Boardwalk Real Estate Investment Trust (BEI-UN) - Net Assets
Based on the latest financial reports, Boardwalk Real Estate Investment Trust (BEI-UN) has net assets worth CA$4.92 Billion CAD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$8.99 Billion) and total liabilities (CA$4.07 Billion). 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 | CA$4.92 Billion |
| % of Total Assets | 54.71% |
| Annual Growth Rate | 22.97% |
| 5-Year Change | 51.26% |
| 10-Year Change | 62.87% |
| Growth Volatility | 153.83 |
Boardwalk Real Estate Investment Trust - Net Assets Trend (1994–2025)
This chart illustrates how Boardwalk Real Estate Investment Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Boardwalk Real Estate Investment Trust (1994–2025)
The table below shows the annual net assets of Boardwalk Real Estate Investment Trust from 1994 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$4.92 Billion | +1.74% |
| 2024-12-31 | CA$4.84 Billion | +11.96% |
| 2023-12-31 | CA$4.32 Billion | +24.61% |
| 2022-12-31 | CA$3.47 Billion | +6.57% |
| 2021-12-31 | CA$3.25 Billion | +13.10% |
| 2020-12-31 | CA$2.88 Billion | -7.75% |
| 2019-12-31 | CA$3.12 Billion | -0.28% |
| 2018-12-31 | CA$3.13 Billion | +5.01% |
| 2017-12-31 | CA$2.98 Billion | -1.45% |
| 2016-12-31 | CA$3.02 Billion | -5.90% |
| 2015-12-31 | CA$3.21 Billion | -4.39% |
| 2014-12-31 | CA$3.36 Billion | +1.77% |
| 2013-12-31 | CA$3.30 Billion | +8.18% |
| 2012-12-31 | CA$3.05 Billion | +24.76% |
| 2011-12-31 | CA$2.44 Billion | +2342.60% |
| 2010-12-31 | CA$-109.02 Million | -142.04% |
| 2009-12-31 | CA$-45.04 Million | -630.32% |
| 2008-12-31 | CA$8.49 Million | -94.03% |
| 2007-12-31 | CA$142.35 Million | -55.36% |
| 2006-12-31 | CA$318.87 Million | +7.82% |
| 2005-12-31 | CA$295.74 Million | -16.81% |
| 2004-12-31 | CA$355.52 Million | +15.24% |
| 2003-12-31 | CA$308.50 Million | +2.24% |
| 2002-12-31 | CA$301.75 Million | +5.88% |
| 2001-12-31 | CA$284.98 Million | -28.93% |
| 2000-12-31 | CA$400.99 Million | +3.21% |
| 1999-12-31 | CA$388.50 Million | +63.79% |
| 1998-12-31 | CA$237.20 Million | +9.16% |
| 1997-12-31 | CA$217.30 Million | +146.65% |
| 1996-12-31 | CA$88.10 Million | +491.28% |
| 1995-12-31 | CA$14.90 Million | +83.95% |
| 1994-12-31 | CA$8.10 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Boardwalk 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 grown by 1095906.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$4.38 Billion | 89.14% |
| Common Stock | CA$534.13 Million | 10.86% |
| Other Components | CA$1.00 | 0.00% |
| Total Equity | CA$4.92 Billion | 100.00% |
Boardwalk Real Estate Investment Trust Competitors by Market Cap
The table below lists competitors of Boardwalk Real Estate Investment Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
GCS Holdings
TWO:4991
|
$2.37 Billion |
|
Forvia SE
PA:FRVIA
|
$2.37 Billion |
|
Bakkafrost P/F
LSE:0MQ2
|
$2.37 Billion |
|
CoCreation Grass Co Ltd
SHG:605099
|
$2.37 Billion |
|
Dave Inc
NASDAQ:DAVE
|
$2.37 Billion |
|
OliX PharmaceuticalsInc
KQ:226950
|
$2.37 Billion |
|
Aisino Corp
SHG:600271
|
$2.36 Billion |
|
Sichuan Anning Iron and Titanium Co
SHE:002978
|
$2.36 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Boardwalk Real Estate Investment Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,836,809,000 to 4,918,159,000, a change of 81,350,000 (1.7%).
