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Boardwalk Real Estate Investment Trust

OTCPK:BOWF.F
Snowflake Description

Fair value with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BOWF.F
OTCPK
CA$2B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Boardwalk REIT strives to be Canada's friendliest communities and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet. The last earnings update was 5 days ago. More info.


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BOWF.F Share Price and Events
7 Day Returns
8.7%
OTCPK:BOWF.F
1.8%
US REITs
-0.7%
US Market
1 Year Returns
-14.4%
OTCPK:BOWF.F
16.3%
US REITs
3%
US Market
BOWF.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Boardwalk Real Estate Investment Trust (BOWF.F) 8.7% 7.4% 3.5% -14.4% -19% -46.2%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • BOWF.F underperformed the REITs industry which returned 16.3% over the past year.
  • BOWF.F underperformed the Market in United States of America which returned 3% over the past year.

Value

 Is Boardwalk 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
Here we compare the current share price of Boardwalk 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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Boardwalk Real Estate Investment Trust.

OTCPK:BOWF.F Discounted Cash Flow Data Sources
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 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:BOWF.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 26.5%) (131.14%))
1.029
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.029 * 5.96%)
8.86%

Discounted Cash Flow Calculation for OTCPK:BOWF.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Boardwalk 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.

Boardwalk 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.

OTCPK:BOWF.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 8.86%)
2019 94.82 Analyst x5 87.11
2020 101.29 Analyst x5 85.47
2021 105.19 Est @ 3.85% 81.54
2022 108.89 Est @ 3.52% 77.54
2023 112.47 Est @ 3.28% 73.56
2024 115.97 Est @ 3.12% 69.68
2025 119.45 Est @ 3% 65.93
2026 122.94 Est @ 2.92% 62.33
2027 126.46 Est @ 2.86% 58.90
2028 130.03 Est @ 2.82% 55.63
Present value of next 10 years cash flows CA$717.69
OTCPK:BOWF.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$130.03 × (1 + 2.73%) ÷ (8.86% – 2.73%)
CA$2,178.72
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$2,178.72 ÷ (1 + 8.86%)10
CA$932.14
OTCPK:BOWF.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$717.69 + CA$932.14
CA$1,649.83
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$1,649.83 / 50.70
CA$32.5
OTCPK:BOWF.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:BOWF.F represents 0.74188x of TSX:BEI.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74188x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 32.50 x 0.74188
$24.11
Value per share (USD) From above. $24.11
Current discount Discount to share price of $31.76
= -1 x ($31.76 - $24.11) / $24.11
-31.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Boardwalk Real Estate Investment Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Boardwalk 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 Boardwalk 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
OTCPK:BOWF.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$2.51
TSX:BEI.UN Share Price ** TSX (2019-05-17) in CAD CA$42.81
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

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

** Primary Listing of Boardwalk Real Estate Investment Trust.

OTCPK:BOWF.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 42.81 ÷ 2.51

17.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Boardwalk Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • Boardwalk Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Boardwalk Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:BOWF.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.07x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
14.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*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 Boardwalk 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 Boardwalk Real Estate Investment Trust's assets?
Raw Data
OTCPK:BOWF.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$66.97
TSX:BEI.UN Share Price * TSX (2019-05-17) in CAD CA$42.81
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:BOWF.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 42.81 ÷ 66.97

0.64x

* Primary Listing of Boardwalk Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Boardwalk Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Boardwalk 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. Boardwalk Real Estate Investment Trust has a total score of 3/6, 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 Boardwalk Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

  • No analysts cover Boardwalk Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
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
14.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Boardwalk Real Estate Investment Trust expected to grow at an attractive rate?
  • Boardwalk Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Boardwalk Real Estate Investment Trust's earnings growth is expected to exceed the United States of America market average.
  • Boardwalk Real Estate Investment Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:BOWF.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:BOWF.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 14.5%
OTCPK:BOWF.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 3.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
OTCPK:BOWF.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:BOWF.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 470 128 5
2019-12-31 453 135 2
OTCPK:BOWF.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 439 123 116
2018-12-31 435 107 193
2018-09-30 431 108 91
2018-06-30 427 107 103
2018-03-31 424 99 109
2017-12-31 423 102 57
2017-09-30 423 105 40
2017-06-30 426 119 -40
2017-03-31 431 131 -96
2016-12-31 439 134 -57
2016-09-30 448 153 142
2016-06-30 459 158 -14

