True North Commercial Real Estate Investment Trust
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The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The last earnings update was 47 days ago. More info.
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TNT.UN Share Price and Events
7 Day Returns
1 Year Returns
TNT.UN Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| True North Commercial Real Estate Investment Trust (TNT.UN) | 0% | -0.1% | -0.3% | -0.7% | 13.6% | -3.2% |
| CA REITs | 0.4% | 0.2% | -0.2% | 9.7% | 10.6% | 17.2% |
| CA Market | 1.2% | 1.3% | 1% | -2.6% | 12.8% | 2.2% |
1 Year Return vs Industry and Market
- TNT.UN underperformed the REITs industry which returned 9.7% over the past year.
- TNT.UN outperformed the Market in Canada which returned -2.6% over the past year.
Price Volatility
Related Companies
Value
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
True North Commercial Real Estate Investment Trust
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for True North Commercial Real Estate Investment Trust.
| 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 1 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.9% |
| 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.
| 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%) (142.12%)) |
1.007 |
| 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% + (1.007 * 5.96%) |
7.95% |
Discounted Cash Flow Calculation for TSX:TNT.UN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for True North Commercial Real Estate Investment Trust 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.
True North Commercial Real Estate Investment Trust 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.
| Adjusted Funds From Operations (AFFO) (CAD, Millions) | Source |
Present Value Discounted (@ 7.95%) |
|
|---|---|---|---|
| 2019 | 35.01 | Analyst x1 | 32.43 |
| 2020 | 36.51 | Est @ 4.3% | 31.33 |
| 2021 | 37.82 | Est @ 3.59% | 30.07 |
| 2022 | 38.99 | Est @ 3.1% | 28.72 |
| 2023 | 40.07 | Est @ 2.75% | 27.33 |
| 2024 | 41.07 | Est @ 2.51% | 25.96 |
| 2025 | 42.03 | Est @ 2.34% | 24.61 |
| 2026 | 42.97 | Est @ 2.22% | 23.30 |
| 2027 | 43.89 | Est @ 2.14% | 22.05 |
| 2028 | 44.80 | Est @ 2.08% | 20.85 |
| Present value of next 10 years cash flows | CA$266.66 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= CA$44.80 × (1 + 1.95%) ÷ (7.95% – 1.95%) |
CA$761.18 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= CA$761.18 ÷ (1 + 7.95%)10 |
CA$354.29 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= CA$266.66 + CA$354.29 |
CA$620.95 |
| Equity Value per Share (CAD) |
= Total value / Shares Outstanding
= CA$620.95 / 61.85 |
CA$10.04 |
| Calculation | Result | |
|---|---|---|
| Value per share (CAD) | From above. | CA$10.04 |
| Current discount | Discount to share price of
CA$6.68
= -1 x (CA$6.68 - CA$10.04) / CA$10.04 |
33.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- True North Commercial Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
- True North Commercial Real Estate Investment Trust'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 True North Commercial Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
True North Commercial Real Estate Investment Trust's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in CAD | CA$0.57 |
| TSX:TNT.UN Share Price ** | TSX (2019-06-21) in CAD | CA$6.68 |
| Canada REITs Industry PE Ratio | Median Figure of 40 Publicly-Listed REITs Companies | 10.09x |
| Canada Market PE Ratio | Median Figure of 542 Publicly-Listed Companies | 15.1x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of True North Commercial Real Estate Investment Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = TSX:TNT.UN Share Price ÷ EPS (both in CAD) = 6.68 ÷ 0.57 |
11.8x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- True North Commercial Real Estate Investment Trust is overvalued based on earnings compared to the CA REITs industry average.
- True North Commercial Real Estate Investment Trust is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does
True North Commercial Real Estate Investment Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 11.8x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts |
Not available |
| North America REITs Industry PEG Ratio | Median Figure of 144 Publicly-Listed REITs Companies | 2.14x |
| 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 True North Commercial Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
True North Commercial Real Estate Investment Trust's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in CAD | CA$6.22 |
| TSX:TNT.UN Share Price * | TSX (2019-06-21) in CAD | CA$6.68 |
| Canada REITs Industry PB Ratio | Median Figure of 46 Publicly-Listed REITs Companies | 0.97x |
| Canada Market PB Ratio | Median Figure of 2,425 Publicly-Listed Companies | 1.43x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = TSX:TNT.UN Share Price ÷ Book Value per Share (both in CAD) = 6.68 ÷ 6.22 |
1.07x |
* Primary Listing of True North Commercial Real Estate Investment Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- True North Commercial Real Estate Investment Trust is overvalued based on assets compared to the CA REITs industry average.
