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Summit Industrial Income REIT

TSX:SMU.UN
Snowflake Description

Good value with proven track record.

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

Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial and other properties across Canada. The last earnings update was 63 days ago. More info.


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SMU.UN Share Price and Events
7 Day Returns
0.5%
TSX:SMU.UN
-1.6%
CA REITs
0.6%
CA Market
1 Year Returns
39.5%
TSX:SMU.UN
11.2%
CA REITs
3.4%
CA Market
SMU.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Summit Industrial Income REIT (SMU.UN) 0.5% -2.5% 11.4% 39.5% 90.9% 99.1%
CA REITs -1.6% -2.8% 5.5% 11.2% 11.5% 14.7%
CA Market 0.6% 2.7% 8.3% 3.4% 15.7% 7.1%
1 Year Return vs Industry and Market
  • SMU.UN outperformed the REITs industry which returned 11.2% over the past year.
  • SMU.UN outperformed the Market in Canada which returned 3.4% over the past year.

Value

 Is Summit Industrial Income 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 Summit Industrial Income 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 Summit Industrial Income REIT.

TSX:SMU.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 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:SMU.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 0.36
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.364 (1 + (1- 26.5%) (75.52%))
0.709
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:SMU.UN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Summit Industrial Income 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.

Summit Industrial Income 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:SMU.UN DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 6.72%)
2019 60.63 Analyst x3 56.82
2020 74.03 Analyst x3 65.01
2021 89.73 Est @ 21.21% 73.84
2022 103.58 Est @ 15.43% 79.87
2023 115.37 Est @ 11.38% 83.36
2024 125.24 Est @ 8.55% 84.80
2025 133.47 Est @ 6.57% 84.68
2026 140.38 Est @ 5.18% 83.47
2027 146.30 Est @ 4.21% 81.51
2028 151.47 Est @ 3.53% 79.08
Present value of next 10 years cash flows CA$772.43
TSX:SMU.UN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$151.47 × (1 + 1.95%) ÷ (6.72% – 1.95%)
CA$3,238.60
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$3,238.60 ÷ (1 + 6.72%)10
CA$1,690.84
TSX:SMU.UN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$772.43 + CA$1,690.84
CA$2,463.27
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$2,463.27 / 100.78
CA$24.55
TSX:SMU.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$24.55
Current discount Discount to share price of CA$11.55
= -1 x (CA$11.55 - CA$24.55) / CA$24.55
53%

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

Current Discount
Amount off the current price Summit Industrial Income REIT is available for.
Intrinsic value
>50%
Share price is CA$11.55 vs Future cash flow value of CA$24.55
Current Discount Checks
For Summit Industrial Income REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Summit Industrial Income REIT's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Summit Industrial Income REIT's share price is below the future cash flow value, and 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 Summit Industrial Income REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Summit Industrial Income REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:SMU.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$2.32
TSX:SMU.UN Share Price ** TSX (2019-04-23) in CAD CA$11.55
Canada REITs Industry PE Ratio Median Figure of 42 Publicly-Listed REITs Companies 7.31x
Canada Market PE Ratio Median Figure of 557 Publicly-Listed Companies 14.88x

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

** Primary Listing of Summit Industrial Income REIT.

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

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

= 11.55 ÷ 2.32

4.98x

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

  • Summit Industrial Income REIT is good value based on earnings compared to the CA REITs industry average.
  • Summit Industrial Income REIT is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Summit Industrial Income REIT's expected growth come at a high price?
Raw Data
TSX:SMU.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-3.3%per year
Canada REITs Industry PEG Ratio Median Figure of 6 Publicly-Listed REITs Companies -0.18x
Canada Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.2x

*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 Summit Industrial Income REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Summit Industrial Income REIT's assets?
Raw Data
TSX:SMU.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$8.93
TSX:SMU.UN Share Price * TSX (2019-04-23) in CAD CA$11.55
Canada REITs Industry PB Ratio Median Figure of 45 Publicly-Listed REITs Companies 0.95x
Canada Market PB Ratio Median Figure of 2,380 Publicly-Listed Companies 1.51x
TSX:SMU.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 11.55 ÷ 8.93

1.29x

* Primary Listing of Summit Industrial Income REIT.

