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Canadian Apartment Properties Real Estate Investment Trust

OTCPK:CDPY.F
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CDPY.F
OTCPK
CA$8B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (“MHC”) primarily located in and near major urban centres across Canada. The last earnings update was 57 days ago. More info.


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CDPY.F Share Price and Events
7 Day Returns
-0.9%
OTCPK:CDPY.F
-2.7%
US REITs
-0.1%
US Market
1 Year Returns
23.5%
OTCPK:CDPY.F
13.7%
US REITs
7.6%
US Market
CDPY.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Canadian Apartment Properties Real Estate Investment Trust (CDPY.F) -0.9% -7.5% 3% 23.5% 51.8% 86.1%
US REITs -2.7% -2% 6.1% 13.7% 7.7% 23.2%
US Market -0.1% 3.7% 10.2% 7.6% 38.1% 46.4%
1 Year Return vs Industry and Market
  • CDPY.F outperformed the REITs industry which returned 13.7% over the past year.
  • CDPY.F outperformed the Market in United States of America which returned 7.6% over the past year.
Price Volatility
CDPY.F
Industry
5yr Volatility vs Market

Value

 Is Canadian Apartment Properties 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 Canadian Apartment Properties 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 Canadian Apartment Properties Real Estate Investment Trust.

OTCPK:CDPY.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 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
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:CDPY.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 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.546 (1 + (1- 26.5%) (56.22%))
0.847
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.847 * 5.96%)
7.78%

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

The calculations below outline how an intrinsic value for Canadian Apartment Properties 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.

Canadian Apartment Properties 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:CDPY.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 7.78%)
2019 283.15 Analyst x2 262.72
2020 299.40 Analyst x2 257.76
2021 320.83 Est @ 7.16% 256.28
2022 339.54 Est @ 5.83% 251.65
2023 356.18 Est @ 4.9% 244.94
2024 371.31 Est @ 4.25% 236.93
2025 385.40 Est @ 3.79% 228.17
2026 398.79 Est @ 3.47% 219.06
2027 411.75 Est @ 3.25% 209.87
2028 424.50 Est @ 3.09% 200.75
Present value of next 10 years cash flows CA$2,368.13
OTCPK:CDPY.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$424.50 × (1 + 2.73%) ÷ (7.78% – 2.73%)
CA$8,642.49
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$8,642.49 ÷ (1 + 7.78%)10
CA$4,087.20
OTCPK:CDPY.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$2,368.13 + CA$4,087.20
CA$6,455.33
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$6,455.33 / 159.75
CA$40.6
OTCPK:CDPY.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:CDPY.F represents 0.74854x of TSX:CAR.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74854x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 40.60 x 0.74854
$30.39
Value per share (USD) From above. $30.39
Current discount Discount to share price of $35.81
= -1 x ($35.81 - $30.39) / $30.39
-17.8%

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

  • The current share price of Canadian Apartment Properties 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 Canadian Apartment Properties 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 Canadian Apartment Properties 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:CDPY.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$8.52
TSX:CAR.UN Share Price ** TSX (2019-04-23) in CAD CA$47.84
United States of America REITs Industry PE Ratio Median Figure of 152 Publicly-Listed REITs Companies 30.56x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.03x

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

** Primary Listing of Canadian Apartment Properties Real Estate Investment Trust.

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

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

= 47.84 ÷ 8.52

5.62x

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

  • Canadian Apartment Properties Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • Canadian Apartment Properties Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Canadian Apartment Properties Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:CDPY.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
Not available
United States of America REITs Industry PEG Ratio Median Figure of 139 Publicly-Listed REITs Companies -0.1x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.55x

*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 Canadian Apartment Properties 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 Canadian Apartment Properties Real Estate Investment Trust's assets?
Raw Data
OTCPK:CDPY.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$43.28
TSX:CAR.UN Share Price * TSX (2019-04-23) in CAD CA$47.84
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.83x
United States of America Market PB Ratio Median Figure of 5,185 Publicly-Listed Companies 1.92x
OTCPK:CDPY.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 47.84 ÷ 43.28

1.11x

* Primary Listing of Canadian Apartment Properties Real Estate Investment Trust.