Value checks
We assess True North Commercial Real Estate Investment Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) True North Commercial Real Estate Investment Trust has a total score of 2/6, 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
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as True North Commercial Real Estate Investment Trust has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.
Show me the analysis anyway
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!
Earnings growth vs Low Risk Savings
- Unable to compare True North Commercial Real Estate Investment Trust's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
- Unable to compare True North Commercial Real Estate Investment Trust's earnings growth to the Canada market average as no estimate data is available.
- Unable to compare True North Commercial Real Estate Investment Trust's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| 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 | 5.9% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 1 Analyst Estimates (S&P Global) | See Below |
| Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | ||||
| 2019-12-31 | 103 | 33 | 1 |
| Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 93 | 53 | 33 |
| 2018-12-31 | 87 | 53 | 50 |
| 2018-09-30 | 78 | 44 | 33 |
| 2018-06-30 | 70 | 41 | 33 |
| 2018-03-31 | 63 | 37 | 35 |
| 2017-12-31 | 56 | 30 | 29 |
| 2017-09-30 | 51 | 30 | 27 |
| 2017-06-30 | 47 | 28 | 15 |
| 2017-03-31 | 44 | 26 | 13 |
| 2016-12-31 | 41 | 24 | 0 |
| 2016-09-30 | 39 | 23 | 4 |
| 2016-06-30 | 39 | 22 | 14 |
*GAAP earnings excluding extraordinary items.
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 1 Analyst Estimates (S&P Global) | See Below |
All data from True North Commercial Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CAD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | ||||
| 2019-12-31 |
| Date (Data in CAD Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.57 |
| 2018-12-31 | 0.87 |
| 2018-09-30 | 0.58 |
| 2018-06-30 | 0.70 |
| 2018-03-31 | 0.73 |
| 2017-12-31 | 0.70 |
| 2017-09-30 | 0.79 |
| 2017-06-30 | 0.50 |
| 2017-03-31 | 0.43 |
| 2016-12-31 | 0.00 |
| 2016-09-30 | 0.16 |
| 2016-06-30 | 0.79 |
*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 True North Commercial Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess True North Commercial Real Estate Investment Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
True North Commercial Real Estate Investment Trust has a total score of 0/6, 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 True North Commercial Real Estate Investment Trust 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
Past Earnings growth analysis
- True North Commercial Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
- True North Commercial Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- True North Commercial Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the CA REITs industry average.
Earnings and Revenue History
All data from True North Commercial Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CAD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 93.12 | 32.50 | 3.89 | |
| 2018-12-31 | 87.07 | 49.62 | 3.10 | |
| 2018-09-30 | 78.49 | 33.03 | 3.20 | |
| 2018-06-30 | 70.00 | 33.36 | 3.03 | |
| 2018-03-31 | 62.71 | 35.08 | 2.73 | |
| 2017-12-31 | 56.01 | 28.75 | 2.57 | |
| 2017-09-30 | 51.41 | 27.41 | 2.25 | |
| 2017-06-30 | 47.46 | 14.75 | 2.19 | |
| 2017-03-31 | 44.49 | 12.63 | 2.08 | |
| 2016-12-31 | 41.35 | -0.10 | 2.11 | |
| 2016-09-30 | 39.42 | 3.91 | 2.10 | |
| 2016-06-30 | 38.88 | 13.76 | 2.00 | |
| 2016-03-31 | 38.10 | 12.87 | 1.99 | |
| 2015-12-31 | 37.12 | 16.47 | 1.81 | |
| 2015-09-30 | 34.09 | 11.47 | 1.65 | |
| 2015-06-30 | 30.18 | 8.62 | 1.50 | |
| 2015-03-31 | 26.58 | 10.79 | 1.63 | |
| 2014-12-31 | 23.32 | 12.98 | 1.64 | |
| 2014-09-30 | 21.63 | 5.36 | 1.97 | |
| 2014-06-30 | 20.90 | 3.47 | 2.09 | |
| 2014-03-31 | 20.39 | 21.96 | 1.96 | |
| 2013-12-31 | 17.25 | 13.34 | 1.84 | |
| 2013-09-30 | -0.21 | -9.18 | 1.81 | |
| 2012-12-31 | 0.15 | -27.57 | 1.58 |
*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.
