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Inovalis Real Estate Investment Trust

OTCPK:IVRE.F
Snowflake Description

Good value average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IVRE.F
OTCPK
CA$255M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Inovalis Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The last earnings update was 51 days ago. More info.


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IVRE.F Share Price and Events
7 Day Returns
0%
OTCPK:IVRE.F
1.2%
US REITs
1.6%
US Market
1 Year Returns
-3.6%
OTCPK:IVRE.F
15.2%
US REITs
2.6%
US Market
IVRE.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Inovalis Real Estate Investment Trust (IVRE.F) 0% 1.6% 3.5% -3.6% - -
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • IVRE.F underperformed the REITs industry which returned 15.2% over the past year.
  • IVRE.F underperformed the Market in United States of America which returned 2.6% over the past year.

IVRE.F Value

 Is Inovalis 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 Inovalis 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 Inovalis Real Estate Investment Trust.

OTCPK:IVRE.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 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
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:IVRE.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%) (110.13%))
0.974
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.97
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.974 * 5.96%)
8.53%

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

The calculations below outline how an intrinsic value for Inovalis 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.

Inovalis 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:IVRE.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 8.53%)
2019 15.50 Analyst x1 14.28
2020 23.75 Analyst x2 20.16
2021 25.00 Est @ 5.26% 19.55
2022 26.12 Est @ 4.5% 18.83
2023 27.16 Est @ 3.97% 18.03
2024 28.14 Est @ 3.6% 17.21
2025 29.07 Est @ 3.34% 16.39
2026 29.99 Est @ 3.15% 15.58
2027 30.90 Est @ 3.03% 14.79
2028 31.81 Est @ 2.94% 14.02
Present value of next 10 years cash flows CA$168.84
OTCPK:IVRE.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$31.81 × (1 + 2.73%) ÷ (8.53% – 2.73%)
CA$562.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$562.96 ÷ (1 + 8.53%)10
CA$248.20
OTCPK:IVRE.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$168.84 + CA$248.20
CA$417.05
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$417.05 / 24.43
CA$17.06
OTCPK:IVRE.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:IVRE.F represents 0.74152x of TSX:INO.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74152x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 17.06 x 0.74152
$12.65
Value per share (USD) From above. $12.65
Current discount Discount to share price of $7.76
= -1 x ($7.76 - $12.65) / $12.65
38.7%

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

Current Discount
Amount off the current price Inovalis Real Estate Investment Trust is available for.
Intrinsic value
39%
Share price is $7.76 vs Future cash flow value of $12.65
Current Discount Checks
For Inovalis Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Inovalis Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Inovalis Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Inovalis 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 Inovalis 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:IVRE.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$0.97
TSX:INO.UN Share Price ** TSX (2019-05-01) in CAD CA$10.47
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

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

** Primary Listing of Inovalis Real Estate Investment Trust.

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

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

= 10.47 ÷ 0.97

10.81x

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

  • Inovalis Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • Inovalis Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Inovalis Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:IVRE.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.81x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-3.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*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 Inovalis 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 Inovalis Real Estate Investment Trust's assets?
Raw Data
OTCPK:IVRE.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$12.40
TSX:INO.UN Share Price * TSX (2019-05-01) in CAD CA$10.47
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
OTCPK:IVRE.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 10.47 ÷ 12.40

0.84x

* Primary Listing of Inovalis Real Estate Investment Trust.

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

  • Inovalis Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Inovalis 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. Inovalis Real Estate Investment Trust has a total score of 4/6, 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.

IVRE.F Future Performance

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

  • No analysts cover Inovalis 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
-3.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Inovalis Real Estate Investment Trust expected to grow at an attractive rate?
  • Inovalis Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Inovalis Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Inovalis Real Estate Investment Trust's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:IVRE.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:IVRE.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -3.2%
OTCPK:IVRE.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 7.4%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
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 13.8%
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:IVRE.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:IVRE.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 45 25 1
2019-12-31 36 17 1
OTCPK:IVRE.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 39 20 22
2018-09-30 40 20 19
2018-06-30 38 21 19
2018-03-31 37 30 14
2017-12-31 35 28 19
2017-09-30 33 25 9
2017-06-30 34 23 18
2017-03-31 32 22 24
2016-12-31 32 18 23
2016-09-30 29 16 27
2016-06-30 29 19 20
2016-03-31 29 18 30

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Inovalis Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Inovalis Real Estate Investment Trust's revenue is expected to grow by 7.4% 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:IVRE.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Inovalis Real Estate Investment Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:IVRE.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:IVRE.F Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 0.97
2018-09-30 0.86
2018-06-30 0.77
2018-03-31 0.62
2017-12-31 0.89
2017-09-30 0.40
2017-06-30 0.86
2017-03-31 1.21
2016-12-31 1.28
2016-09-30 1.60
2016-06-30 1.26
2016-03-31 1.96

*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 Inovalis Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Inovalis 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.
Inovalis Real Estate Investment Trust has a total score of 1/6, 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.

