Allied Properties Real Estate Investment Trust (AP-UN) - Net Assets

Latest as of December 2025: CA$4.02 Billion CAD ≈ $2.91 Billion USD

Based on the latest financial reports, Allied Properties Real Estate Investment Trust (AP-UN) has net assets worth CA$4.02 Billion CAD (≈ $2.91 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$9.26 Billion ≈ $6.70 Billion USD) and total liabilities (CA$5.24 Billion ≈ $3.79 Billion USD). 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. Check tangible net worth ratio of Allied Properties Real Estate Investment to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	CA$4.02 Billion
% of Total Assets	43.38%
Annual Growth Rate	20.37%
5-Year Change	-37.5%
10-Year Change	32.92%
Growth Volatility	30.09

Allied Properties Real Estate Investment Trust - Net Assets Trend (2003–2025)

This chart illustrates how Allied Properties Real Estate Investment Trust's net assets have evolved over time, based on quarterly financial data. See Allied Properties Real Estate Investment (AP-UN) liquidity interval to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Allied Properties Real Estate Investment Trust (2003–2025)

The table below shows the annual net assets of Allied Properties Real Estate Investment Trust from 2003 to 2025. For live valuation and market cap data, see AP-UN stock market capitalisation.

Year	Net Assets	Change
2025-12-31	CA$4.02 Billion ≈ $2.91 Billion	-27.80%
2024-12-31	CA$5.56 Billion ≈ $4.02 Billion	-9.33%
2023-12-31	CA$6.14 Billion ≈ $4.44 Billion	-13.87%
2022-12-31	CA$7.12 Billion ≈ $5.15 Billion	+10.85%
2021-12-31	CA$6.43 Billion ≈ $4.65 Billion	+4.03%
2020-12-31	CA$6.18 Billion ≈ $4.47 Billion	+8.03%
2019-12-31	CA$5.72 Billion ≈ $4.14 Billion	+30.70%
2018-12-31	CA$4.37 Billion ≈ $3.16 Billion	+23.26%
2017-12-31	CA$3.55 Billion ≈ $2.57 Billion	+17.46%
2016-12-31	CA$3.02 Billion ≈ $2.19 Billion	+16.58%
2015-12-31	CA$2.59 Billion ≈ $1.87 Billion	+11.23%
2014-12-31	CA$2.33 Billion ≈ $1.69 Billion	+12.63%
2013-12-31	CA$2.07 Billion ≈ $1.50 Billion	+16.37%
2012-12-31	CA$1.78 Billion ≈ $1.29 Billion	+55.72%
2011-12-31	CA$1.14 Billion ≈ $825.79 Million	+123.84%
2010-12-31	CA$509.99 Million ≈ $368.92 Million	+5.91%
2009-12-31	CA$481.53 Million ≈ $348.33 Million	+24.86%
2008-12-31	CA$385.65 Million ≈ $278.97 Million	+33.05%
2007-12-31	CA$289.87 Million ≈ $209.68 Million	+34.38%
2006-12-31	CA$215.70 Million ≈ $156.04 Million	+37.58%
2005-12-31	CA$156.78 Million ≈ $113.42 Million	+59.70%
2004-12-31	CA$98.18 Million ≈ $71.02 Million	+44.52%
2003-12-31	CA$67.93 Million ≈ $49.14 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Allied Properties Real Estate Investment Trust'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 56867000000.0% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Other Components	CA$4.58 Billion	114.16%
Total Equity	CA$4.02 Billion	100.00%

Allied Properties Real Estate Investment Trust Competitors by Market Cap

The table below lists competitors of Allied Properties Real Estate Investment Trust ranked by their market capitalization.

Company	Market Cap
Koza Anadolu Metal Madencilik Isletmeleri AS IS:KOZAA	$907.44 Million
Cello World Limited NSE:CELLO	$907.86 Million
Nanjing Red Sun Co Ltd SHE:000525	$907.92 Million
Ningbo Henghe Mould Co Ltd SHE:300539	$908.21 Million
Keeson Technology Corp Ltd SHG:603610	$907.04 Million
Hunan New Wellful Co Ltd SHG:600975	$907.01 Million
Foshan Electrical and Lighting Co Ltd SHE:000541	$906.89 Million
Hunan Warrant Pharmaceutical Co. Ltd. A SHG:688799	$906.62 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Allied Properties Real Estate Investment Trust's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 5,562,644,000 to 4,016,202,000, a change of -1,546,442,000 (-27.8%).
Net loss of 1,327,532,000 reduced equity.
Dividend payments of 230,321,000 reduced retained earnings.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	CA$-1.33 Billion	-33.05%
Dividends Paid	CA$230.32 Million	-5.73%
Other Changes	CA$11.41 Million	+0.28%
Total Change	CA$-	-27.80%