- True North Commercial Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- True North Commercial Real Estate Investment Trust used its assets less efficiently than the CA REITs industry average last year based on Return on Assets.
- True North Commercial Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess True North Commercial Real Estate Investment Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
True North Commercial Real Estate Investment Trust has a total score of 1/6, 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
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 True North Commercial Real Estate Investment Trust's finances.
The net worth of a company is the difference between its assets and liabilities.
- True North Commercial Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- True North Commercial Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- 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.
All data from True North Commercial Real Estate Investment Trust Company Filings, last reported 2 months ago.
| Date (Data in CAD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 357.26 | 587.12 | 1.94 |
| 2018-12-31 | 363.09 | 555.16 | 2.93 |
| 2018-09-30 | 350.85 | 539.60 | 11.56 |
| 2018-06-30 | 294.09 | 480.48 | 2.93 |
| 2018-03-31 | 298.98 | 425.17 | 37.44 |
| 2017-12-31 | 248.20 | 414.93 | 7.56 |
| 2017-09-30 | 212.38 | 312.96 | 31.76 |
| 2017-06-30 | 176.19 | 314.03 | 3.16 |
| 2017-03-31 | 176.63 | 277.11 | 21.10 |
| 2016-12-31 | 167.67 | 280.51 | 24.78 |
| 2016-09-30 | 142.18 | 240.40 | 21.71 |
| 2016-06-30 | 107.05 | 233.54 | 1.14 |
| 2016-03-31 | 108.08 | 232.91 | 0.77 |
| 2015-12-31 | 110.55 | 230.72 | 0.61 |
| 2015-09-30 | 106.76 | 233.24 | 0.52 |
| 2015-06-30 | 100.94 | 201.36 | 2.13 |
| 2015-03-31 | 103.03 | 216.31 | 1.40 |
| 2014-12-31 | 102.36 | 209.72 | 2.19 |
| 2014-09-30 | 77.29 | 149.65 | 1.02 |
| 2014-06-30 | 59.66 | 128.97 | 0.70 |
| 2014-03-31 | 58.50 | 124.11 | 0.77 |
| 2013-12-31 | 54.31 | 124.92 | 1.83 |
| 2013-09-30 | 59.80 | 110.34 | 1.25 |
| 2012-12-31 | -11.75 | 26.16 | 0.91 |
- True North Commercial Real Estate Investment Trust's level of debt (164.3%) 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 (212.2% vs 164.3% today).
- Debt is not well covered by operating cash flow (9.1%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
Financial health checks
We assess True North Commercial Real Estate Investment Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) True North Commercial Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
CA$2,000 of
True North Commercial Real Estate Investment Trust
shares you are expected to receive
CA$178
in your first year as a dividend.
Dividend Amount
- True North Commercial Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.11%).
- True North Commercial Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Canada (5.71%).