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

  • Summit Industrial Income REIT is overvalued based on assets compared to the CA REITs industry average.
X
Value checks
We assess Summit Industrial Income 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. Summit Industrial Income REIT has a total score of 4/6, 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.

Future Performance

 How is Summit Industrial Income REIT expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover Summit Industrial Income 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
-3.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Summit Industrial Income REIT expected to grow at an attractive rate?
  • Summit Industrial Income REIT'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
  • Summit Industrial Income REIT's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Summit Industrial Income REIT's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:SMU.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:SMU.UN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -3.3%
TSX:SMU.UN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 24.7%
Canada REITs Industry Earnings Growth Rate Market Cap Weighted Average 4.8%
Canada REITs Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 18.2%
Canada Market Revenue Growth Rate Market Cap Weighted Average 7.2%

*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:SMU.UN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 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:SMU.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 167 78 2
2019-12-31 144 65 2
TSX:SMU.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 96 48 180
2018-09-30 85 41 152
2018-06-30 76 41 152
2018-03-31 68 34 83
2017-12-31 59 28 63
2017-09-30 55 24 41
2017-06-30 51 21 35
2017-03-31 48 18 26
2016-12-31 45 15 24
2016-09-30 42 17 20
2016-06-30 40 18 16
2016-03-31 40 16 19

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Summit Industrial Income REIT's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Summit Industrial Income REIT's revenue is expected to grow significantly at over 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:SMU.UN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Summit Industrial Income REIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:SMU.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:SMU.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 2.32
2018-09-30 2.23
2018-06-30 2.47
2018-03-31 1.53
2017-12-31 1.32
2017-09-30 0.97
2017-06-30 0.91
2017-03-31 0.75
2016-12-31 0.76
2016-09-30 0.64
2016-06-30 0.56
2016-03-31 0.64

*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 Summit Industrial Income REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Summit Industrial Income 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.
Summit Industrial Income REIT has a total score of 2/6, 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.

Past Performance

  How has Summit Industrial Income 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 Summit Industrial Income 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.
  • Summit Industrial Income REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • Summit Industrial Income REIT's 1-year earnings growth exceeds its 5-year average (186.8% vs 60.5%)
  • Summit Industrial Income REIT's earnings growth has exceeded the CA REITs industry average in the past year (186.8% vs 33.2%).
Earnings and Revenue History
Summit Industrial Income 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 Summit Industrial Income REIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:SMU.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 95.80 180.41 5.33
2018-09-30 84.71 152.32 4.98
2018-06-30 75.57 151.57 4.71
2018-03-31 67.82 83.27 3.10
2017-12-31 58.77 62.90 2.68
2017-09-30 54.50 41.49 2.41
2017-06-30 51.10 34.72 2.22
2017-03-31 47.78 26.28 2.02
2016-12-31 44.97 24.38 1.87
2016-09-30 41.92 19.50 1.84
2016-06-30 40.30 16.44 1.72
2016-03-31 39.51 18.58 2.10
2015-12-31 38.40 17.94 2.09
2015-09-30 36.21 16.14 2.02
2015-06-30 33.30 15.97 2.03
2015-03-31 30.73 12.00 2.39
2014-12-31 28.75 11.48 2.34
2014-09-30 28.79 11.62 2.49
2014-06-30 27.95 11.49 2.45
2014-03-31 26.45 12.17 1.71
2013-12-31 22.07 10.28 1.55
2013-09-30 16.16 14.69 1.26
2013-06-30 10.32 12.43 1.03
2013-03-31 4.93 9.72 0.66
2012-12-31 2.50 8.57 0.46
2012-09-30 1.69 0.71 0.82
2012-06-30 2.90 0.48 0.74

*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.
  • Whilst Summit Industrial Income REIT has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Summit Industrial Income REIT used its assets more efficiently than the CA REITs industry average last year based on Return on Assets.
  • Summit Industrial Income REIT's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Summit Industrial Income 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.
Summit Industrial Income REIT has a total score of 4/6, 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.

