Earnings
November 27, 2021 - IAG
New! iA Financial Corp. Q3-2021 Earnings, Price Target Update .....
November 25, 2021 - SLF
Sun Life Financial Inc. Q3-2021 Earnings, Price Target Update .....
November 24, 2021 - GWO
Great-West Lifec Inc. - Q3-2021 Earnings, Price Target Update .....
November 23, 2021 - MFC
Manulife Financial Corp. Q3-2021 Earnings, Price Target Update .....
November 21, 2021 - DIV
Diversified Royalty Corp. Q3-2021 Earnings, Price Target Forecast .....
November 20, 2021 - CHP.UN
Choice Properties REIT - Q3-2021 Earnings, Price Target Update .....
November 19, 2021 - CRR.UN
Crombie REIT - Q3-2021, Earnings , Price Target Update .....
November 18, 2021 - CRT.UN
CT REIT - Q3-2021 Earnings, Price Target Forecast .....
Recommendation Changes
CRR.UN, SRU.UN, BCE, PPL, NTR, more...

CT REIT - Q3-2021 Earnings, Price Target Forecast

This is only a sample of the article, please login to view the entire article

CT REIT (CRT.UN-TSX) was established in Oct-2013 to acquire ownership of retail shopping centre properties previously owned directly by Canadian Tire Corp.(CTC-TSX) and to acquire and develop new locations. CTC has been in business for over 90 years. Canadian Tire offers a range of products and services to Canadians through a portfolio of the leading retail banners in Canada including; Canadian Tire, PartSource, Petroleum, Gas+, Party City, Mark's, Mark's Work Wearhouse, L'Équipeur, Helly Hansen, SportChek, Sports Experts, Atmosphere, Pro Hockey Life, National Sports, Sports Rousseau, and Hockey Experts. Canadian Tire Corp. operates 1,742 retail and gasoline outlets in Canada 112 are located on CT REITs properties. CT REIT's holding (Sept-30-2021) consisted of 358 retail properties, four industrial properties, one mixed-use commercial property and one development properties located in each of the provinces and in two territories across Canada. The initial portfolio was valued at $3.6B comprised of 258 properties compared to 357 properties valued at $6.4B as at Sept-30-2021. As at Sept-30-2021, CTC, including Canadian Tire stores and other CTC banners occupying 92% of total leasable area. The average lease term for Canadian Tire leases is 9 years with an average rental rate of $14.20 per sq. ft. The average lease term of all leases excluding Properties under Development, is 8.7 years. CTC leases are triple net; utilities, operating costs and capex paid by the tenant. The Canadian Tire store leases contain contractual annual rent escalations of approximately 1.5% per year, on average, over the initial term of the leases. Distributions have been increased every year since the IPO.

The majority shareholder at Canadian Tire Corp.(CTC) is M. G. Billes, controlling 69.1% as of Sept-30-2021. Canadian Tire Corp. (CTC) owned 85.5% of CT REIT as of Dec-31-2018 and 69.1% as at Dec-31-2020. CTC has reduced their interest with secondary offerings combined with treasury offerings.

By leasable area 42% of properties are located in Ontario, Quebec- 23%, western Canada- 27% and Atlantic Canada-8%. In total approximately 45% of properties are located in one of six major Canadian urban centres. The properties are located in each of the provinces and in two territories across Canada. Included in CT REIT's portfolio are 10 properties which are situated on ground leases with remaining initial terms up to 35 years, and an average remaining initial term of 15 years. Assuming all extensions are exercised, the ground leases have a remaining term average of 31yrs.

You must be a member to view the entire article, please subscribe or login


Login
Username
Password
New Issues & Acquisition
November 27, 2021
New! Coverage Universe - Weekly Price Change: Nov 19-26, 2021
November 23, 2021
New! Canadian Utilities Ltd(CUC) - 4.75% Fixed Rate Preferred Share New Issue
November 19, 2021
Coverage Universe - Weekly Price Change: Nov 12-19, 2021
November 17, 2021
Morguard REIT- 5.25% Convertible Debenture New Issue
November 17, 2021
Exchange Income Corp. 5.25% Convertible Debenture New Issue
November 16, 2021
Atrium Mortgage Investment Corp. 5% Convertible Debenture New Issue
November 16, 2021
Timbercreek Financial Corp. 5% Convertible Debenture New Issue
November 15, 2021
Slate Office REIT - 5.5% Convertible Debenture New Issue