MNULF
Manulife US Real Estate Investment Trust (Manulife US REIT or MUST) is the first pure-play U.S. office REIT listed in Asia. It is a Singapore-listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States (U.S.), as well as real estate-related assets. As at 30 June 2025, … Read more
MNULF (MNULF) - Net Assets
Latest net assets as of June 2025: $382.06 Million USD
Based on the latest financial reports, MNULF (MNULF) has net assets worth $382.06 Million USD as of June 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($1.02 Billion) and total liabilities ($635.20 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $382.06 Million |
| % of Total Assets | 37.56% |
| Annual Growth Rate | -21.91% |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | 16.15 |
MNULF - Net Assets Trend (2020–2024)
This chart illustrates how MNULF's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for MNULF (2020–2024)
The table below shows the annual net assets of MNULF from 2020 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $430.63 Million | -29.25% |
| 2023-12-31 | $608.63 Million | -40.35% |
| 2022-12-31 | $1.02 Billion | -14.09% |
| 2021-12-31 | $1.19 Billion | +2.58% |
| 2020-12-31 | $1.16 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to MNULF's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 4238.8% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Other Components | $1.24 Billion | 288.15% |
| Total Equity | $430.63 Million | 100.00% |
MNULF Competitors by Market Cap
The table below lists competitors of MNULF ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
EuroHold Bulgaria AD
WAR:EHG
|
$64.86 Million |
|
Lundin Energy AB
PINK:LNDNF
|
$64.87 Million |
|
ECO ANIMAL HLTH GR.LS-05
F:LWA
|
$64.88 Million |
|
GlycoNex
TWO:4168
|
$64.89 Million |
|
Kulmbacher Brauerei Aktien-Gesellschaft
MU:KUL
|
$64.84 Million |
|
Rajratan Global Wire Limited
NSE:RAJRATAN
|
$64.83 Million |
|
Sunko Ink Co Ltd
TW:1721
|
$64.82 Million |
|
Salzer Electronics Limited
NSE:SALZERELEC
|
$64.81 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in MNULF's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 608,635,000 to 430,632,000, a change of -178,003,000 (-29.2%).
- Net loss of 178,003,000 reduced equity.
- Share repurchases of 115,000 reduced equity.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-178.00 Million | -41.34% |
| Share Repurchases | $115.00K | -0.03% |
| Other Changes | $115.00K | +0.03% |
| Total Change | $- | -29.25% |
Book Value vs Market Value Analysis
This analysis compares MNULF's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.25x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.08x to 0.25x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2020-12-31 | $0.73 | $0.06 | x |
| 2021-12-31 | $0.68 | $0.06 | x |
| 2022-12-31 | $0.57 | $0.06 | x |
| 2023-12-31 | $0.34 | $0.06 | x |
| 2024-12-31 | $0.24 | $0.06 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently MNULF utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -41.34%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -106.22%
- • Asset Turnover: 0.14x
- • Equity Multiplier: 2.84x
- Recent ROE (-41.34%) is below the historical average (-23.38%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2020 | -3.74% | -22.28% | 0.09x | 1.80x | $-159.07 Million |
| 2021 | 3.32% | 21.29% | 0.08x | 1.92x | $-79.36 Million |
| 2022 | -12.71% | -64.04% | 0.10x | 2.07x | $-231.75 Million |
| 2023 | -62.43% | -182.65% | 0.13x | 2.61x | $-440.83 Million |
| 2024 | -41.34% | -106.22% | 0.14x | 2.84x | $-221.07 Million |
Industry Comparison
This section compares MNULF's net assets metrics with peer companies in the REIT - Office industry.
Industry Context
- Industry: REIT - Office
- Average net assets among peers: $1,287,555,700
- Average return on equity (ROE) among peers: 2.47%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| MNULF (MNULF) | $382.06 Million | -3.74% | 1.66x | $64.84 Million |
| Allied Properties Real Estate Investment Trust (APYRF) | $215.70 Million | 3.58% | 1.33x | $973.59 Million |
| Alexandria Real Estate Equities Inc (ARE) | $1.58 Billion | 5.93% | 1.94x | $7.61 Billion |
| Brandywine Realty Trust (BDN) | $1.69 Billion | 2.03% | 1.41x | $496.31 Million |
| BTB Real Estate Investment Trust (BTBIF) | $248.95 Million | 11.32% | 2.06x | $199.14 Million |
| Boston Properties Inc (BXP) | $3.00 Billion | 14.79% | 1.81x | $7.87 Billion |
| COPT Defense Properties (CDP) | $1.68 Billion | 4.55% | 1.53x | $3.58 Billion |
| City Office (CIO) | $772.63 Million | -0.35% | 0.96x | $2.76 Million |
| CLS Holdings plc (CLIHF) | $929.20 Million | -26.88% | 1.33x | $263.93 Million |
| Creative Media & Community Trust Corporation (CMCT) | $42.90 Million | 0.00% | 0.01x | $114.98K |
| Cromwell Property Group (CMWCF) | $2.71 Billion | 9.71% | 0.86x | $445.64 Million |