Health

 How is Summit Industrial Income 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 Summit Industrial Income REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Summit Industrial Income REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Summit Industrial Income REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Summit Industrial Income 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 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 Summit Industrial Income REIT Company Filings, last reported 3 months ago.

TSX:SMU.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 859.74 875.26 4.33
2018-09-30 679.06 633.00 2.42
2018-06-30 671.55 538.42 2.56
2018-03-31 491.03 515.71 2.73
2017-12-31 471.89 515.02 0.86
2017-09-30 348.05 344.42 0.34
2017-06-30 339.89 287.02 26.88
2017-03-31 266.07 314.23 0.71
2016-12-31 220.58 270.64 0.38
2016-09-30 212.85 271.36 0.45
2016-06-30 211.85 236.16 0.64
2016-03-31 178.81 234.50 0.16
2015-12-31 177.86 218.37 0.34
2015-09-30 175.97 218.54 0.65
2015-06-30 175.72 216.43 0.14
2015-03-31 173.18 225.61 0.36
2014-12-31 144.13 188.68
2014-09-30 143.59 162.01 0.05
2014-06-30 143.01 159.87 1.22
2014-03-31 115.66 189.60 0.98
2013-12-31 114.30 189.05 1.05
2013-09-30 112.92 179.85 1.50
2013-06-30 111.86 136.58 0.84
2013-03-31 111.06 137.50 0.89
2012-12-31 41.06 36.65 0.82
2012-09-30 33.19 23.15 2.72
2012-06-30 0.73 6.88 0.02
  • Summit Industrial Income REIT's level of debt (101.8%) 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 (165.4% vs 101.8% today).
  • Debt is not well covered by operating cash flow (5.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Summit Industrial Income 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. Summit Industrial Income 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.

Dividends

 What is Summit Industrial Income 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
4.47%
Current annual income from Summit Industrial Income REIT dividends. Estimated to be 4.5% next year.
If you bought CA$2,000 of Summit Industrial Income REIT shares you are expected to receive CA$89 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?
  • Summit Industrial Income REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.05%).
  • Summit Industrial Income REIT's dividend is below the markets top 25% of dividend payers in Canada (5.51%).
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:SMU.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 42 Stocks 5.1%
Canada Market Average Dividend Yield Market Cap Weighted Average of 331 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 5.5%

Industry and Market average data is calculated daily.

