True North Commercial Real Estate Investment Trust
Market Cap
CA$693.9m
Last Updated
2020/02/19 01:29 UTC
Data Sources
Company Financials +
Executive Summary
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.
Rewards
Risk Analysis
Snowflake Analysis
Fair value second-rate dividend payer.
Share Price & News
How has True North Commercial Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: TNT.UN has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
1.2%
TNT.UN
1.6%
CA REITs
0.2%
CA Market
1 Year Return
22.0%
TNT.UN
15.2%
CA REITs
4.9%
CA Market
Return vs Industry: TNT.UN exceeded the Canadian REITs industry which returned 14.9% over the past year.
Return vs Market: TNT.UN exceeded the Canadian Market which returned 5.8% over the past year.
Shareholder returns
| TNT.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.2% | 1.6% | 0.2% |
| 30 Day | 5.8% | 3.9% | 0.4% |
| 90 Day | 11.3% | 7.4% | 3.7% |
| 1 Year | 33.0%22.0% | 21.0%15.2% | 8.2%4.9% |
| 3 Year | 66.2%26.7% | 46.4%23.9% | 15.9%5.5% |
| 5 Year | 108.1%30.5% | 65.0%24.6% | 33.8%14.3% |
Price Volatility Vs. Market
How volatile is True North Commercial Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
16 hours ago | Simply Wall St
True North Commercial Real Estate Investment Trust (TSE:TNT.UN) Shareholders Booked A 29% Gain In The Last Five Years2 months ago | Simply Wall St
Here's Why We Think True North Commercial Real Estate Investment Trust (TSE:TNT.UN) Is Well Worth WatchingValuation
Is True North Commercial Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
42.9%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: TNT.UN (CA$7.83) is trading below our estimate of fair value (CA$13.81)
Significantly Below Fair Value: TNT.UN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: TNT.UN is poor value based on its PE Ratio (12.9x) compared to the REITs industry average (11x).
PE vs Market: TNT.UN is good value based on its PE Ratio (12.9x) compared to the Canadian market (15.9x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate TNT.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: TNT.UN is overvalued based on its PB Ratio (1.2x) compared to the CA REITs industry average (1.1x).
Next Steps
Future Growth
How is True North Commercial Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
37.1%
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if TNT.UN's forecast earnings growth is above the savings rate (1.4%).
Earnings vs Market: Insufficient data to determine if TNT.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: TNT.UN's revenue (37.1% per year) is forecast to grow faster than the Canadian market (5% per year).
High Growth Revenue: TNT.UN's revenue (37.1% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if TNT.UN's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has True North Commercial Real Estate Investment Trust performed over the past 5 years?
36.8%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TNT.UN has a large one-off gain of CA$12.8M impacting its September 30 2019 financial results.
Growing Profit Margin: TNT.UN's current net profit margins (41.6%) are lower than last year (42.1%).
Past Earnings Growth Analysis
Earnings Trend: TNT.UN's earnings have grown significantly by 36.8% per year over the past 5 years.
Accelerating Growth: TNT.UN's earnings growth over the past year (28.4%) is below its 5-year average (36.8% per year).
Earnings vs Industry: TNT.UN earnings growth over the past year (28.4%) exceeded the REITs industry 9.2%.
Return on Equity
High ROE: TNT.UN's Return on Equity (9.6%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is True North Commercial Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: TNT.UN has a high level of physical assets or inventory.
Debt Coverage by Assets: TNT.UN's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: TNT.UN's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if TNT.UN has a sufficient allowance for bad loans.
Low Risk Liabilities: TNT.UN reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if TNT.UN has an acceptable proportion of non-loan assets held.
Low Risk Deposits: TNT.UN has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if TNT.UN has an appropriate level of bad loans.
Next Steps
Dividend
What is True North Commercial Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
7.54%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: TNT.UN's dividend (7.59%) is higher than the bottom 25% of dividend payers in the Canadian market (1.89%).
High Dividend: TNT.UN's dividend (7.59%) is in the top 25% of dividend payers in the Canadian market (5.32%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, TNT.UN has been paying a dividend for less than 10 years.
Growing Dividend: TNT.UN has only been paying a dividend for 7 years, and since then payments have not increased.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (79.7%), TNT.UN's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
7.2yrs
Average board tenure
CEO
Daniel Drimmer (46yo)
7.2yrs
Tenure
CA$20,200
Compensation
Mr. Daniel Drimmer serves as Chief Executive Officer of Campar Capital Corporation. Mr. Drimmer is the founder, President & CEO of Starlight Group Property Holdings Inc. Mr. Drimmer serves as the Chairman, ...
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 7.2yrs | CA$20.20k | 6% CA$41.6m | |
| CFO, Company Secretary & Trustee | 0yrs | CA$710.20k | 0.072% CA$501.3k | |
| Independent Trustee | 7.2yrs | CA$63.15k | 0.14% CA$982.3k | |
| Independent Trustee | 7.2yrs | CA$49.90k | 0.15% CA$1.0m | |
| Lead Trustee | 0yrs | CA$35.15k | 0.51% CA$3.5m | |
| Independent Trustee | 7.2yrs | CA$41.15k | 0.052% CA$362.0k | |
| Independent Trustee | 7.2yrs | CA$38.90k | 0.042% CA$291.7k |
7.2yrs
Average Tenure
53yo
Average Age
Experienced Board: TNT.UN's board of directors are considered experienced (7.2 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: TNT.UN insiders have sold more shares than they have bought 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 23%.
Top Shareholders
Company Information
True North Commercial Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: True North Commercial Real Estate Investment Trust
- Ticker: TNT.UN
- Exchange: TSX
- Founded: 2012
- Industry: Office REITs
- Sector: Real Estate
- Implied Market Cap: CA$693.884m
- Market Cap: CA$667.928m
- Shares outstanding: 88.62m
- Website: https://www.truenorthreit.com
Location
- True North Commercial Real Estate Investment Trust
- 3280 Bloor Street West
- Suite 1400, Centre Tower
- Toronto
- Ontario
- M8X 2X3
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| TNT.UN | TSX (The Toronto Stock Exchange) | Yes | Trust Units | CA | CAD | Aug 2012 |
| TUER.F | OTCPK (Pink Sheets LLC) | Yes | Trust Units | US | USD | Aug 2012 |
Biography
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 46 commercial properties consisting of approximately 3.9 million square feet in urban and select strategic secondary markets across Canada focusing on long term leases with government and credit-rated tenants. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/19 01:29 |
| End of Day Share Price | 2020/02/18 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.