- Net income of 196,868,000 contributed positively to equity growth.
- Dividend payments of 77,219,000 reduced retained earnings.
- Share repurchases of 58,321,000 reduced equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$196.87 Million | +4.0% |
| Dividends Paid | CA$77.22 Million | -1.57% |
| Share Repurchases | CA$58.32 Million | -1.19% |
| Other Changes | CA$20.02 Million | +0.41% |
| Total Change | CA$- | 1.68% |
Book Value vs Market Value Analysis
This analysis compares Boardwalk 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: 0.74x
- 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 168.44x to 0.74x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1994-12-31 | CA$0.41 | CA$68.22 | x |
| 1995-12-31 | CA$0.68 | CA$68.22 | x |
| 1996-12-31 | CA$3.06 | CA$68.22 | x |
| 1997-12-31 | CA$5.43 | CA$68.22 | x |
| 1998-12-31 | CA$5.13 | CA$68.22 | x |
| 1999-12-31 | CA$5.80 | CA$68.22 | x |
| 2000-12-31 | CA$6.07 | CA$68.22 | x |
| 2001-12-31 | CA$5.68 | CA$68.22 | x |
| 2002-12-31 | CA$6.00 | CA$68.22 | x |
| 2003-12-31 | CA$5.97 | CA$68.22 | x |
| 2004-12-31 | CA$6.74 | CA$68.22 | x |
| 2005-12-31 | CA$5.56 | CA$68.22 | x |
| 2006-12-31 | CA$5.74 | CA$68.22 | x |
| 2007-12-31 | CA$2.53 | CA$68.22 | x |
| 2008-12-31 | CA$0.16 | CA$68.22 | x |
| 2009-12-31 | CA$-0.85 | CA$68.22 | x |
| 2010-12-31 | CA$-2.07 | CA$68.22 | x |
| 2011-12-31 | CA$46.78 | CA$68.22 | x |
| 2012-12-31 | CA$63.78 | CA$68.22 | x |
| 2013-12-31 | CA$63.02 | CA$68.22 | x |
| 2014-12-31 | CA$70.29 | CA$68.22 | x |
| 2015-12-31 | CA$61.85 | CA$68.22 | x |
| 2016-12-31 | CA$65.19 | CA$68.22 | x |
| 2017-12-31 | CA$58.65 | CA$68.22 | x |
| 2018-12-31 | CA$61.54 | CA$68.22 | x |
| 2019-12-31 | CA$67.17 | CA$68.22 | x |
| 2020-12-31 | CA$56.39 | CA$68.22 | x |
| 2021-12-31 | CA$69.91 | CA$68.22 | x |
| 2022-12-31 | CA$68.85 | CA$68.22 | x |
| 2023-12-31 | CA$94.27 | CA$68.22 | x |
| 2024-12-31 | CA$89.60 | CA$68.22 | x |
| 2025-12-31 | CA$91.99 | CA$68.22 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Boardwalk Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 4.00%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 30.83%
- • Asset Turnover: 0.07x
- • Equity Multiplier: 1.83x
- Recent ROE (4.00%) is below the historical average (21.50%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1994 | 4.94% | 5.00% | 0.07x | 14.70x | CA$-410.00K |
| 1995 | 7.38% | 3.35% | 0.29x | 7.66x | CA$-390.00K |
| 1996 | 2.61% | 4.50% | 0.12x | 4.91x | CA$-6.51 Million |
| 1997 | 3.68% | 7.39% | 0.12x | 4.28x | CA$-13.73 Million |
| 1998 | 6.24% | 7.96% | 0.16x | 4.84x | CA$-8.92 Million |
| 1999 | 3.64% | 4.77% | 0.16x | 4.89x | CA$-18.18 Million |
| 2000 | 5.16% | 10.58% | 0.10x | 4.79x | CA$-14.57 Million |
| 2001 | -4.49% | -5.63% | 0.15x | 5.23x | CA$-41.30 Million |
| 2002 | 3.84% | 4.64% | 0.15x | 5.66x | CA$-18.60 Million |
| 2003 | 2.51% | 2.86% | 0.15x | 5.85x | CA$-23.10 Million |
| 2004 | 1.34% | 1.69% | 0.16x | 5.09x | CA$-30.77 Million |
| 2005 | 1.70% | 1.69% | 0.16x | 6.37x | CA$-24.54 Million |
