.280 6.664
2019-04-15 0.280 6.770
2019-03-15 0.280 6.691
2019-02-15 0.280 6.700
2019-01-15 0.280 6.953
2018-12-17 0.280 7.190
2018-11-15 0.280 6.991
2018-10-15 0.280 6.896
2018-09-17 0.280 6.705
2018-08-15 0.280 6.644
2018-07-23 0.280 6.592
2018-06-20 0.280 6.520
2018-05-22 0.280 6.522
2018-04-19 0.280 6.641
2018-03-20 0.280 6.902
2018-02-16 0.280 7.003
2018-01-18 0.280 6.703
2017-12-18 0.270 6.305
2017-11-20 0.270 6.324
2017-10-18 0.270 6.210
2017-09-19 0.270 6.193
2017-08-16 0.270 6.058
2017-07-19 0.270 6.122
2017-06-19 0.270 5.984
2017-05-19 0.270 5.702
2017-04-18 0.270 5.599
2017-03-17 0.270 5.524
2017-02-15 0.270 5.341
2016-11-09 0.270 5.376
2016-10-19 0.260 5.139
2016-09-19 0.260 5.038
2016-08-19 0.260 5.224
2016-07-19 0.260 5.170
2016-06-21 0.260 5.293
2016-05-19 0.260 5.373
2016-04-18 0.260 5.479
2016-03-10 0.260 5.581
2016-02-17 0.260 5.652
2016-01-18 0.260 5.835
2015-12-16 0.250 5.518
2015-11-19 0.250 5.483
2015-10-19 0.250 5.627
2015-09-17 0.250 5.700
2015-08-19 0.250 5.862
2015-07-20 0.250 5.798
2015-06-18 0.250 5.807
2015-05-19 0.250 5.748
2015-04-17 0.250 5.639
2015-03-18 0.250 5.656
2015-02-17 0.250 5.649
2014-11-10 0.250 6.090
2014-10-21 0.240 6.055
2014-09-18 0.240 6.118
2014-08-19 0.240 5.943
2014-07-18 0.240 6.018
2014-06-17 0.240 5.936
2014-05-16 0.240 5.894
2014-05-08 0.240 5.935
2014-02-27 0.240 5.876
2012-11-12 0.225 5.006
2012-10-01 0.215 4.388
2012-07-04 0.215 4.436
2012-04-02 0.215 4.579
2012-01-03 0.215 4.479
2011-10-03 0.210 4.830
2011-06-15 0.210 4.832
2011-04-01 0.203 4.630
2010-11-19 0.203 4.814
2009-11-19 0.193 5.777
2008-11-18 0.185 7.181
2008-10-06 0.175 6.266
2008-07-09 0.175 5.280

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 Plaza Retail REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x 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.
X
Income/ dividend checks
We assess Plaza Retail REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Plaza Retail REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Plaza Retail REIT has a total score of 5/6, see the detailed checks below.


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

PLZ.UN Management

 What is the CEO of Plaza Retail REIT'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
Michael Zakuta
COMPENSATION CA$400,000
AGE 58
TENURE AS CEO 14.4 years
CEO Bio

Mr. Michael Aaron Zakuta has been the President and Chief Executive Officer at Plaza Retail REIT ( foremerly known as Les Centres commerciaux Plazacorp Ltée) since April 20, 2005. Mr. Zakuta is the President, Chief Executive Officer and Trustee of Plaza and Plaza Group Management Limited and was also President & CEO of Plazacorp. Mr. Zakuta has been a Real Estate Developer, Entrepreneur and Principal at Plaza Group since 1986, which he co-founded in 1986. He serves as the President and Principal at TC Land REIT. Mr. Zakuta serves as the President at KEYreit and its Trustee since May 17, 2013. He serves as the President and Chief Executive Officer at Plaza Atlantic Limited and previously served as its Vice President. He has been involved in every aspect of shopping centre development, acquisitions and management in Quebec and Atlantic Canada since 1986. Mr. Zakuta co-founded Plaza Retail REIT and served as its Vice President until April 20, 2005. He serves as a Trustee of Fronsac Real Estate Investment Trust since May 24, 2012. He serves as a Director of Fronsac REIT (TSX Venture) an owner of "management free", triple net retail assets in Quebec. Mr. Zakuta had been an Independent Trustee of Inovalis Real Estate Investment Trust since February 8, 2013 until May 9, 2018. He has been a Trustee of Plaza Retail REIT since February 2, 1999. Mr. Zakuta has Law Degree (L.L.B) from the University of Montreal and a B. Comm Degree in Business from McGill University.

