Announcement • May 12
Pine Trail Real Estate Investment Trust, Annual General Meeting, Jun 30, 2026 Pine Trail Real Estate Investment Trust, Annual General Meeting, Jun 30, 2026. Reported Earnings • May 06
Full year 2025 earnings released Full year 2025 results: Revenue: CA$360.2k (up 3.2% from FY 2024). Net loss: CA$255.4k (down CA$295.6k from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 27
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: CA$91.7k (up 2.5% from 3Q 2024). Net income: CA$25.9k (up 258% from 3Q 2024). Profit margin: 28% (up from 8.1% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • May 08
New major risk - Revenue and earnings growth Earnings have declined by 17% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m (CA$349k revenue, or US$252k). Market cap is less than US$10m (CA$1.24m market cap, or US$894.1k). Reported Earnings • Nov 27
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: CA$89.5k (up 3.6% from 3Q 2023). Net income: CA$7.2k (down 56% from 3Q 2023). Profit margin: 8.1% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. New Risk • Sep 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (CA$1.06m market cap, or US$781.9k). Reported Earnings • Aug 23
First half 2024 earnings released First half 2024 results: Revenue: CA$177.0k (down 10.0% from 1H 2023). Net income: CA$27.3k (down 8.2% from 1H 2023). Profit margin: 15% (in line with 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Announcement • Jun 14
Pine Trail Real Estate Investment Trust, Annual General Meeting, Jul 29, 2024 Pine Trail Real Estate Investment Trust, Annual General Meeting, Jul 29, 2024. Reported Earnings • Jun 04
First quarter 2024 earnings released First quarter 2024 results: Revenue: CA$88.5k (down 17% from 1Q 2023). Net income: CA$15.1k (down 37% from 1Q 2023). Profit margin: 17% (down from 22% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 28
Full year 2023 earnings released Full year 2023 results: Revenue: CA$369.7k (down 7.2% from FY 2022). Net income: CA$46.0k (up CA$181.6k from FY 2022). Profit margin: 13% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 08
Now 34% undervalued The stock has been flat over the last 90 days, currently trading at CA$0.045. The fair value is estimated to be CA$0.068, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jan 29
Now 26% undervalued The stock has been flat over the last 90 days, currently trading at CA$0.045. The fair value is estimated to be CA$0.061, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Dec 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be CA$0.064, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Announcement • Dec 02
Pine Trail Real Estate Investment Trust Declares Distribution for the Month of December, 2023, Payable on December 15, 2023 Pine Trail Real Estate Investment Trust announced that it has declared a distribution of $0.00030 per trust unit for the month of December, 2023. The Distribution will be paid on December 15, 2023 to unitholders of record as at December 8, 2023. Reported Earnings • Nov 25
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CA$86.4k (down 13% from 3Q 2022). Net income: CA$16.3k (down 49% from 3Q 2022). Profit margin: 19% (down from 32% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Nov 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Trustee Hank Bulmash was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Oct 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Trustee Hank Bulmash was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Sep 15
Now 26% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CA$0.068, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 26
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: CA$89.9k (down 12% from 2Q 2022). Net income: CA$6.0k (down 85% from 2Q 2022). Profit margin: 6.6% (down from 38% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 14
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be CA$0.068, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 220% Dividend yield: 6.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue is less than US$1m (CA$403k revenue, or US$306k). Market cap is less than US$10m (CA$1.77m market cap, or US$1.34m). Minor Risk Dividend is not well covered by cash flows (220% cash payout ratio). Board Change • Jul 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Trustee Hank Bulmash was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jul 06
Pine Trail Real Estate Investment Trust Announces July 2023 Monthly Distribution, Payable on July 17, 2023 Pine Trail Real Estate Investment Trust announced that it has declared a distribution of $0.00030 per trust unit for the month of July, 2023 (the "Distribution"). The Distribution will be paid on July 17, 2023 to unitholders of record as at July 10, 2023. Reported Earnings • Apr 30
Full year 2022 earnings released Full year 2022 results: Revenue: CA$398.5k (down 2.9% from FY 2021). Net loss: CA$135.5k (down 118% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Apr 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Mar 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Feb 03
Pine Trail Real Estate Investment Trust Declares Distribution for the Month of February 2023, Payable on February 15, 2023 Pine Trail Real Estate Investment Trust announced that it has declared a distribution of $0.00030 per trust unit for the month of February, 2023. The Distribution will be paid on February 15, 2023 to unitholders of record as at February 8, 2023. Board Change • Jan 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jan 04
Pine Trail Real Estate Investment Trust Declares Distribution for the Month of January, 2023, Payable on January 16, 2023 Pine Trail Real Estate Investment Trust declared a distribution of $0.00030 per trust unit for the month of January, 2023. The Distribution will be paid on January 16, 2023 to unitholders of record as at January 9, 2023. Announcement • Dec 03
Pine Trail Real Estate Investment Trust Declares Distribution for the Month of December 2022, Payable on December 15, 2022 Pine Trail Real Estate Investment Trust announced that it has declared a distribution of $0.00030 per trust unit for the month of December 2022 (the Distribution). The Distribution will be paid on December 15, 2022 to unitholders of record as at December 8, 2022. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: Net income: CA$31.6k (up 20% from 3Q 2021). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Nov 04
Pine Trail Real Estate Investment Trust Announces Distribution for the Month of November, 2022, Payable on November 16, 2022 Pine Trail Real Estate Investment Trust has declared a distribution of $0.00030 per trust unit for the month of November, 2022 (the "Distribution"). The Distribution will be paid on November 16, 2022 to unitholders of record as at November 9, 2022. Board Change • Sep 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 31
Second quarter 2022 earnings released Second quarter 2022 results: Net income: CA$39.3k (up 8.1% from 2Q 2021). Board Change • Aug 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Aug 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jun 09
Pine Trail Real Estate Investment Trust, Annual General Meeting, Jul 21, 2022 Pine Trail Real Estate Investment Trust, Annual General Meeting, Jul 21, 2022. Reported Earnings • Jun 03
First quarter 2022 earnings released First quarter 2022 results: Net income: CA$39.3k (flat on 1Q 2021). Board Change • May 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • May 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Jan 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 25
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: CA$103.2k (up 1.6% from 3Q 2020). Net income: CA$26.4k (down 49% from 3Q 2020). Profit margin: 26% (down from 51% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Board Change • Oct 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. CEO, Interim CFO & Trustee Andrew Shapack was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 03
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$407.8k (up 3.5% from FY 2019). Net income: CA$148.4k (up CA$139.7k from FY 2019). Profit margin: 36% (up from 2.2% in FY 2019).