Upcoming dividend payment
Purchase True North Commercial Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 1 Analyst Estimates (S&P Global) | See Below |
| Canada REITs Industry Average Dividend Yield | Market Cap Weighted Average of 43 Stocks | 4.9% |
| Canada Market Average Dividend Yield | Market Cap Weighted Average of 335 Stocks | 3.5% |
| Canada Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
| Canada Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Canada Top 25% Dividend Yield | 75th Percentile | 5.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CA$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2020-12-31 | 0.59 | 1.00 |
| 2019-12-31 | 0.59 | 1.00 |
| Date (Data in CA$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-06-17 | 0.594 | 8.898 |
| 2019-05-15 | 0.594 | 8.983 |
| 2019-04-15 | 0.594 | 8.960 |
| 2019-03-15 | 0.594 | 8.953 |
| 2019-02-15 | 0.594 | 9.201 |
| 2019-01-15 | 0.594 | 9.397 |
| 2018-12-17 | 0.594 | 10.375 |
| 2018-11-15 | 0.594 | 9.905 |
| 2018-10-15 | 0.594 | 9.285 |
| 2018-09-17 | 0.594 | 9.054 |
| 2018-08-15 | 0.594 | 8.812 |
| 2018-07-16 | 0.594 | 9.074 |
| 2018-06-15 | 0.594 | 8.943 |
| 2018-05-15 | 0.594 | 8.832 |
| 2018-04-16 | 0.594 | 9.020 |
| 2018-03-15 | 0.594 | 9.192 |
| 2018-02-15 | 0.594 | 9.166 |
| 2018-01-15 | 0.594 | 8.865 |
| 2017-12-15 | 0.594 | 8.794 |
| 2017-11-15 | 0.594 | 8.960 |
| 2017-10-16 | 0.594 | 9.312 |
| 2017-09-15 | 0.594 | 9.235 |
| 2017-08-15 | 0.594 | 9.408 |
| 2017-07-17 | 0.594 | 9.589 |
| 2017-06-15 | 0.594 | 9.513 |
| 2017-05-15 | 0.594 | 9.543 |
| 2017-04-17 | 0.594 | 9.565 |
| 2017-03-15 | 0.594 | 9.744 |
| 2017-02-15 | 0.594 | 9.690 |
| 2017-01-16 | 0.594 | 9.631 |
| 2016-12-15 | 0.594 | 9.672 |
| 2016-11-15 | 0.594 | 9.568 |
| 2016-10-17 | 0.594 | 9.259 |
| 2016-09-15 | 0.594 | 9.240 |
| 2016-08-15 | 0.594 | 9.328 |
| 2016-07-15 | 0.594 | 9.739 |
| 2016-06-15 | 0.594 | 10.127 |
| 2016-05-16 | 0.594 | 10.346 |
| 2016-04-15 | 0.594 | 10.295 |
| 2016-03-15 | 0.594 | 10.360 |
| 2016-02-16 | 0.594 | 11.131 |
| 2016-01-15 | 0.594 | 12.052 |
| 2015-12-15 | 0.594 | 11.824 |
| 2015-11-16 | 0.594 | 11.407 |
| 2015-10-15 | 0.594 | 10.645 |
| 2015-09-15 | 0.594 | 10.516 |
| 2015-07-15 | 0.594 | 10.218 |
| 2015-06-15 | 0.594 | 10.023 |
| 2015-05-15 | 0.594 | 9.970 |
| 2015-04-16 | 0.594 | 9.895 |
| 2015-03-16 | 0.594 | 9.914 |
| 2015-02-17 | 0.594 | 9.894 |
| 2015-01-15 | 0.594 | 9.954 |
| 2014-12-15 | 0.594 | 9.943 |
| 2014-11-17 | 0.594 | 9.254 |
| 2014-10-15 | 0.594 | 9.085 |
| 2014-09-15 | 0.594 | 9.288 |
| 2014-08-15 | 0.594 | 9.055 |
| 2014-07-16 | 0.594 | 8.832 |
| 2014-04-16 | 0.594 | 9.152 |
| 2014-03-17 | 0.594 | 10.112 |
| 2014-02-18 | 0.594 | 10.046 |
| 2014-01-15 | 0.594 | 10.036 |
| 2013-12-16 | 0.594 | 9.881 |
| 2013-11-15 | 0.594 | 10.274 |
| 2013-10-15 | 0.594 | 9.837 |
| 2013-09-17 | 0.594 | 9.662 |
| 2013-08-15 | 0.594 | 9.962 |
| 2013-07-15 | 0.594 | 9.582 |
| 2013-06-18 | 0.594 | 9.384 |
| 2013-05-15 | 0.594 | 8.715 |
| 2013-04-15 | 0.594 | 8.214 |
| 2013-03-15 | 0.594 | 8.147 |
| 2013-02-15 | 0.594 | 8.113 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, True North Commercial Real Estate Investment Trust has been paying a dividend for less than 10 years.
- True North Commercial Real Estate Investment Trust has only been paying a dividend for 6 years, and since then there has been no growth.