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

  • Canadian Apartment Properties Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Canadian Apartment Properties 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. Canadian Apartment Properties 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 Canadian Apartment Properties Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

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
6.8%
Expected annual growth in revenue.
Earnings growth vs Low Risk Savings
Is Canadian Apartment Properties Real Estate Investment Trust expected to grow at an attractive rate?
  • Unable to compare Canadian Apartment Properties 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 Canadian Apartment Properties Real Estate Investment Trust's earnings growth to the United States of America market average as no estimate data is available.
  • Canadian Apartment Properties 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:CDPY.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:CDPY.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 6.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 1.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*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:CDPY.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:CDPY.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 788 498 2
2019-12-31 750 478 2
OTCPK:CDPY.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 689 431 1,218
2018-09-30 675 397 858
2018-06-30 665 389 955
2018-03-31 651 381 796
2017-12-31 639 359 837
2017-09-30 627 362 584
2017-06-30 617 355 499
2017-03-31 607 352 495
2016-12-31 597 357 439
2016-09-30 587 321 453
2016-06-30 567 319 318
2016-03-31 550 298 379

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Canadian Apartment Properties Real Estate Investment Trust is high growth as no earnings estimate data is available.
  • Canadian Apartment Properties Real Estate Investment Trust's revenue is expected to grow by 6.8% 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:CDPY.F 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 2 Analyst Estimates (S&P Global) See Below

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

OTCPK:CDPY.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:CDPY.F Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 8.52
2018-09-30 6.09
2018-06-30 6.88
2018-03-31 5.82
2017-12-31 6.15
2017-09-30 4.31
2017-06-30 3.71
2017-03-31 3.73
2016-12-31 3.36
2016-09-30 3.51
2016-06-30 2.54
2016-03-31 3.10

*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 Canadian Apartment Properties Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Canadian Apartment Properties 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.
Canadian Apartment Properties 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 Canadian Apartment Properties 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 Canadian Apartment Properties 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.
  • Canadian Apartment Properties Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Canadian Apartment Properties Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (45.5% vs 30.3%)
  • Canadian Apartment Properties Real Estate Investment Trust's earnings growth has exceeded the US REITs industry average in the past year (45.5% vs 22%).
Earnings and Revenue History
Canadian Apartment Properties 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 Canadian Apartment Properties Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CDPY.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 688.59 1,217.67 69.89
2018-09-30 675.35 858.36 71.20
2018-06-30 664.77 954.60 64.33
2018-03-31 651.25 795.88 53.21
2017-12-31 638.84 836.81 58.64
2017-09-30 627.14 584.19 50.80
2017-06-30 617.23 499.02 39.34
2017-03-31 606.80 494.52 52.75
2016-12-31 596.83 439.48 52.02
2016-09-30 586.88 452.52 41.61
2016-06-30 566.88 318.13 50.56
2016-03-31 550.48 378.86 27.51
2015-12-31 533.80 345.63 36.12
2015-09-30 519.13 291.02 43.42
2015-06-30 513.68 412.35 41.76
2015-03-31 508.83 325.51 51.67
2014-12-31 506.41 317.98 36.02
2014-09-30 502.32 323.61 34.23
2014-06-30 495.96 259.67 24.57
2014-03-31 488.23 245.57 13.03
2013-12-31 477.02 267.68 13.31
2013-09-30 465.11 342.27 10.76
2013-06-30 454.24 385.31 19.08
2013-03-31 432.48 447.43 28.46
2012-12-31 412.42 412.26 27.24
2012-09-30 394.88 475.64 27.21
2012-06-30 378.58 401.91 29.65

*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.
  • Canadian Apartment Properties Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Canadian Apartment Properties Real Estate Investment Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Canadian Apartment Properties 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 Canadian Apartment Properties 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.
Canadian Apartment Properties Real Estate Investment Trust has a total score of 4/6, 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 Canadian Apartment Properties 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 Canadian Apartment Properties Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Canadian Apartment Properties Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Canadian Apartment Properties 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 Canadian Apartment Properties 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 Canadian Apartment Properties Real Estate Investment Trust Company Filings, last reported 3 months ago.