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

TSX:SMU.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.52 5.00
2019-12-31 0.52 5.00
TSX:SMU.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-15 0.516 4.454
2019-03-15 0.516 4.372
2019-02-15 0.516 4.611
2019-01-15 0.516 4.959
2018-12-14 0.516 5.391
2018-11-15 0.516 5.509
2018-10-15 0.516 5.656
2018-09-14 0.516 5.807
2018-08-15 0.516 5.812
2018-07-13 0.516 5.846
2018-06-15 0.516 5.908
2018-05-15 0.516 5.927
2018-04-13 0.516 6.130
2018-03-15 0.516 6.284
2018-02-15 0.516 6.431
2018-01-15 0.516 6.465
2017-12-15 0.516 6.910
2017-11-15 0.516 7.038
2017-10-13 0.516 6.940
2017-09-15 0.516 6.959
2017-08-15 0.516 7.085
2017-07-14 0.516 7.268
2017-06-15 0.516 7.263
2017-05-15 0.516 7.386
2017-04-13 0.504 7.575
2017-03-15 0.504 7.762
2017-02-14 0.504 7.874
2017-01-13 0.504 8.053
2016-12-15 0.504 7.937
2016-11-15 0.504 8.130
2016-10-14 0.504 8.093
2016-09-15 0.504 7.868
2016-08-15 0.504 7.870
2016-07-15 0.504 7.900
2016-06-15 0.504 8.295
2016-05-13 0.504 8.277
2016-04-15 0.504 8.374
2016-03-15 0.504 8.353
2016-02-16 0.504 8.447
2016-01-15 0.504 8.878
2015-12-15 0.504 8.552
2015-11-13 0.504 8.284
2015-10-15 0.504 8.272
2015-09-15 0.504 8.389
2015-08-14 0.504 8.416
2015-07-15 0.504 8.437
2015-06-15 0.504 8.439
2015-05-15 0.504 8.223
2015-04-16 0.504 8.076
2015-03-13 0.504 8.274
2015-02-13 0.504 8.174
2015-01-15 0.504 8.268
2014-12-15 0.504 8.663
2014-11-14 0.504 8.290
2014-10-15 0.504 8.280
2014-09-15 0.504 8.406
2014-08-15 0.504 8.039
2014-07-15 0.504 8.054
2014-06-13 0.504 8.210
2014-05-20 0.504 8.636
2014-04-15 0.490 8.355
2014-03-14 0.490 8.279
2014-02-14 0.490 8.094
2014-01-15 0.490 8.296
2013-12-13 0.490 8.534
2013-11-15 0.490 8.581
2013-10-15 0.490 8.428
2013-09-13 0.490 8.873
2013-08-15 0.490 8.798
2013-07-15 0.490 8.554
2013-06-14 0.490 8.290
2013-05-15 0.490 7.691
2013-04-15 0.490 7.404
2013-03-15 0.490 7.449
2012-11-16 0.000 0.000
2012-09-07 0.000 0.000
2012-01-05 0.000 0.000
2011-11-15 0.000 0.000
2011-04-01 2.400 9.710
2009-12-17 2.280 10.138
2009-11-30 0.000 0.000
2009-08-14 0.000 0.000
2009-05-13 0.000 0.000
2009-04-29 0.000 0.000

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

  • Whilst dividend payments have been stable, Summit Industrial Income REIT has been paying a dividend for less than 10 years.
  • Summit Industrial Income REIT has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Summit Industrial Income REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (155.5x coverage).
X
Income/ dividend checks
We assess Summit Industrial Income 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 Summit Industrial Income REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Summit Industrial Income REIT has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Summit Industrial Income 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
Paul Dykeman
COMPENSATION CA$250,000
AGE 57
TENURE AS CEO 6.6 years
CEO Bio

Mr. Paul Malcolm Dykeman, CPA, CA, serves as the Chief Executive Officer of Sigma Real Estate Advisors LLP. Mr. Dykeman has been the Chief Executive Officer and President of Summit Industrial Income REIT since September 25, 2012. He serves as the Chief Financial Officer and Secretary at HSIF Technologies Corporation. Previously, he served as the Chief Financial Officer at Summit Industrial Income REIT since 1998. In 1996, he launched Summit REIT. He served as the Executive Vice President and Chief Financial Officer at ING Summit Industrial Fund LP from 1998 to 2006. He served as the Chief Executive Officer at ING Real Estate Canada, responsible for all aspects of the operations, including real estate transactions, investment and property management, finance and the Company's strategic direction. He began his real estate career in 1990 as a Controller at Roycom. Mr. Dykeman spent six years in a variety of increasingly senior roles with an international audit and accounting firm. He has been a Trustee of Summit Industrial Income REIT since September 25, 2012. He serves as a Director of HSIF Technologies Corporation. He served as a Trustee of Partners Real Estate Investment Trust from September 20, 2010 to April 2013. He is a Member of the Real Property Association of Canada (RealPAC) and the Institute of Chartered Accountants of Nova Scotia. He received his Chartered Accountant Designation in 1986. Mr. Dykeman received his Bachelor of Commerce degree from Dalhousie University in 1984.