Income/ dividend checks
We assess True North Commercial Real Estate Investment Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can True North Commercial Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) True North Commercial Real Estate Investment Trust 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
CEO
| COMPENSATION | CA$20,200 |
| AGE | 45 |
| TENURE AS CEO | 6.5 years |
CEO Bio
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, Chief Executive Officer and President of Starlight Apartments Inc. Mr. Drimmer founded Starlight Investment Ltd. in September 2011 and serves as its President and Chief Executive Officer. He is the Founder of True North Commercial Real Estate Investment Trust and serves as its Chief Executive Officer and President. He serves as the Chief Executive Officer of Starlight U.S. Multi-Family Core Fund. He is the founder and CEO of Starlight U.S. Multi-Family (No. 5) Core Fund, and Starlight U.S. MultiFamily (No.1) Value-Add Fund. He has been Special Advisor to the Board at Mortgage Company of Canada Inc. since September 9, 2016. He served as the President of Campar Capital Corporation, TransGlobe Property Management Services Ltd., TransGlobe Investment Management Ltd and TransGlobe Apartment Real Estate Investment Trust from November 1996 to August 2011. Prior to the formation of Starlight Investment Ltd., he established TransGlobe Investment Management Ltd. He served as the Chief Executive Officer of True North Apartment Real Estate Investment Trust from June 5, 2012 to August 27, 2012 and its President until August 27, 2012 and also served as its Secretary. He served as a Secretary of True North Commercial Real Estate Investment Trust. He is the Chairman of True North Commercial Real Estate Investment Trust since 2012 and has been its Trustee since December 14, 2012. He was the Chairman of True North Apartment Real Estate Investment Trust 2012 to 2015. Mr. Drimmer served as the Chair of the Board at TransGlobe Apartment Real Estate Investment Trust and its Trustee since April 08, 2010. He served as TGA REIT's Chairman from May 2010 to August 2011. Over the last seven years, Mr. Drimmer has completed more than $15 billion worth of acquisition and financing transactions in commercial and residential real estate. He served as the Chair of TransGlobe Investment Management Ltd. since April 8, 2010. He served as the Chairman and Director of TransGlobe Property Management Services Ltd. He has been an Independent Trustee at True North Apartment Real Estate Investment Trust since June 5, 2012 and served as its Lead Trustee. He serves as a Director of Starlight Investments Ltd. He was a Director at Starlight U.S. Multi-Family (No. 4) Core Fund from 2015 to 2016. He was a Director of Campar Capital Corporation from 2014 to 2016. He was a Director at Starlight U.S. Multi-Family Core Fund and Starlight U.S. Multi-Family (No.2) Core Fund from 2013 to 2016. He was a Director at Starlight U.S. Multi-Family (No. 3) Core Fund from 2014 to 2016. He is a Director at Starlight U.S. Multi-Family (No.1) Value Add Fund (TSX-V) since 2017 and Starlight U.S. Multi-Family (No.5) Core Fund (TSX-V) since 2016. He has been a Trustee of Northview Apartment Real Estate Investment Trust since October 30, 2015. He served as Independent Director of Mortgage Company of Canada Inc. from July 23, 2014 to September 9, 2016. He served as TGA REIT's Trustee from May 2010 to August 2011. He was involved with in excess of $6.0 billion worth of acquisition and financing transactions in residential and commercial real estate. Mr. Drimmer obtained a Bachelor of Arts degree from the University of Western Ontario and a Master of Business Administration degree and a Masters' degree in Contemporary European Policy Making from European University in Geneva, Switzerland.
CEO Compensation
- Daniel's compensation has been consistent with company performance over the past year, both up more than 20%.
- Daniel's remuneration is lower than average for companies of similar size in Canada.
Management Team
Daniel Drimmer
President
CA$20K
45
6.5 yrs
Tracy Sherren
CFO, Company Secretary & Trustee
CA$710K
52
6.5 yrs
Board of Directors Tenure
Average tenure and age of the True North Commercial Real Estate Investment Trust board of directors in years:
- The tenure for the True North Commercial Real Estate Investment Trust board of directors is about average.
