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True North Commercial Real Estate Investment Trust

TSX:TNT.UN
Snowflake Description

Second-rate dividend payer and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TNT.UN
TSX
CA$412M
Imp Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

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 70 days ago. More info.


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TNT.UN Share Price and Events
7 Day Returns
0.5%
TSX:TNT.UN
-0.5%
CA REITs
0%
CA Market
1 Year Returns
2%
TSX:TNT.UN
8.9%
CA REITs
-2.8%
CA Market
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) 0.5% -0.4% -0.4% 2% 9.9% -3.5%
CA REITs -0.5% -0.2% 2% 8.9% 7.2% 16.8%
CA Market 0% 1% -1.7% -2.8% 8% 1%
1 Year Return vs Industry and Market
  • TNT.UN underperformed the REITs industry which returned 8.9% over the past year.
  • TNT.UN outperformed the Market in Canada which returned -2.8% over the past year.

Value

 Is True North Commercial Real Estate Investment Trust 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
  • It is not possible to calculate the future cash flow value for True North Commercial Real Estate Investment Trust. This is due to cash flow or dividend data being unavailable. The share price is CA$6.65.
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?
Raw Data
TSX:TNT.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.57
TSX:TNT.UN Share Price ** TSX (2019-07-16) in CAD CA$6.65
Canada REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 10.07x
Canada Market PE Ratio Median Figure of 539 Publicly-Listed Companies 15.14x

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

** Primary Listing of True North Commercial Real Estate Investment Trust.

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

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

= 6.65 ÷ 0.57

11.75x

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?
Raw Data
TSX:TNT.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.75x
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 145 Publicly-Listed REITs Companies 1.62x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.16x

*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?
Raw Data
TSX:TNT.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$6.22
TSX:TNT.UN Share Price * TSX (2019-07-16) in CAD CA$6.65
Canada REITs Industry PB Ratio Median Figure of 46 Publicly-Listed REITs Companies 0.98x
Canada Market PB Ratio Median Figure of 2,440 Publicly-Listed Companies 1.43x
TSX:TNT.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 6.65 ÷ 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.
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Value checks
We assess True North Commercial Real Estate Investment Trust'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. True North Commercial Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is True North Commercial Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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!
Annual Growth Rate
4.6%
Expected REITs industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is True North Commercial Real Estate Investment Trust expected to grow at an attractive rate?
  • 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
Raw Data
TSX:TNT.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
Canada REITs Industry Earnings Growth Rate Market Cap Weighted Average 4.6%
Canada REITs Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 13.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*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:TNT.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 1 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:TNT.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31
2019-12-31 103 33 1
TSX:TNT.UN Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • Unable to determine if True North Commercial Real Estate Investment Trust is high growth as no earnings estimate data is available.
  • Unable to determine if True North Commercial Real Estate Investment Trust is high growth as no revenue estimate data is available.
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:TNT.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 1 Analyst Estimates (S&P Global) See Below

All data from True North Commercial Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TNT.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:TNT.UN Past Financials Data
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.

Next steps:

  1. Take a look at our analysis of TNT.UN’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. True North Commercial Real Estate Investment Trust's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Real Estate companies here
  3. True North Commercial Real Estate Investment Trust's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
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Future performance checks
We assess True North Commercial Real Estate Investment Trust'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.
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
Below we compare True North Commercial Real Estate Investment Trust'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.
  • 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
True North Commercial Real Estate Investment Trust'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 True North Commercial Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TNT.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 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).
X
Past performance checks
We assess True North Commercial Real Estate Investment Trust'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.
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

 How is True North Commercial Real Estate Investment Trust'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 True North Commercial Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 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
This treemap shows a more detailed breakdown of True North Commercial Real Estate Investment Trust'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 True North Commercial Real Estate Investment Trust Company Filings, last reported 3 months ago.

TSX:TNT.UN Past Debt and Equity Data
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).
X
Financial health checks
We assess True North Commercial Real Estate Investment Trust'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. True North Commercial Real Estate Investment Trust 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 True North Commercial Real Estate Investment Trust'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
8.93%
Current annual income from True North Commercial Real Estate Investment Trust dividends. Estimated to be 8.87% next year.
If you bought CA$2,000 of True North Commercial Real Estate Investment Trust shares you are expected to receive CA$179 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?
  • True North Commercial Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.06%).
  • True North Commercial Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Canada (5.75%).
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:TNT.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 1 Analyst Estimates (S&P Global) See Below
Canada REITs Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 5%
Canada Market Average Dividend Yield Market Cap Weighted Average of 336 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.

TSX:TNT.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.59 1.00
2019-12-31 0.59 1.00
TSX:TNT.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-06-17 0.594 8.936
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.
Current Payout to shareholders
What portion of True North Commercial Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
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Income/ dividend checks
We assess True North Commercial Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 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)
  7. 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

 What is the CEO of True North Commercial Real Estate Investment Trust'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
Daniel Drimmer
COMPENSATION CA$20,200
AGE 46
TENURE AS CEO 6.6 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

TITLE
President
COMPENSATION
CA$20K
AGE
46
TENURE
6.6 yrs

Tracy Sherren

TITLE
CFO, Company Secretary & Trustee
COMPENSATION
CA$710K
AGE
53
TENURE
6.6 yrs
Board of Directors Tenure

Average tenure and age of the True North Commercial Real Estate Investment Trust board of directors in years:

6.6
Average Tenure
53
Average Age
  • The tenure for the True North Commercial Real Estate Investment Trust board of directors is about average.
Board of Directors

Daniel Drimmer

TITLE
President
COMPENSATION
CA$20K
AGE
46
TENURE
6.6 yrs

Tracy Sherren

TITLE
CFO, Company Secretary & Trustee
COMPENSATION
CA$710K
AGE
53

Bill Biggar

TITLE
Independent Trustee
COMPENSATION
CA$63K
AGE
66
TENURE
6.6 yrs

Roland Cardy

TITLE
Independent Trustee
COMPENSATION
CA$50K
AGE
67
TENURE
6.6 yrs

Alon Ossip

TITLE
Lead Trustee
COMPENSATION
CA$35K
AGE
55

Jeff Baryshnik

TITLE
Independent Trustee
COMPENSATION
CA$39K
AGE
40
TENURE
6.6 yrs

Sandy Poklar

TITLE
Independent Trustee
COMPENSATION
CA$41K
AGE
49
TENURE
6.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by True North Commercial Real Estate Investment Trust individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) 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
X
Management checks
We assess True North Commercial Real Estate Investment Trust'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. 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

Introducing True North Commercial Real Estate Investment Trust (TSE:TNT.UN), A Stock That Climbed 10% In The Last Three Years

For example, True North Commercial Real Estate Investment Trust (TSE:TNT.UN) shareholders have seen the share price rise 10% over three years, well in excess of the market return (8.0%, not including dividends). … During the three years of share price growth, True North Commercial Real Estate Investment Trust actually saw its earnings per share (EPS) drop 8.6% per year. … As it happens, True North Commercial Real Estate Investment Trust's TSR for the last 3 years was 45%, which exceeds the share price return mentioned earlier.

Simply Wall St -

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 -

How 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 -

What 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 -

Is 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 -

Is 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 -

What 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 -

Did 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 -

Why 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 -

How 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 -

Company 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$411,768,678
CA$383,380,912
61,920,102
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
Staff numbers
0
True North Commercial Real Estate Investment Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 00:42
End of day share price update: 2019/07/16 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.