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.
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Fair value second-rate dividend payer.
Share Price & News
How has Summit Industrial Income REIT's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: SMU.UN's share price has been volatile over the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: SMU.UN exceeded the Canadian REITs industry which returned -18.3% over the past year.
Return vs Market: SMU.UN exceeded the Canadian Market which returned -19.7% over the past year.
Price Volatility Vs. Market
How volatile is Summit Industrial Income REIT's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall StHave Summit Industrial Income REIT (TSE:SMU.UN) Insiders Been Selling Their Stock?
1 month ago | Simply Wall StWhat Type Of Shareholder Owns Summit Industrial Income REIT's (TSE:SMU.UN)?
3 months ago | Simply Wall StShould You Take Comfort From Insider Transactions At Summit Industrial Income REIT (TSE:SMU.UN)?
Is Summit Industrial Income REIT undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: SMU.UN (CA$10.47) is trading below our estimate of fair value (CA$24.78)
Significantly Below Fair Value: SMU.UN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: SMU.UN is poor value based on its PE Ratio (8.2x) compared to the REITs industry average (8.1x).
PE vs Market: SMU.UN is good value based on its PE Ratio (8.2x) compared to the Canadian market (11.7x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate SMU.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: SMU.UN is overvalued based on its PB Ratio (1x) compared to the CA REITs industry average (0.8x).
How is Summit Industrial Income REIT forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if SMU.UN's forecast earnings growth is above the savings rate (1.4%).
Earnings vs Market: Insufficient data to determine if SMU.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: SMU.UN's revenue (17.7% per year) is forecast to grow faster than the Canadian market (3.3% per year).
High Growth Revenue: SMU.UN's revenue (17.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if SMU.UN's Return on Equity is forecast to be high in 3 years time
How has Summit Industrial Income REIT performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SMU.UN has a large one-off gain of CA$92.0M impacting its December 31 2019 financial results.
Growing Profit Margin: SMU.UN's current net profit margins are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: SMU.UN's earnings have grown significantly by 49.4% per year over the past 5 years.
Accelerating Growth: SMU.UN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: SMU.UN had negative earnings growth (-18.2%) over the past year, making it difficult to compare to the REITs industry average (6.7%).
Return on Equity
High ROE: SMU.UN's Return on Equity (10.4%) is considered low.
How is Summit Industrial Income REIT's financial position?
Financial Position Analysis
Short Term Liabilities: SMU.UN's short term assets (CA$32.6M) do not cover its short term liabilities (CA$498.6M).
Long Term Liabilities: SMU.UN's short term assets (CA$32.6M) do not cover its long term liabilities (CA$691.6M).
Debt to Equity History and Analysis
Debt Level: SMU.UN's debt to equity ratio (77.9%) is considered high.
Reducing Debt: SMU.UN's debt to equity ratio has reduced from 130.9% to 77.9% over the past 5 years.
Debt Coverage: SMU.UN's debt is not well covered by operating cash flow (4.5%).
Interest Coverage: SMU.UN's interest payments on its debt are not well covered by EBIT (2.8x coverage).
What is Summit Industrial Income REIT's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: SMU.UN's dividend (5.16%) is higher than the bottom 25% of dividend payers in the Canadian market (2.4%).
High Dividend: SMU.UN's dividend (5.16%) is low compared to the top 25% of dividend payers in the Canadian market (7.78%).
Stability and Growth of Payments
Stable Dividend: SMU.UN's dividend payments have been volatile in the past 10 years.
Growing Dividend: SMU.UN's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (80.1%), SMU.UN's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: SMU.UN's dividends in 3 years are forecast to be thoroughly covered by earnings (0.5% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Paul Dykeman (58yo)
Mr. Paul Malcolm Dykeman, CPA, CA, serves as the Chief Executive Officer of Sigma Real Estate Advisors LLP. Mr. Dykeman has been the Chief Executive Officer and President of Summit Industrial Income REIT s ...
CEO Compensation Analysis
Compensation vs Market: Paul's total compensation ($USD339.98K) is below average for companies of similar size in the Canadian market ($USD1.66M).
Compensation vs Earnings: Paul's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
|CEO, President & Trustee||7.58yrs||CA$476.00k||1.19% CA$17.1m|
|Chief Financial Officer||7.58yrs||CA$584.00k||0.11% CA$1.6m|
|Senior Vice President of Investments||no data||CA$584.00k||0.011% CA$152.9k|
|Senior Vice President of Asset Management||8.25yrs||CA$584.00k||0.039% CA$563.0k|
Experienced Management: SMU.UN's management team is seasoned and experienced (7.6 years average tenure).
|CEO, President & Trustee||7.58yrs||CA$476.00k||1.19% CA$17.1m|
|Independent Trustee||7.58yrs||CA$66.20k||0.14% CA$2.0m|
|Independent Trustee||7yrs||CA$58.70k||2.59% CA$37.3m|
|Independent Chairman||no data||no data||5.48% CA$79.2m|
|Independent Trustee||5.92yrs||CA$57.60k||0.029% CA$420.8k|
|Lead Independent Trustee||6.92yrs||CA$71.20k||0.067% CA$961.5k|
|Independent Trustee||0.92yr||no data||no data|
Experienced Board: SMU.UN's board of directors are considered experienced (7 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: SMU.UN insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 48.4%.
Summit Industrial Income REIT's company bio, employee growth, exchange listings and data sources
- Name: Summit Industrial Income REIT
- Ticker: SMU.UN
- Exchange: TSX
- Founded: 2005
- Industry: Industrial REITs
- Sector: Real Estate
- Implied Market Cap: CA$1.444b
- Market Cap: CA$1.437b
- Shares outstanding: 137.91m
- Website: https://www.summitIIreit.com
- Summit Industrial Income REIT
- 75 Summerlea Road
- Unit B
- L6T 4V2
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|SMU.UN||TSX (The Toronto Stock Exchange)||Yes||Trust Units||CA||CAD||Jun 1999|
|SMMC.F||OTCPK (Pink Sheets LLC)||Yes||Trust Units||US||USD||Jun 1999|
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.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/04/10 05:25|
|End of Day Share Price||2020/04/09 00:00|
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.