Board of Directors
Daniel Drimmer
President
CA$20K
45
6.5 yrs
Tracy Sherren
CFO, Company Secretary & Trustee
CA$710K
52
Bill Biggar
Independent Trustee
CA$63K
65
6.5 yrs
Roland Cardy
Independent Trustee
CA$50K
66
6.5 yrs
Alon Ossip
Lead Trustee
CA$35K
54
Jeff Baryshnik
Independent Trustee
CA$39K
39
6.5 yrs
Sandy Poklar
Independent Trustee
CA$41K
48
6.5 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by True North Commercial Real Estate Investment Trust individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CA$) | Value (CA$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 13. Jun 19 | Buy | Sandy Poklar | Individual | 13. Jun 19 | 13. Jun 19 | 1,285 | CA$6.65 | CA$8,545 | ||
| 02. Jan 19 | Buy | Tracy Sherren | Individual | 31. Dec 18 | 31. Dec 18 | 2,500 | CA$5.63 | CA$14,064 | ||
| 01. Jan 19 | Buy | Sandy Poklar | Individual | 27. Dec 18 | 27. Dec 18 | 1,500 | CA$5.49 | CA$8,235 | ||
| 19. Dec 18 | Buy | Daniel Drimmer | Individual | 17. Dec 18 | 17. Dec 18 | 29,000 | CA$5.71 | CA$164,519 | ||
| 06. Dec 18 | Buy | Tracy Sherren | Individual | 06. Dec 18 | 06. Dec 18 | 5,000 | CA$5.86 | CA$29,302 | ||
| 05. Dec 18 | Buy | Daniel Drimmer | Individual | 04. Dec 18 | 05. Dec 18 | 33,600 | CA$5.95 | CA$199,299 | ||
| 03. Dec 18 | Buy | Daniel Drimmer | Individual | 30. Nov 18 | 03. Dec 18 | 65,000 | CA$6.04 | CA$391,040 | ||
| 20. Jul 18 | Buy | Alice Elizabeth Cardy Trust | Company | 20. Jul 18 | 20. Jul 18 | 38,000 | CA$6.38 | CA$242,440 | ||
| 20. Jul 18 | Buy | Daniel Drimmer | Individual | 20. Jul 18 | 20. Jul 18 | 125,000 | CA$6.38 | CA$797,500 | ||
| 20. Jul 18 | Buy | Sandy Poklar | Individual | 20. Jul 18 | 20. Jul 18 | 10,000 | CA$6.38 | CA$63,800 | ||
| 20. Jul 18 | Buy | Roland Cardy | Individual | 20. Jul 18 | 20. Jul 18 | 4,700 | CA$6.38 | CA$29,986 | ||
| 20. Jul 18 | Buy | Tracy Sherren | Individual | 20. Jul 18 | 20. Jul 18 | 10,000 | CA$6.38 | CA$63,800 | ||
Management checks
We assess True North Commercial Real Estate Investment Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) True North Commercial Real Estate Investment Trust 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
How To Look At True North Commercial Real Estate Investment Trust (TSE:TNT.UN)
True North Commercial Real Estate Investment Trust is a CA$413m small-cap, real estate investment trust (REIT) based in Toronto, Canada. … View our latest analysis for True North Commercial Real Estate Investment Trust Funds from Operations (FFO) is a higher quality measure of TNT.UN's earnings compared to net income. … True North Commercial Real Estate Investment Trust can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Valuation: What is TNT.UN worth today?
Simply Wall St - – Full articleHow Much Are True North Commercial Real Estate Investment Trust (TSE:TNT.UN) Insiders Spending On Buying Shares?
View our latest analysis for True North Commercial Real Estate Investment Trust True North Commercial Real Estate Investment Trust Insider Transactions Over The Last Year In the last twelve months, the biggest single purchase by an insider was when President Daniel Drimmer bought CA$798k worth of shares at a price of CA$6.38 per share. … So What Do The True North Commercial Real Estate Investment Trust Insider Transactions Indicate? … The fact that there have been no True North Commercial Real Estate Investment Trust insider transactions recently certainly doesn't bother us.
Simply Wall St - – Full articleWhat Kind Of Shareholders Own True North Commercial Real Estate Investment Trust (TSE:TNT.UN)?