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Boardwalk Real Estate Investment Trust's earnings are expected to grow by 14.5% yearly, however this is not considered high growth (20% yearly).
  • Boardwalk Real Estate Investment Trust's revenue is expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).
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
OTCPK:BOWF.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Boardwalk Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:BOWF.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:BOWF.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 2.51
2018-12-31 4.17
2018-09-30 1.97
2018-06-30 2.22
2018-03-31 2.36
2017-12-31 1.24
2017-09-30 0.87
2017-06-30 -0.86
2017-03-31 -2.09
2016-12-31 -1.24
2016-09-30 3.04
2016-06-30 -0.31

*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 Boardwalk Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Boardwalk 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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
Boardwalk Real Estate Investment Trust has a total score of 2/6, 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 Boardwalk 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 Boardwalk 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.
  • Boardwalk Real Estate Investment Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Boardwalk Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (6.3% vs -25.6%)
  • Boardwalk Real Estate Investment Trust's earnings growth has not exceeded the US REITs industry average in the past year (6.3% vs 16%).
Earnings and Revenue History
Boardwalk 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 Boardwalk Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:BOWF.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 439.45 116.21 36.05
2018-12-31 434.62 193.20 35.62
2018-09-30 430.53 91.33 38.25
2018-06-30 427.30 102.66 35.88
2018-03-31 424.49 109.32 34.52
2017-12-31 422.93 57.26 32.82
2017-09-30 422.74 40.34 31.21
2017-06-30 426.15 -39.59 30.74
2017-03-31 430.97 -96.45 32.58
2016-12-31 438.85 -57.44 34.42
2016-09-30 448.41 141.70 33.89
2016-06-30 459.14 -14.40 35.48
2016-03-31 469.48 13.62 33.87
2015-12-31 476.15 28.85 31.90
2015-09-30 480.31 -100.13 33.54
2015-06-30 479.52 146.91 33.59
2015-03-31 476.73 197.65 34.36
2014-12-31 473.25 235.61 34.04
2014-09-30 468.90 220.47 34.35
2014-06-30 464.01 320.85 33.86
2014-03-31 459.09 342.36 32.73
2013-12-31 453.58 325.14 32.48
2013-09-30 450.12 370.37 30.49
2013-06-30 446.73 508.54 29.73
2013-03-31 442.96 563.33 29.36
2012-12-31 439.90 688.51 28.91
2012-09-30 434.93 809.84 28.43
2012-06-30 430.32 684.95 28.35