OTCPK:CDPY.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 6,316.70 4,296.62 25.71
2018-09-30 5,523.02 3,968.04 25.69
2018-06-30 5,445.15 3,908.82 25.19
2018-03-31 5,197.05 3,913.38 23.97
2017-12-31 4,923.41 4,042.47 23.79
2017-09-30 4,560.68 3,919.39 25.76
2017-06-30 4,366.14 3,636.63
2017-03-31 4,276.16 3,558.81
2016-12-31 4,158.15 3,523.46
2016-09-30 4,063.97 3,423.33
2016-06-30 3,798.31 3,587.39
2016-03-31 3,725.14 3,344.69
2015-12-31 3,659.95 3,271.84
2015-09-30 3,306.35 3,436.03
2015-06-30 3,319.56 2,737.15
2015-03-31 3,171.32 2,701.03
2014-12-31 2,983.11 2,775.01
2014-09-30 2,922.97 2,740.68
2014-06-30 2,831.00 2,696.27
2014-03-31 2,778.22 2,684.29
2013-12-31 2,757.47 2,645.33
2013-09-30 2,549.74 2,655.29
2013-06-30 2,515.14 2,511.99
2013-03-31 2,475.83 2,407.00
2012-12-31 2,429.21 2,336.87
2012-09-30 2,109.43 2,381.41
2012-06-30 2,031.27 2,291.71
  • Canadian Apartment Properties Real Estate Investment Trust's level of debt (68%) 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 (95.9% vs 68% today).
  • Debt is not well covered by operating cash flow (10%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Canadian Apartment Properties 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. Canadian Apartment Properties 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 Canadian Apartment Properties 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
2.78%
Current annual income from Canadian Apartment Properties Real Estate Investment Trust dividends. Estimated to be 2.89% next year.
If you bought $2,000 of Canadian Apartment Properties Real Estate Investment Trust shares you are expected to receive $56 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?
  • Canadian Apartment Properties Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Canadian Apartment Properties Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.64%).
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:CDPY.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 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
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 3.6%

Industry and Market average data is calculated daily.

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

OTCPK:CDPY.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.39 5.00
2019-12-31 1.37 5.00
OTCPK:CDPY.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-02-15 1.330 2.667
2018-12-11 1.330 2.911
2018-11-15 1.330 2.851
2018-10-15 1.330 2.845
2018-08-15 1.330 2.821
2018-07-16 1.330 3.037
2018-06-15 1.330 3.076
2018-05-08 1.330 3.277
2018-04-16 1.280 3.414
2018-02-23 1.280 3.549
2017-11-06 1.280 3.503
2017-08-16 1.280 3.754
2017-07-18 1.280 3.893
2017-06-15 1.280 3.856
2017-05-15 1.280 3.789
2017-04-17 1.280 3.771
2017-02-27 1.280 3.911
2017-02-15 1.250 3.903
2017-01-16 1.250 3.939
2016-12-15 1.250 4.017
2016-11-14 1.250 4.112
2016-10-14 1.250 4.221
2016-09-15 1.250 4.243
2016-08-15 1.250 4.121
2016-07-15 1.250 3.880
2016-05-25 1.250 3.934
2016-04-18 1.220 4.032
2016-02-16 1.220 4.185
2016-01-18 1.220 4.207
2015-12-15 1.220 4.534
2015-11-16 1.220 4.648
2015-09-21 1.220 4.461
2015-08-18 1.220 4.325
2015-07-16 1.220 4.309
2015-06-16 1.220 4.363
2015-05-08 1.220 4.435
2015-04-15 1.180 4.061
2015-03-03 1.180 4.101
2015-02-13 1.180 4.220
2015-01-15 1.180 4.225
2014-12-16 1.180 4.591
2014-11-17 1.180 4.692
2014-10-15 1.180 4.750
2014-09-15 1.180 4.988
2014-08-15 1.180 4.924
2014-07-15 1.180 5.079
2014-05-27 1.180 5.183
2014-04-16 1.150 5.317
2014-03-17 1.150 5.444
2014-02-19 1.150 5.423
2014-01-15 1.150 5.416
2013-12-16 1.150 5.453
2013-11-15 1.150 5.567
2013-10-15 1.150 5.400
2013-09-18 1.150 5.614
2013-08-15 1.150 5.600
2013-07-15 1.150 5.326
2013-05-21 1.150 4.964
2013-05-16 1.120 4.434
2013-04-12 1.120 4.414
2013-03-06 1.120 4.464
2013-02-15 1.120 4.397
2013-01-17 1.120 4.388
2012-12-17 1.120 4.526
2012-10-19 1.116 4.647
2012-08-08 1.120 4.564
2012-07-16 1.080 4.345
2012-06-18 1.080 4.511
2012-05-17 1.080 4.586
2012-04-16 1.080 4.655
2012-03-08 1.080 4.808
2012-02-17 1.080 4.737
2012-01-19 1.080 4.724
2011-12-15 1.080 4.820
2011-11-18 1.080 5.099
2011-10-11 1.080 5.323
2011-09-16 1.080 5.140
2011-08-11 1.080 5.293
2011-07-19 1.080 5.530
2011-06-20 1.080 5.543
2011-05-17 1.080 5.622
2011-04-19 1.080 5.636
2011-02-16 1.080 5.766
2011-01-17 1.080 6.102
2010-11-22 1.080 6.261
2010-11-17 1.080 6.198
2010-10-15 1.080 6.231
2010-09-15 1.080 6.330
2010-08-13 1.080 6.534
2010-07-16 1.080 6.889
2010-06-15 1.080 7.056
2010-05-17 1.080 7.111
2010-04-12 1.080 7.505
2010-03-10 1.080 7.522
2010-02-12 1.080 7.639
2010-01-15 1.080 7.482
2009-12-16 1.080 7.651
2009-11-18 1.080 8.180
2009-10-16 1.080 7.815
2009-09-14 1.080 7.525
2009-08-13 1.080 8.109
2009-07-16 1.080 8.121
2009-06-15 1.080 8.010
2009-05-14 1.080 8.292
2009-04-27 1.080 8.645