IVRE.F Past Performance

  How has Inovalis 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 Inovalis 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.
  • Inovalis Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Inovalis Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (15.6% vs 0%)
  • Inovalis Real Estate Investment Trust's earnings growth has not exceeded the US REITs industry average in the past year (15.6% vs 16%).
Earnings and Revenue History
Inovalis 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 Inovalis Real Estate Investment Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:IVRE.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 39.07 22.15 5.22
2018-09-30 39.59 19.24 5.57
2018-06-30 37.68 18.93 5.75
2018-03-31 37.19 14.05 5.57
2017-12-31 35.11 19.17 5.29
2017-09-30 32.81 8.50 5.07
2017-06-30 33.96 18.12 5.00
2017-03-31 32.10 23.80 5.18
2016-12-31 32.06 23.28 5.15
2016-09-30 29.27 26.94 5.16
2016-06-30 28.79 19.59 4.87
2016-03-31 29.09 30.36 4.49
2015-12-31 29.21 30.80 4.27
2015-09-30 32.37 45.53 3.92
2015-06-30 30.06 43.21 3.81
2015-03-31 28.64 19.71 3.53
2014-12-31 27.45 16.55 3.56
2014-09-30 24.06 0.71 4.01
2014-06-30 23.85 4.25 4.11
2013-12-31 16.77 18.96 3.08

*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.
  • Inovalis Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Inovalis Real Estate Investment Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Inovalis Real Estate Investment Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Inovalis 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.
Inovalis Real Estate Investment Trust has a total score of 3/6, 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.

IVRE.F Health

 How is Inovalis 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 Inovalis Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Inovalis Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Inovalis 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 Inovalis 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 0.3x 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 Inovalis Real Estate Investment Trust Company Filings, last reported 4 months ago.

OTCPK:IVRE.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 292.08 280.33 19.11
2018-09-30 265.39 298.62 24.75
2018-06-30 269.31 308.96 27.00
2018-03-31 277.38 298.41 16.96
2017-12-31 265.28 291.30 20.35
2017-09-30 246.66 271.74 19.96
2017-06-30 249.66 274.60 23.52
2017-03-31 241.83 254.72 24.51
2016-12-31 241.13 254.28 9.66
2016-09-30 246.09 271.24 47.92
2016-06-30 189.67 269.98 7.68
2016-03-31 187.77 276.79 11.85
2015-12-31 191.65 223.52 6.90
2015-09-30 185.55 216.30 5.17
2015-06-30 170.64 206.41 4.50
2015-03-31 153.07 202.48 19.49
2014-12-31 157.62 208.00 24.19
2014-09-30 106.89 166.59 19.77
2014-06-30 111.27 170.49 47.77
2013-12-31 123.00 125.33 6.12
  • Inovalis Real Estate Investment Trust's level of debt (96%) 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 (102.2% vs 96% today).
  • Debt is not well covered by operating cash flow (7.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.7x coverage).
X
Financial health checks
We assess Inovalis 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. Inovalis Real Estate Investment Trust has a total score of 2/6, 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.

IVRE.F Dividends

 What is Inovalis 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
7.88%
Current annual income from Inovalis Real Estate Investment Trust dividends. Estimated to be 7.92% next year.
If you bought $2,000 of Inovalis Real Estate Investment Trust shares you are expected to receive $158 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?
  • Inovalis Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Inovalis Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
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:IVRE.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 1 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 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 1.5%
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:IVRE.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.83 4.00
2019-12-31 0.83 3.00
OTCPK:IVRE.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-17 0.825 7.900
2019-02-19 0.825 8.094
2018-11-20 0.825 8.391
2018-09-07 0.825 8.055
2018-05-15 0.825 8.027
2018-02-15 0.825 8.239
2017-11-21 0.825 8.340
2017-11-14 0.825 8.159
2017-08-18 0.825 8.152
2017-08-09 0.825 8.220
2017-05-17 0.825 8.157
2017-02-21 0.825 8.652
2016-11-18 0.825 8.894
2016-08-22 0.825 8.534
2016-07-18 0.825 8.612
2016-06-16 0.825 8.523
2016-05-18 0.825 8.360
2016-04-19 0.825 8.417
2016-03-18 0.825 8.513
2016-02-18 0.825 8.556
2016-01-18 0.825 8.972
2015-12-21 0.825 8.941
2015-11-19 0.825 8.881
2015-10-20 0.825 9.031
2015-09-16 0.825 9.296
2015-07-21 0.825 9.203
2015-06-19 0.825 9.039
2015-05-20 0.825 9.053
2015-04-20 0.825 8.905
2015-03-20 0.825 9.040
2015-02-19 0.825 9.032
2015-01-16 0.825 9.233
2014-12-17 0.825 9.157
2014-11-20 0.825 9.264
2014-10-20 0.825 9.023
2014-09-19 0.825 8.537
2014-08-22 0.825 8.374
2014-07-22 0.825 8.432
2014-06-24 0.825 8.456
2014-05-21 0.825 8.365
2014-04-21 0.825 8.341
2014-03-17 0.825 8.563
2014-02-21 0.825 9.269
2014-01-20 0.825 9.290
2013-12-18 0.825 9.303
2013-11-19 0.825 9.226
2013-11-13 0.825 9.202
2013-07-18 0.825 9.242