*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.
  • Boardwalk Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Boardwalk Real Estate Investment Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Boardwalk 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 Boardwalk 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.
Boardwalk 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 Boardwalk 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 Boardwalk Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Boardwalk Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Boardwalk 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 Boardwalk 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 Boardwalk Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:BOWF.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,107.96 2,846.20 25.46
2018-12-31 3,126.69 2,719.20 38.09
2018-09-30 3,103.27 2,644.83 45.89
2018-06-30 3,081.20 2,659.84 81.20
2018-03-31 3,036.01 2,652.58 89.63
2017-12-31 2,977.61 2,593.98 70.83
2017-09-30 3,070.54 2,631.66 150.14
2017-06-30 3,051.31 2,646.69 224.23
2017-03-31 3,013.40 2,477.66 105.61
2016-12-31 3,021.32 2,435.67 99.10
2016-09-30 3,131.39 2,412.62 109.48
2016-06-30 3,190.54 2,389.73 163.62
2016-03-31 3,217.92 2,259.95 133.04
2015-12-31 3,210.74 2,272.45 237.02
2015-09-30 3,191.41 2,247.92 249.79
2015-06-30 3,417.75 2,177.03 86.53
2015-03-31 3,406.95 2,158.55 47.37
2014-12-31 3,357.99 2,170.50 139.56
2014-09-30 3,464.29 2,182.05 160.51
2014-06-30 3,450.63 2,192.55 192.59
2014-03-31 3,399.54 2,193.79 113.32
2013-12-31 3,299.52 2,264.78 131.08
2013-09-30 3,348.86 2,270.44 143.71
2013-06-30 3,211.59 2,265.53 141.24
2013-03-31 3,121.72 2,249.98 127.97
2012-12-31 3,050.10 2,253.63 138.66
2012-09-30 3,054.24 2,262.75 160.60
2012-06-30 2,781.26 2,234.63 135.72
  • Boardwalk Real Estate Investment Trust's level of debt (91.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (64.5% vs 91.6% today).
  • Debt is not well covered by operating cash flow (4.3%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Boardwalk 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. Boardwalk Real Estate Investment Trust has a total score of 0/6, 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 Boardwalk 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
2.34%
Current annual income from Boardwalk Real Estate Investment Trust dividends. Estimated to be 2.35% next year.
If you bought $2,000 of Boardwalk Real Estate Investment Trust shares you are expected to receive $47 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?
  • Boardwalk Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Boardwalk Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Boardwalk Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
OTCPK:BOWF.F 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 5 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:BOWF.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.01 9.00
2019-12-31 1.00 9.00
OTCPK:BOWF.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-15 1.001 2.400
2019-02-21 1.001 2.491
2018-11-14 1.001 2.488
2018-05-15 1.001 2.084
2018-02-15 1.001 2.240
2017-11-14 1.001 2.364
2017-05-11 2.250 5.174
2017-02-17 2.250 4.879
2016-11-10 2.250 4.798
2016-05-13 2.250 4.290
2016-05-12 2.250 4.251
2016-02-18 2.250 4.320
2015-11-13 2.040 4.549
2015-11-12 2.040 4.213
2015-05-14 2.040 3.633
2015-02-19 2.040 3.426
2014-11-13 2.040 3.229
2014-08-14 2.040 2.947
2014-05-14 2.040 3.126
2014-02-13 2.040 3.376
2013-08-14 1.980 3.400
2013-05-15 1.980 3.328
2012-11-14 1.920 2.999
2012-08-14 1.920 2.982
2012-05-15 1.860 3.062
2012-02-16 1.860 3.248
2011-11-10 1.800 3.464
2011-08-11 1.800 3.672
2011-05-12 1.800 3.740
2011-02-18 1.800 3.817
2010-11-11 1.800 4.272
2010-08-12 1.800 4.105
2010-05-18 1.800 4.437
2010-02-17 1.800 4.426
2009-11-13 1.800 4.840
2009-11-12 1.800 4.830

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Boardwalk Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x 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.
X
Income/ dividend checks
We assess Boardwalk Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Boardwalk Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Boardwalk Real Estate Investment Trust has a total score of 2/6, 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 Boardwalk 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
Sam Kolias
COMPENSATION CA$0
AGE 56
CEO Bio

Mr. Sam Kolias serves as the Chief Executive Officer of Boardwalk Real Estate Investment Trust and served as its President until May 2007. Mr. Kolias Co-founded Boardwalk Real Estate Investment Trust in 1984. He is the Co-founder and served as President of Boardwalk Properties Co. Ltd. He has been the Chairman and Director of Boardwalk Real Estate Investment Trust since May 10, 2007 and since July 14, 1993 respectively. He is the Co-founder and served as President of Boardwalk Equities Inc. (now called BPCL Holdings Inc.). Mr. Kolias has been a fellow of the Real Estate Institute of Canada since 1985. Mr. Kolias obtained a Bachelor of Science in Civil Engineering in 1983 from the University of Calgary and is a Certified Property Manager from the Real Estate Institute of Canada in 1995.

CEO Compensation
  • Insufficient data for Sam to compare compensation growth.
  • Sam's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Boardwalk Real Estate Investment Trust management team in years:

9.3
Average Tenure
  • The average tenure for the Boardwalk Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Sam Kolias

TITLE
Chairman & CEO
AGE
56

Rob Geremia

TITLE
President
COMPENSATION
CA$753K
TENURE
12 yrs

William Wong

TITLE
Chief Financial Officer
COMPENSATION
CA$489K
TENURE
12 yrs

P. Burns

TITLE
VP, General Counsel & Corporate Secretary
COMPENSATION
CA$462K
TENURE
9.3 yrs

Lisa Russell

TITLE
Senior Vice President of Acquisitions & Corporate Development
COMPENSATION
CA$469K
AGE
55
TENURE
2.8 yrs

Lisa Smandych

TITLE
Chief Accounting Officer

Bhavnesh Jaraim

TITLE
CIO & VP of Technology
TENURE
1.3 yrs

James Ha

TITLE
Vice President of Finance & Investor Relations

Paul Moon

TITLE
Director of Corporate Communications

Kelly Mahajan

TITLE
Vice President of Marketing & Customer Service
Board of Directors Tenure

Average tenure and age of the Boardwalk Real Estate Investment Trust board of directors in years:

