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CT Real Estate Investment Trust
TSX:CRT.UN

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CT Real Estate Investment Trust Logo
CT Real Estate Investment Trust
TSX:CRT.UN
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Price: 14.27 CAD 0.07% Market Closed
Updated: Mar 29, 2024

Intrinsic Value

CT Real Estate Investment Trust is an unincorporated and closed end real estate investment trust formed to own income-producing commercial properties. [ Read More ]

The intrinsic value of one CRT.UN stock under the Base Case scenario is 32.94 CAD. Compared to the current market price of 14.27 CAD, CT Real Estate Investment Trust is Undervalued by 57%.

Key Points:
CRT.UN Intrinsic Value
Base Case
32.94 CAD
Undervaluation 57%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
CT Real Estate Investment Trust

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Fundamental Analysis

Strong Growth and Robust Portfolio
2023-Q4 Earnings Call

Strong Growth and Robust Portfolio

The company experienced a 4.6% increase in net operating income, fueled by a 2.5% growth in same-store NOI, a 4.3% expansion in same property NOI, and a significant 4.9% jump in AFFO per unit. The payout ratio decreased to 73.4%, signifying an improvement over the previous year. Portfolio growth was notable with 839,000 square feet added, including a Net Zero certified distribution center. Additionally, the company repurchased over 450,000 units at an average price of $13.99 and marked its 10-year public anniversary. Portfolio occupancy remained high at 99.1%, and operational performance was solid with a same-store NOI increase driven by contractual rent escalations and the recovery of capital expenditures. Despite a fair value adjustment dip of approximately $39.3 million, the financial health appears strong.

Financials

Balance Sheet Decomposition
CT Real Estate Investment Trust

Current Assets 28.9m
Cash & Short-Term Investments 20.8m
Receivables 3.5m
Other Current Assets 4.6m
Non-Current Assets 6.9B
Long-Term Investments 6.9B
Other Non-Current Assets 1.7m
Current Liabilities 332.9m
Other Current Liabilities 332.9m
Non-Current Liabilities 4.9B
Long-Term Debt 2.8B
Other Non-Current Liabilities 2.1B
Efficiency

Earnings Waterfall
CT Real Estate Investment Trust

Revenue
552.8m CAD
Cost of Revenue
-20.4m CAD
Gross Profit
532.4m CAD
Operating Expenses
-110.4m CAD
Operating Income
422m CAD
Other Expenses
-316.7m CAD
Net Income
105.3m CAD

Free Cash Flow Analysis
CT Real Estate Investment Trust

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
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Fundamental Scores

CRT.UN Profitability Score
Profitability Due Diligence

CT Real Estate Investment Trust's profitability score is 62/100. The higher the profitability score, the more profitable the company is.

62/100
Profitability
Score

CT Real Estate Investment Trust's profitability score is 62/100. The higher the profitability score, the more profitable the company is.

CRT.UN Solvency Score
Solvency Due Diligence

CT Real Estate Investment Trust's solvency score is 19/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Average D/E
Short-Term Solvency
Positive Net Debt
19/100
Solvency
Score

CT Real Estate Investment Trust's solvency score is 19/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

CRT.UN Price Targets Summary
CT Real Estate Investment Trust

Wall Street analysts forecast CRT.UN stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for CRT.UN is 15.89 CAD with a low forecast of 15.15 CAD and a high forecast of 16.8 CAD.

Lowest
Price Target
15.15 CAD
6% Upside
Average
Price Target
15.89 CAD
11% Upside
Highest
Price Target
16.8 CAD
18% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

CRT.UN Price
CT Real Estate Investment Trust

1M 1M
+3%
6M 6M
+4%
1Y 1Y
-8%
3Y 3Y
-3%
5Y 5Y
+23%
10Y 10Y
+106%
Annual Price Range
14.27
52w Low
12.65
52w High
16.2865
Price Metrics
Average Annual Return 7.88%
Standard Deviation of Annual Returns 9.55%
Max Drawdown -46%
Shares Statistics
Market Capitalization 1.5B CAD
Shares Outstanding 108 430 000
Percentage of Shares Shorted 1.96%

CRT.UN Return Decomposition
Main factors of price return

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Company Profile

CT Real Estate Investment Trust Logo
CT Real Estate Investment Trust

Country

Canada

Industry

Real Estate

Market Cap

1.5B CAD

Dividend Yield

6.37%

Description

CT Real Estate Investment Trust is an unincorporated and closed end real estate investment trust formed to own income-producing commercial properties. The company is headquartered in Toronto, Ontario and currently employs 58 full-time employees. The company went IPO on 2013-10-22. The firm owns commercial properties located primarily in Canada. Its portfolio of properties consists of approximately 358 retail properties, four industrial properties, one mixed-use commercial property and one Development Property (Properties). The properties are located in each of the provinces and in two territories across Canada. The retail properties, industrial properties and mixed-use commercial property contain approximately 28.7 million square feet of gross leasable area (GLA). Its portfolio includes various property types, such as Canadian tire single tenant properties, other single tenant properties, multi-tenant properties anchored by Canadian tire store, multi-tenant properties not anchored by Canadian tire store, industrial properties and mixed-use property. Its tenants include Save-On-Foods/Buy-Low Foods, Loblaws/Shoppers Drug Mart/No Frills and Bank of Montreal, among others.

Contact

ONTARIO
TORONTO
2180 Yonge Street, PO Box 770 Stn K
+14164802029.0
https://www.ctreit.com/

IPO

2013-10-22

Employees

58

Officers

President, CEO & Director
Mr. Kevin Salsberg
Senior VP & CFO
Ms. Lesley Patricia Gibson CA
Senior Vice-President of Real Estate
Ms. Jodi M. Shpigel MCIP, RPP
Vice President of Operations
Mr. Victor Iaccino
Associate Vice President of Asset Management & Investments
Mr. Kanistan Emmanuvel
Associate Vice President of Investor Relations
Ms. Marina Davies
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Senior VP, General Counsel & Corporate Secretary
Ms. Kimberley M. Graham
Vice-President of Communications
Jane Shaw
Associate Vice-President of Investor Relations
Ms. Andrea Orzech
Show Less

See Also

Discover More
What is the Intrinsic Value of one CRT.UN stock?

The intrinsic value of one CRT.UN stock under the Base Case scenario is 32.94 CAD.

Is CRT.UN stock undervalued or overvalued?

Compared to the current market price of 14.27 CAD, CT Real Estate Investment Trust is Undervalued by 57%.