True North Commercial Real Estate Investment Trust is a smaller company with a market capitalization of CA$414m, so it may still be flying under the radar of many institutional investors. … See our latest analysis for True North Commercial Real Estate Investment Trust TSX:TNT.UN Ownership Summary, May 20th 2019 What Does The Institutional Ownership Tell Us About True North Commercial Real Estate Investment Trust? … Insider Ownership Of True North Commercial Real Estate Investment Trust While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.
Simply Wall St - – Full articleIs Now An Opportune Moment To Examine True North Commercial Real Estate Investment Trust (TSE:TNT.UN)?
True North Commercial Real Estate Investment Trust (TSE:TNT.UN), which is in the reits business, and is based in Canada,. … saw its share price hover around a small range of CA$6.25 to CA$6.71 over the last few weeks? … Let’s take a look at True North Commercial Real Estate Investment Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change
Simply Wall St - – Full articleIs True North Commercial Real Estate Investment Trust (TSE:TNT.UN) A Smart Choice For Dividend Investors?
Today we'll take a closer look at True North Commercial Real Estate Investment Trust (TSE:TNT.UN) from a dividend investor's perspective. … In this case, True North Commercial Real Estate Investment Trust likely looks attractive to dividend investors, given its 8.9% dividend yield and six-year payment history. … There are a few simple ways to reduce the risks of buying True North Commercial Real Estate Investment Trust for its dividend, and we'll go through these below.
Simply Wall St - – Full articleWhat Kind Of Share Price Volatility Should You Expect For True North Commercial Real Estate Investment Trust (TSE:TNT.UN)?
Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.
Simply Wall St - – Full articleDid You Miss True North Commercial Real Estate Investment Trust's 16% Share Price Gain?
That's what has happened with the True North Commercial Real Estate Investment Trust (TSE:TNT.UN) share price. … Over the last three years, True North Commercial Real Estate Investment Trust failed to grow earnings per share, which fell 4.8% (annualized). … Companies are not always focussed on EPS growth in the short term, and looking at how the share price has reacted, we don't think EPS is the most important metric for True North Commercial Real Estate Investment Trust at the moment.
Simply Wall St - – Full articleWhy You Shouldn't Look At True North Commercial Real Estate Investment Trust's (TSE:TNT.UN) Bottom Line
True North Commercial Real Estate Investment Trust is a CA$392m. … real estate investment trust (REIT) based in Toronto, Canada. … Check out our latest analysis for True North Commercial Real Estate Investment Trust
Simply Wall St - – Full articleHow Much Of True North Commercial Real Estate Investment Trust (TSE:TNT.UN) Do Insiders Own?
The big shareholder groups in True North Commercial Real Estate Investment Trust (TSE:TNT.UN) have power over the company. … True North Commercial Real Estate Investment Trust is not a large company by global standards. … View our latest analysis for True North Commercial Real Estate Investment Trust
Simply Wall St - – Full articleHow Many Insiders Bought True North Commercial Real Estate Investment Trust (TSE:TNT.UN) Shares?
So shareholders might well want to know whether insiders have been buying or selling shares in True North Commercial Real Estate Investment Trust (TSE:TNT.UN). … Check out our latest analysis for True North Commercial Real Estate Investment Trust. … In the last twelve months there was more buying than selling by True North Commercial Real Estate Investment Trust insiders
Simply Wall St - – Full articleCompany Info
Description
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 3.7 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.
Details
| Name: | True North Commercial Real Estate Investment Trust |
| TNT.UN | |
| Exchange: | TSX |
| Founded: | 2012 |
| CA$413,124,867 | |
| CA$384,609,036 | |
| 61,845,040 | |
| Website: | http://www.truenorthreit.com |
| Address: |
True North Commercial Real Estate Investment Trust 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, Ontario, M8X 2X3, Canada |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| TSX | TNT.UN | Trust Units | The Toronto Stock Exchange | CA | CAD | 31. Aug 2012 | |
| OTCPK | TUER.F | Trust Units | Pink Sheets LLC | US | USD | 31. Aug 2012 |
Number of employees
Current staff
Industry
| Office REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/06/24 00:44 |
| End of day share price update: | 2019/06/21 00:00 |
| Last estimates confirmation: | 2019/05/10 |
| Last earnings filing: | 2019/05/08 |
| 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.