CEO Compensation
  • Paul's compensation has increased by more than 20% in the past year.
  • Paul's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Summit Industrial Income REIT management team in years:

6.9
Average Tenure
  • The average tenure for the Summit Industrial Income REIT management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Paul Dykeman

TITLE
CEO, President & Trustee
COMPENSATION
CA$250K
AGE
57
TENURE
6.6 yrs

Ross Drake

TITLE
Chief Financial Officer
COMPENSATION
CA$309K
TENURE
6.6 yrs

Jon Robbins

TITLE
Senior Vice President of Acquisitions
COMPENSATION
CA$309K
TENURE
7.3 yrs

Kimberley Hill

TITLE
Vice President of Asset Management
COMPENSATION
CA$309K
TENURE
7.3 yrs
Board of Directors Tenure

Average tenure and age of the Summit Industrial Income REIT board of directors in years:

6
Average Tenure
65
Average Age
  • The tenure for the Summit Industrial Income REIT board of directors is about average.
Board of Directors

Lou Maroun

TITLE
Chairman
AGE
68

Paul Dykeman

TITLE
CEO, President & Trustee
COMPENSATION
CA$250K
AGE
57
TENURE
6.6 yrs

Jim Tadeson

TITLE
Lead Independent Trustee
COMPENSATION
CA$72K
AGE
51
TENURE
5.9 yrs

Saul Shulman

TITLE
Independent Trustee
COMPENSATION
CA$67K
AGE
79
TENURE
6.6 yrs

Larry Morassutti

TITLE
Independent Trustee
COMPENSATION
CA$60K
AGE
62
TENURE
6 yrs

Michael A. Catford

TITLE
Independent Trustee
COMPENSATION
CA$60K
AGE
73
TENURE
4.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
15. Jun 18 Buy Lawrence Morassutti Individual 14. Jun 18 15. Jun 18 243,000 CA$8.71 CA$2,103,162
15. Jun 18 Buy Saul Shulman Individual 15. Jun 18 15. Jun 18 20,000 CA$8.65 CA$173,000
27. Dec 18 Buy Lawrence Morassutti Individual 24. Dec 18 24. Dec 18 10,200 CA$9.15 CA$93,322
22. Dec 18 Buy Louis Maroun Individual 21. Dec 18 21. Dec 18 150 CA$9.40 CA$1,410
14. Dec 18 Buy Louis Maroun Individual 13. Dec 18 13. Dec 18 9,600 CA$9.62 CA$92,352
11. Dec 18 Buy Kimberley Hill Individual 10. Dec 18 10. Dec 18 530 CA$9.30 CA$4,929
11. Dec 18 Buy Louis Maroun Individual 10. Dec 18 10. Dec 18 26,850 CA$9.30 CA$249,705
11. Dec 18 Buy Jonathan Robbins Individual 10. Dec 18 10. Dec 18 1,000 CA$9.30 CA$9,300
11. Dec 18 Buy Lawrence Morassutti Individual 10. Dec 18 10. Dec 18 200,000 CA$9.30 CA$1,860,000
11. Dec 18 Buy Saul Shulman Individual 10. Dec 18 10. Dec 18 30,000 CA$9.30 CA$279,000
21. Sep 18 Buy Lawrence Morassutti Individual 21. Sep 18 21. Sep 18 15,000 CA$8.75 CA$131,250
29. Jun 18 Buy Lawrence Morassutti Individual 29. Jun 18 29. Jun 18 12,300 CA$8.60 CA$105,780
21. Jun 18 Buy Louis Maroun Individual 21. Jun 18 21. Jun 18 20,000 CA$8.66 CA$173,200
18. May 18 Buy Louis Maroun Individual 18. May 18 18. May 18 3,510 CA$8.67 CA$30,435
14. May 18 Buy Louis Maroun Individual 14. May 18 14. May 18 19,664 CA$8.66 CA$170,333
X
Management checks
We assess Summit Industrial Income 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. Summit Industrial Income 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.

News

Simply Wall St News

Does Summit Industrial Income REIT (TSE:SMU.UN) Deserve A Spot On Your Watchlist?

So if you're like me, you might be more interested in profitable, growing companies, like Summit Industrial Income REIT (TSE:SMU.UN). … I, for one, am blown away by the fact that Summit Industrial Income REIT has grown EPS by 55% per year, over the last three years. … While we note Summit Industrial Income REIT's EBIT margins were flat over the last year, revenue grew by a solid 63% to CA$96m.