Book Value vs Market Value Analysis

This analysis compares Allied Properties Real Estate Investment Trust'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: 0.34x
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 decreased from 0.89x to 0.34x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2003-12-31	CA$11.04	CA$9.80	x
2004-12-31	CA$10.79	CA$9.80	x
2005-12-31	CA$11.00	CA$9.80	x
2006-12-31	CA$12.72	CA$9.80	x
2007-12-31	CA$12.20	CA$9.80	x
2008-12-31	CA$13.03	CA$9.80	x
2009-12-31	CA$14.47	CA$9.80	x
2010-12-31	CA$12.72	CA$9.80	x
2011-12-31	CA$23.93	CA$9.80	x
2012-12-31	CA$31.13	CA$9.80	x
2013-12-31	CA$30.47	CA$9.80	x
2014-12-31	CA$32.67	CA$9.80	x
2015-12-31	CA$33.32	CA$9.80	x
2016-12-31	CA$37.33	CA$9.80	x
2017-12-31	CA$40.33	CA$9.80	x
2018-12-31	CA$44.66	CA$9.80	x
2019-12-31	CA$50.72	CA$9.80	x
2020-12-31	CA$49.60	CA$9.80	x
2021-12-31	CA$50.42	CA$9.80	x
2022-12-31	CA$48.07	CA$9.80	x
2023-12-31	CA$43.90	CA$9.80	x
2024-12-31	CA$39.80	CA$9.80	x
2025-12-31	CA$28.74	CA$9.80	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Allied Properties Real Estate Investment Trust 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): -33.05%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: -224.10%
• Asset Turnover: 0.06x
• Equity Multiplier: 2.31x
Recent ROE (-33.05%) is below the historical average (4.84%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2003	9.47%	35.85%	0.11x	2.31x	CA$-359.30K
2004	8.01%	22.76%	0.13x	2.72x	CA$-1.95 Million
2005	0.89%	2.70%	0.13x	2.45x	CA$-14.29 Million
2006	3.58%	11.83%	0.13x	2.33x	CA$-13.85 Million
2007	2.00%	5.43%	0.13x	2.79x	CA$-23.18 Million
2008	3.24%	9.45%	0.14x	2.46x	CA$-26.05 Million
2009	3.38%	10.67%	0.13x	2.40x	CA$-31.85 Million
2010	3.64%	10.05%	0.15x	2.47x	CA$-32.46 Million
2011	13.90%	80.75%	0.09x	1.89x	CA$44.50 Million
2012	20.80%	143.12%	0.08x	1.72x	CA$192.05 Million
2013	11.53%	79.01%	0.09x	1.69x	CA$31.75 Million
2014	6.51%	44.94%	0.09x	1.69x	CA$-81.23 Million
2015	9.81%	69.61%	0.08x	1.72x	CA$-4.81 Million
2016	10.73%	83.21%	0.07x	1.73x	CA$22.15 Million
2017	10.09%	85.38%	0.07x	1.64x	CA$3.06 Million
2018	12.35%	123.80%	0.07x	1.53x	CA$102.81 Million
2019	11.00%	116.21%	0.07x	1.45x	CA$57.45 Million
2020	8.11%	89.34%	0.06x	1.52x	CA$-116.97 Million
2021	6.90%	77.90%	0.05x	1.62x	CA$-199.43 Million
2022	1.58%	19.98%	0.04x	1.81x	CA$-554.32 Million
2023	-6.94%	-75.48%	0.05x	1.73x	CA$-1.04 Billion
2024	-6.16%	-57.86%	0.06x	1.91x	CA$-898.79 Million
2025	-33.05%	-224.10%	0.06x	2.31x	CA$-1.73 Billion

Industry Comparison

This section compares Allied Properties Real Estate Investment Trust's net assets metrics with peer companies in the REIT - Office industry.

Industry Context

Industry: REIT - Office
Average net assets among peers: $350,074,400
Average return on equity (ROE) among peers: 1.85%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Allied Properties Real Estate Investment Trust (AP-UN)	CA$4.02 Billion	9.47%	1.31x	$907.10 Million
BTB Real Estate Investment Trust (BTB-UN)	$177.60 Million	7.25%	2.30x	$238.17 Million
Dream Office Real Estate Investment Trust (D-UN)	$900.01 Million	-17.79%	1.52x	$201.73 Million
Inovalis Real Estate Investment Trust (INO-UN)	$157.62 Million	10.50%	1.38x	$19.25 Million
Ravelin Properties REIT (RPR-UN)	$99.15 Million	14.34%	1.74x	$1.46 Million
True North Commercial Real Estate Investment Trust (TNT-UN)	$416.00 Million	-5.04%	1.98x	$84.24 Million

About Allied Properties Real Estate Investment Trust

TO:AP-UN Canada REIT - Office

Market Cap

$907.10 Million

CA$1.25 Billion CAD

Market Cap Rank

#9500 Global

#280 in Canada

Share Price

CA$9.80

Change (1 day)

-1.01%

52-Week Range

CA$8.86 - CA$22.27

All Time High

CA$44.85