| 2006 | 7.96% | 7.95% | 0.17x | 6.00x | CA$-6.50 Million |
| 2007 | -41.68% | -15.82% | 0.17x | 15.43x | CA$-73.56 Million |
| 2008 | 537.91% | 10.78% | 0.18x | 277.75x | CA$44.84 Million |
| 2009 | 0.00% | 14.51% | 0.18x | 0.00x | CA$66.57 Million |
| 2010 | 0.00% | 17.24% | 0.18x | 0.00x | CA$82.63 Million |
| 2011 | 50.11% | 289.81% | 0.08x | 2.08x | CA$980.61 Million |
| 2012 | 22.57% | 156.52% | 0.08x | 1.86x | CA$383.50 Million |
| 2013 | 10.24% | 73.10% | 0.08x | 1.80x | CA$7.78 Million |
| 2014 | 7.35% | 52.15% | 0.08x | 1.78x | CA$-89.01 Million |
| 2015 | 0.90% | 6.06% | 0.08x | 1.82x | CA$-292.23 Million |
| 2016 | -1.90% | -13.09% | 0.08x | 1.91x | CA$-359.57 Million |
| 2017 | 1.92% | 13.54% | 0.07x | 1.97x | CA$-240.50 Million |
| 2018 | 6.18% | 44.45% | 0.07x | 1.95x | CA$-119.47 Million |
| 2019 | 1.12% | 7.64% | 0.07x | 2.01x | CA$-277.02 Million |
| 2020 | -6.86% | -42.37% | 0.08x | 2.12x | CA$-484.92 Million |
| 2021 | 13.72% | 94.84% | 0.07x | 2.05x | CA$120.95 Million |
| 2022 | 8.17% | 57.03% | 0.07x | 2.04x | CA$-63.60 Million |
| 2023 | 15.42% | 122.07% | 0.07x | 1.88x | CA$234.09 Million |
| 2024 | 12.16% | 97.50% | 0.07x | 1.78x | CA$104.54 Million |
| 2025 | 4.00% | 30.83% | 0.07x | 1.83x | CA$-294.95 Million |
Industry Comparison
This section compares Boardwalk Real Estate Investment Trust's net assets metrics with peer companies in the REIT - Residential industry.
Industry Context
- Industry: REIT - Residential
- Average net assets among peers: $709,164,069
- Average return on equity (ROE) among peers: 16.49%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Boardwalk Real Estate Investment Trust (BEI-UN) | CA$4.92 Billion | 4.94% | 0.83x | $2.37 Billion |
| Canadian Apartment Properties Real Estate Investment Trust (CAR-UN) | $588.36 Million | 2.18% | 2.30x | $4.22 Billion |
| European Residential Real Estate Investment Trust (ERE-UN) | $353.72 Million | 33.55% | 3.24x | $79.47 Million |
| GO Residential Real Estate Investment Trust (GO-U) | $415.59 Million | 32.65% | 4.47x | $734.96 |
| BSR Real Estate Investment Trust (HOM-UN) | $285.00 Million | -18.67% | 2.94x | $1.18K |
| InterRent Real Estate Investment Trust (IIP-UN) | $2.42 Billion | 15.28% | 0.70x | $1.35 Billion |
| Killam Apartment Real Estate Investment Trust (KMP-UN) | $2.11 Billion | 13.52% | 1.17x | $1.51 Billion |
| Lanesborough Real Estate Investment Trust (LRT-UN) | $-165.30 Million | 0.00% | 0.00x | $2.46 Million |
| Marwest Apartment Real Estate Investment Trust (MAR-UN) | $15.89 Million | 57.98% | 4.75x | $5.14 Million |
| Flagship Communities Real Estate Investment Trust (MHC-U) | $357.75 Million | 11.93% | 1.23x | $372.52 Million |
About Boardwalk Real Estate Investment Trust
Boardwalk Real Estate Investment Trust strives to be Canada's friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever. Providing homes in more than 200 communities, with over 34,000 residential suites totaling approximately 30 million net rentable square feet, Boardwalk has a proven long-term track record of … Read more