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Canadian Apartment Properties Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (248.8x coverage).
X
Income/ dividend checks
We assess Canadian Apartment Properties 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 Canadian Apartment Properties Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Canadian Apartment Properties Real Estate Investment Trust has a total score of 5/6, 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 Canadian Apartment Properties 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
Mark Kenney
COMPENSATION CA$1,640,519
TENURE AS CEO 0.1 years
CEO Bio

Mr. Mark Kenney has been President of Canadian Apartment Properties Real Estate Investment Trust since November 14, 2018 and serves as its Chief Executive Officer since March 27, 2019. Mr. Kenney also serves as a Director of Canadian Apartment Properties Real Estate Investment Trust. He served as the Chief Operating Officer of Canadian Apartment Properties Real Estate Investment Trust since November 2008. He served as Vice President of Operations of Canadian Apartment Properties Real Estate Investment Trust until November 2008. With over 28 years of experience in the multi- family residential property rental sector and as chief operating officer of CAPREIT, he is actively involved in creating and implementing company policy, directing the property management team, overseeing marketing, procurement and energy initiatives and performing the operational due diligence on potential acquisitions. Prior to joining CAPREIT in 1998, Mr. Kenney held a senior position at Realstar Management Partnership, overseeing portfolios in Western Canada and Northern Ontario as well as leadership roles at Greenwin Property Management and Tridel, where he managed various property portfolios in the greater Toronto Area. He Canadian Apartment Properties Real Estate Investment Trust in 1998. He has over 14 years of experience in the multi-family sector, served previously at Realstar Management Partnership as District Manager of Western Canada and Northern Ontario (1995 to 1998) and Greenwin Property Management as Senior Property Manager prior to 1995. Mr. Kenney serves as Non-Independent Non-Executive Director at Irish Residential Properties REIT Plc. Mr. Kenney serves as the Vice-Chairman of the Federation of Rental-Housing Providers of Ontario and previously a founding director of the Greater Toronto Apartment Association from 1998 to 2009. He serves as President and Chief Operating Officer of CAPREIT, the manager of Irish Residential Properties REIT Plc. Mr. Kenney has been a Director of the Greater Toronto Apartment Association since 1998. Mr. Kenney holds a Bachelor of Economics degree from Carleton University.