6.5
Average Tenure
55
Average Age
  • The tenure for the Boardwalk Real Estate Investment Trust board of directors is about average.
Board of Directors

Gary Goodman

TITLE
Independent Trustee
COMPENSATION
CA$228K
AGE
75
TENURE
10 yrs

Sam Kolias

TITLE
Chairman & CEO
AGE
56
TENURE
12 yrs

Brian Robinson

TITLE
Independent Trustee
COMPENSATION
CA$189K
AGE
61
TENURE
2 yrs

Art Havener

TITLE
Independent Lead Trustee
COMPENSATION
CA$269K
AGE
51

Andrea Stephen

TITLE
Independent Trustee
COMPENSATION
CA$193K
AGE
54
TENURE
7 yrs

Samantha Kolias-Gunn

TITLE
COMPENSATION
CA$122K
AGE
30
TENURE
6 yrs

Scott Morrison

TITLE
Independent Trustee
COMPENSATION
CA$113K
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • Boardwalk Real Estate Investment Trust insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
29. Mar 19 Sell P. Burns Individual 29. Mar 19 29. Mar 19 -7,555 $30.62 $-231,353
29. Mar 19 Sell Elizabeth Russell Individual 29. Mar 19 29. Mar 19 -1,500 $30.68 $-46,014
26. Mar 19 Sell Helen Mix Individual 26. Mar 19 26. Mar 19 -2,978 $30.78 $-91,609
25. Mar 19 Sell Kelly Mahajan Individual 25. Mar 19 25. Mar 19 -1,348 $30.33 $-40,890
25. Mar 19 Sell William Wong Individual 25. Mar 19 25. Mar 19 -500 $30.36 $-15,178
20. Mar 19 Sell Kelly Mahajan Individual 19. Mar 19 19. Mar 19 -903 $30.73 $-27,745
07. Mar 19 Sell William Wong Individual 05. Mar 19 06. Mar 19 -1,000 $30.73 $-30,724
24. Sep 18 Sell Kelly Mahajan Individual 24. Sep 18 24. Sep 18 -851 $39.64 $-33,733
18. Sep 18 Buy Helen Mix Individual 07. Sep 18 07. Sep 18 4,330 $36.85 $159,553
07. Sep 18 Sell Helen Mix Individual 07. Sep 18 07. Sep 18 -1,032 $38.18 $-39,399
15. Jun 18 Sell William Wong Individual 15. Jun 18 15. Jun 18 -500 $35.20 $-17,598
29. May 18 Sell Helen Mix Individual 28. May 18 28. May 18 -4,023 $36.35 $-146,235
25. May 18 Sell Helen Mix Individual 24. May 18 24. May 18 -1,616 $36.46 $-58,868
X
Management checks
We assess Boardwalk 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. Boardwalk 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

Company Info

Description

Boardwalk REIT strives to be Canada's friendliest communities and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet. Boardwalk's principal objectives are to provide its Residents with the best quality communities and superior customer service, while providing Unitholders with sustainable monthly cash distributions, and increase the value of its trust units through selective acquisitions, dispositions, development, and effective management of its residential multi-family communities. Boardwalk REIT is vertically integrated and is Canada's leading owner/operator of multi-family communities bringing Residents home to properties located in Alberta, Saskatchewan, Ontario, and Quebec. Boardwalk REIT's Trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN.

Details
Name: Boardwalk Real Estate Investment Trust
BOWF.F
Exchange: OTCPK
Founded: 1993
CA$1,612,464,505
CA$1,470,129,223
50,695,643
Website: http://www.bwalk.com
Address: Boardwalk Real Estate Investment Trust
First West Professional Building,
Suite 200, 1501,
Calgary,
Alberta, T2R 0W1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX BEI.UN Boardwalk REIT Units The Toronto Stock Exchange CA CAD 06. Jan 1994
OTCPK BOWF.F Boardwalk REIT Units Pink Sheets LLC US USD 06. Jan 1994
Number of employees
Current staff
Staff numbers
1,700
Boardwalk Real Estate Investment Trust employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:55
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/15
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.