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

Average tenure of the Plaza Retail REIT management team in years:

8.8
Average Tenure
  • The average tenure for the Plaza Retail REIT management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Michael Zakuta

TITLE
President
COMPENSATION
CA$400K
AGE
58
TENURE
14.4 yrs

Floriana Cipollone

TITLE
Chief Financial Officer
COMPENSATION
CA$456K
TENURE
8.8 yrs

Jamie Petrie

TITLE
Executive VP & COO
COMPENSATION
CA$456K
TENURE
4.1 yrs

Peter Mackenzie

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
CA$320K
TENURE
2.4 yrs

Kimberly Strange

TITLE
Secretary & Corporate Counsel
TENURE
12.4 yrs

Myles Martin

TITLE
Senior Vice President
COMPENSATION
CA$429K

Fotini Tolias

TITLE
Senior Vice President

Kim Sharpe

TITLE
Director of Business Development

Stephen Penney

TITLE
Board of Directors Tenure

Average tenure and age of the Plaza Retail REIT board of directors in years:

17.3
Average Tenure
65
Average Age
  • The average tenure for the Plaza Retail REIT board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Earl Brewer

TITLE
Chairman of the Board
COMPENSATION
CA$200K

Michael Zakuta

TITLE
President
COMPENSATION
CA$400K
AGE
58
TENURE
20.3 yrs

Barbara Trenholm

TITLE
COMPENSATION
CA$52K
TENURE
14.3 yrs

Denis Losier

TITLE
Independent Trustee
COMPENSATION
CA$49K
AGE
65
TENURE
12.2 yrs

Edouard Babineau

TITLE
Lead Independent Trustee
COMPENSATION
CA$42K

Stephen Johnson

TITLE
COMPENSATION
CA$33K
AGE
66
TENURE
20.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
08. Mar 19 Buy Les Immeubles Plaza Z-Corp. Inc. Company 08. Mar 19 08. Mar 19 15,000 CA$4.13 CA$61,890
07. Mar 19 Buy Les Immeubles Plaza Z-Corp. Inc. Company 07. Mar 19 07. Mar 19 15,000 CA$4.11 CA$61,650
04. Mar 19 Buy Les Immeubles Plaza Z-Corp. Inc. Company 04. Mar 19 04. Mar 19 30,000 CA$4.18 CA$125,250
01. Mar 19 Buy Michael Zakuta Individual 01. Mar 19 01. Mar 19 20,000 CA$4.14 CA$82,800
27. Nov 18 Buy Les Immeubles Plaza Z-Corp. Inc. Company 27. Nov 18 27. Nov 18 25,000 CA$3.93 CA$98,250
19. Nov 18 Buy Edouard Babineau Individual 15. Nov 18 15. Nov 18 10,000 CA$3.99 CA$39,900
X
Management checks
We assess Plaza Retail REIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Plaza Retail REIT 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.

PLZ.UN News

Simply Wall St News

Does Plaza Retail REIT (TSE:PLZ.UN) Have A Place In Your Dividend Portfolio?

Plaza Retail REIT has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. … Conclusion To summarise, shareholders should always check that Plaza Retail REIT's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Plaza Retail REIT's is paying out more than half its income as dividends, but at least the dividend is covered by both reported earnings and cashflow.