CEO Compensation
  • Mark's compensation has been consistent with company performance over the past year.
  • Mark's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Canadian Apartment Properties Real Estate Investment Trust management team in years:

0.9
Average Tenure
  • The average tenure for the Canadian Apartment Properties Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

Mark Kenney

TITLE
CEO, President & Director
COMPENSATION
CA$2M
TENURE
0.1 yrs

Scott Cryer

TITLE
Chief Financial Officer
COMPENSATION
CA$1M
TENURE
7.8 yrs

Stephen Co

TITLE
Vice President of Accounting
TENURE
0.9 yrs

Corinne Pruzanski

TITLE
General Counsel & Corporate Secretary

Jodi Lieberman

TITLE
Chief Human Resources Officer

Gobal Mailwaganam

TITLE
MD and Director of Housing & Municipal Affairs

Trish MacPherson

TITLE
Executive Vice President of Operations

Patti Baker

TITLE
Managing Director

Judy Harkai

TITLE
Managing Director

Carmen Perez

TITLE
Managing Director
Board of Directors Tenure

Average tenure and age of the Canadian Apartment Properties Real Estate Investment Trust board of directors in years:

7.5
Average Tenure
67
Average Age
  • The tenure for the Canadian Apartment Properties Real Estate Investment Trust board of directors is about average.
Board of Directors

Michael Stein

TITLE
Chairman of the Board
COMPENSATION
CA$180K
AGE
67
TENURE
22.3 yrs

Mark Kenney

TITLE
CEO, President & Director
COMPENSATION
CA$2M

Stanley Swartzman

TITLE
Lead Trustee
COMPENSATION
CA$200K
AGE
78
TENURE
13.3 yrs

Harold Burke

TITLE
COMPENSATION
CA$93K
AGE
71
TENURE
8.9 yrs

Elaine Todres

TITLE
COMPENSATION
CA$168K
AGE
68
TENURE
5.9 yrs

Paul Harris

TITLE
COMPENSATION
CA$150K
AGE
66
TENURE
21.3 yrs

David Ehrlich

TITLE
COMPENSATION
CA$585K
AGE
67
TENURE
6.2 yrs

Gina Cody

TITLE
COMPENSATION
CA$91K
AGE
61
TENURE
1.9 yrs

Jamie Schwartz

TITLE
AGE
42
TENURE
1.1 yrs
Who owns this company?
Recent Insider Trading
  • Canadian Apartment Properties Real Estate Investment Trust insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
17. Apr 19 Buy Gina Cody Individual 17. Apr 19 17. Apr 19 1,500 $36.75 $55,130
21. Mar 19 Sell Patricia MacPherson Individual 19. Mar 19 19. Mar 19 -3,175 $37.65 $-119,460
19. Mar 19 Sell Scott Cryer Individual 18. Mar 19 18. Mar 19 -9,614 $37.69 $-362,262
01. Feb 19 Buy Gina Cody Individual 21. Dec 18 21. Dec 18 4,000 $33.57 $134,265
20. Nov 18 Sell Paul Harris Individual 15. Nov 18 19. Nov 18 -2,000 $35.57 $-70,797
21. Aug 18 Sell Elaine Todres Individual 20. Aug 18 20. Aug 18 -5,924 $36.12 $-213,067
X
Management checks
We assess Canadian Apartment Properties 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. Canadian Apartment Properties 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

CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (“MHC”) primarily located in and near major urban centres across Canada. As at December 31, 2018, CAPREIT had owning interests in 51,528 residential units, comprised of 44,935 residential suites and 32 MHC comprising 6,593 land lease sites.

Details
Name: Canadian Apartment Properties Real Estate Investment Trust
CDPY.F
Exchange: OTCPK
Founded: 1997
CA$5,694,280,865
159,749,336
Website: http://www.caprent.com
Address: Canadian Apartment Properties Real Estate Investment Trust
11 Church Street,
Suite 401,
Toronto,
Ontario, M5E 1W1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CAR.UN Trust Units The Toronto Stock Exchange CA CAD 21. May 1998
OTCPK CDPY.F Trust Units Pink Sheets LLC US USD 21. May 1998
Number of employees
Current staff
Staff numbers
897
Canadian Apartment Properties Real Estate Investment Trust employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 00:31
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/23
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
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.