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

  • Whilst dividend payments have been stable, Inovalis Real Estate Investment Trust has been paying a dividend for less than 10 years.
  • Inovalis Real Estate Investment Trust has only been paying a dividend for 6 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Inovalis Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (30.5x coverage).
X
Income/ dividend checks
We assess Inovalis 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 Inovalis Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Inovalis Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.


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

IVRE.F Management

 What is the CEO of Inovalis 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
David Giraud
COMPENSATION CA$200,000
TENURE AS CEO 6.1 years
CEO Bio

Mr. David Giraud has been the Chief Executive Officer of Inovalis Real Estate Investment Trust since April 10, 2013. Mr. Giraud Co-Founded Inovalis in 1998 and has focused on fund structuring, investor relations and overall fund management. He serves as the Managing Director of MGM Constructeur and MGM French Properties. Mr. Giraud has over 20 years of management experience in the European real estate market. Mr. Giraud has helped build Inovalis into one of Western Europe's leading privately owned real estate investment management companies. Prior to that, he served as the Chief Operating Officer at various private equity companies. He has extensive management experience in the European real estate market. He has been a Director of Avenir Finance since 2014. He serves as a Director of Advenis SA. Mr. Giraud holds a Masters in Management from Reims Management School, RMS Grande Ecole / Sup de Co Reims.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

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

3.2
Average Tenure
  • The tenure for the Inovalis Real Estate Investment Trust management team is about average.
Management Team

David Giraud

TITLE
Chief Executive Officer
COMPENSATION
CA$200K
TENURE
6.1 yrs

Stéphane Amine

TITLE
President
COMPENSATION
CA$260K
AGE
50
TENURE
1 yrs

Khalil Hankach

TITLE
Chief Investment Officer
COMPENSATION
CA$140K
TENURE
5.3 yrs

Tom Wenner

TITLE
CFO & Secretary
TENURE
0.5 yrs
Board of Directors Tenure

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

1.8
Average Tenure
57
Average Age
  • The average tenure for the Inovalis Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Dan Argiros

TITLE
Chairman & Independent Lead Trustee
COMPENSATION
CA$47K
AGE
54
TENURE
1 yrs

Michael Lagopoulos

TITLE
Independent Trustee
COMPENSATION
CA$18K
AGE
61
TENURE
1.8 yrs

Jo-Ann Lempert

TITLE
Independent Trustee
COMPENSATION
CA$11K
AGE
42
TENURE
1.7 yrs

Jean-Daniel Cohen

TITLE
Independent Trustee
COMPENSATION
CA$37K
AGE
56
TENURE
6.3 yrs

Richard Dansereau

TITLE
Independent Trustee
COMPENSATION
CA$41K
AGE
57
TENURE
6.3 yrs

Marc Manasterski

TITLE
Independent Trustee
COMPENSATION
CA$31K
AGE
69
TENURE
6.3 yrs

Robert Picard

TITLE
AGE
57
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
26. Dec 18 Sell Inovalis Company 20. Dec 18 20. Dec 18 -1,900 $7.29 $-13,844
15. Dec 18 Sell Inovalis Company 11. Dec 18 12. Dec 18 -33,000 $7.43 $-244,029
X
Management checks
We assess Inovalis 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. Inovalis 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.

IVRE.F News

Simply Wall St News

IVRE.F Company Info

Description

Inovalis Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning office properties primarily located in France and Germany but also opportunistically in other European countries where assets meet the REIT's investment criteria. The REIT currently owns interests in office properties in both France and Germany.

Details
Name: Inovalis Real Estate Investment Trust
IVRE.F
Exchange: OTCPK
Founded:
CA$189,672,566
CA$183,904,876
24,428,079
Website: http://www.inovalisreit.com
Address: Inovalis Real Estate Investment Trust
151 Yonge Street,
11th floor,
Toronto,
Ontario, M5C 2W7,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX INO.UN Units The Toronto Stock Exchange CA CAD 10. Apr 2013
OTCPK IVRE.F Units Pink Sheets LLC US USD 10. Apr 2013
Number of employees
Current staff
Staff numbers
1
Inovalis Real Estate Investment Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 06:56
End of day share price update: 2019/05/01 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/04/01
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.