Simply Wall St -

With A 6.9% Return On Equity, Is Plaza Retail REIT (TSE:PLZ.UN) A Quality Stock?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Plaza Retail REIT: 6.9% = CA$31m ÷ CA$460m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Plaza Retail REIT Have A Good Return On Equity? … Combining Plaza Retail REIT's Debt And Its 6.9% Return On Equity Plaza Retail REIT does use a significant amount of debt to increase returns.

Simply Wall St -

Investors Who Bought Plaza Retail REIT (TSE:PLZ.UN) Shares Three Years Ago Are Now Down 12%

We regret to report that long term Plaza Retail REIT (TSE:PLZ.UN) shareholders have had that experience, with the share price dropping 12% in three years, versus a market return of about 25%. … Plaza Retail REIT saw its EPS decline at a compound rate of 34% per year, over the last three years. … Dive deeper into the earnings by checking this interactive graph of Plaza Retail REIT's earnings, revenue and cash flow.

Simply Wall St -

Do Institutions Own Plaza Retail REIT (TSE:PLZ.UN) Shares?

Every investor in Plaza Retail REIT (TSE:PLZ.UN) should be aware of the most powerful shareholder groups. … Plaza Retail REIT is not a large company by global standards. … See our latest analysis for Plaza Retail REIT

Simply Wall St -

Is Plaza Retail REIT's (TSE:PLZ.UN) CEO Paid Enough Relative To Peers?

How Does Michael Zakuta's Compensation Compare With Similar Sized Companies. … According to our data, Plaza Retail REIT has a market capitalization of CA$431m, and pays its CEO total annual compensation worth CA$400k. … It is worth noting that the CEO compensation consists almost entirely of the salary, worth CA$400k

Simply Wall St -

One Metric To Rule Them All: Plaza Retail REIT (TSE:PLZ.UN)

real estate investment trust (REIT) based in Fredericton, Canada. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way. … 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 -

Did Plaza Retail REIT (TSE:PLZ.UN) Insiders Buy Up More Shares?

So we'll take a look at whether insiders have been buying or selling shares in Plaza Retail REIT (TSE:PLZ.UN). … Plaza Retail REIT Insider Transactions Over The Last Year. … In the last twelve months there was more buying than selling by Plaza Retail REIT insiders

Simply Wall St -

What Type Of Shareholder Owns Plaza Retail REIT's (TSE:PLZ.UN)?

Every investor in Plaza Retail REIT (TSE:PLZ.UN) should be aware of the most powerful shareholder groups. … Plaza Retail REIT is a smaller company with a market capitalization of CA$413m, so it may still be flying under the radar of many institutional investors. … View our latest analysis for Plaza Retail REIT

Simply Wall St -

Should You Be Worried About Plaza Retail REIT's (TSE:PLZ.UN) 4.5% Return On Equity?

By way of learning-by-doing, we'll look at ROE to gain a better understanding Plaza Retail REIT (TSE:PLZ.UN). … Our data shows Plaza Retail REIT has a return on equity of 4.5% for the last year. … See our latest analysis for Plaza Retail REIT?

Simply Wall St -

Should You Worry About Plaza Retail REIT's (TSE:PLZ.UN) CEO Pay?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Michael Zakuta's Compensation Compare With Similar Sized Companies. … According to our data, Plaza Retail REIT has a market capitalization of CA$419m, and pays its CEO total annual compensation worth CA$400k.

Simply Wall St -

PLZ.UN Company Info

Description

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza's portfolio at March 31, 2018 includes interests in 297 properties totaling approximately 8.1 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants.

Details
Name: Plaza Retail REIT
PLZ.UN
Exchange: TSX
Founded: 1999
CA$449,602,163
CA$444,445,133
103,834,218
Website: http://www.plaza.ca
Address: Plaza Retail REIT
98 Main Street,
Fredericton,
New Brunswick, E3A 9N6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX PLZ.UN Trust Units The Toronto Stock Exchange CA CAD 30. Jul 1999
OTCPK PAZR.F Trust Units Pink Sheets LLC US USD 30. Jul 1999
Number of employees
Current staff
Staff numbers
98
Plaza Retail REIT employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 01:13
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/09
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.