Simply Wall St -

Investors Who Bought Summit Industrial Income REIT (TSE:SMU.UN) Shares Five Years Ago Are Now Up 106%

For instance, the price of Summit Industrial Income REIT (TSE:SMU.UN) stock is up an impressive 106% over the last five years. … During five years of share price growth, Summit Industrial Income REIT achieved compound earnings per share (EPS) growth of 30% per year. … The EPS growth is more impressive than the yearly share price gain of 16% over the same period.

Simply Wall St -

Investing In Property Through Summit Industrial Income REIT (TSE:SMU.UN)

Summit Industrial Income REIT is a CA$1.1b. … real estate investment trust (REIT) based in Brampton, Canada. … See our latest analysis for Summit Industrial Income REIT

Simply Wall St -

Does Summit Industrial Income REIT's (TSE:SMU.UN) CEO Salary Compare Well With Others?

In 2012 Paul Dykeman was appointed CEO of Summit Industrial Income REIT (TSE:SMU.UN). … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Paul Dykeman's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Should You Be Excited About Summit Industrial Income REIT's (TSE:SMU.UN) 22% Return On Equity?

We'll use ROE to examine Summit Industrial Income REIT (TSE:SMU.UN), by way of a worked example. … Over the last twelve months Summit Industrial Income REIT has recorded a ROE of 22%. … Check out our latest analysis for Summit Industrial Income REIT?

Simply Wall St -

Need To Know: Summit Industrial Income REIT (TSE:SMU.UN) Insiders Have Been Buying Shares

So before you buy or sell Summit Industrial Income REIT (TSE:SMU.UN), you may well want to know whether insiders have been buying or selling. … Summit Industrial Income REIT Insider Transactions Over The Last Year. … In any event it's generally a positive if insiders are buying shares at around the current price.

Simply Wall St -

Is Summit Industrial Income REIT (TSE:SMU.UN) A Healthy REIT?

Summit Industrial Income REIT is a CA$793m. … real estate investment trust (REIT) based in Brampton, Canada. … Check out our latest analysis for Summit Industrial Income REIT.

Simply Wall St -

Is Summit Industrial Income REIT (TSE:SMU.UN) Excessively Paying Its CEO?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Paul Dykeman's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Summit Industrial Income REIT has a market cap of CA$735m, and is paying total annual CEO compensation of CA$250k.

Simply Wall St -

What is Behind Summit Industrial Income REIT's (TSE:SMU.UN) Superior ROE?

and want to learn about Return on Equity using a real-life example. … Summit Industrial Income REIT (TSE:SMU.UN) outperformed the industrial reits industry on the basis of its ROE – producing a higher 22.6% relative to the peer average of 10.7% over the past 12 months. … See our latest analysis for Summit Industrial Income REIT

Simply Wall St -

Is It The Right Time To Buy Summit Industrial Income REIT (TSE:SMU.UN)?

A question to answer is whether Summit Industrial Income REIT's current trading price of CA$8.55 reflective of the actual value of the? … Let’s take a look at Summit Industrial Income REIT’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change! … View out our latest analysis for Summit Industrial Income REIT.

Simply Wall St -

Company Info

Description

Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial and other properties across Canada. Summit II's units are listed on the TSX and trade under the symbol SMU.UN.

Details
Name: Summit Industrial Income REIT
SMU.UN
Exchange: TSX
Founded: 2005
CA$1,158,950,002
CA$1,114,348,504
100,778,261
Website: http://www.summitIIreit.com
Address: Summit Industrial Income REIT
294 Walker Drive,
Unit 1,
Brampton,
Ontario, L6T 4Z2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX SMU.UN Trust Units The Toronto Stock Exchange CA CAD 07. Jun 1999
OTCPK SMMC.F Trust Units Pink Sheets LLC US USD 07. Jun 1999
Number of employees
Current staff
Staff numbers
0
Summit Industrial Income REIT employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 00:01
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/03
Last earnings filing: 2019/02/20
Last earnings reported: 2018/12/31
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.