BTB Real Estate Investment Trust (BTB-UN) - Net Assets
Based on the latest financial reports, BTB Real Estate Investment Trust (BTB-UN) has net assets worth CA$490.97 Million CAD (≈ $355.16 Million 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$1.24 Billion ≈ $899.84 Million USD) and total liabilities (CA$752.95 Million ≈ $544.68 Million 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 BTB Real Estate Investment Trust liquidity resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$490.97 Million |
| % of Total Assets | 39.47% |
| Annual Growth Rate | 42.89% |
| 5-Year Change | 21.4% |
| 10-Year Change | 130.54% |
| Growth Volatility | 1339.99 |
BTB Real Estate Investment Trust - Net Assets Trend (2005–2025)
This chart illustrates how BTB Real Estate Investment Trust's net assets have evolved over time, based on quarterly financial data. Also explore BTB Real Estate Investment Trust total assets for the complete picture of this company's asset base.
Annual Net Assets for BTB Real Estate Investment Trust (2005–2025)
The table below shows the annual net assets of BTB Real Estate Investment Trust from 2005 to 2025. For live valuation and market cap data, see BTB-UN stock market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$490.97 Million ≈ $355.16 Million |
-0.67% |
| 2024-12-31 | CA$494.28 Million ≈ $357.56 Million |
+3.48% |
| 2023-12-31 | CA$477.65 Million ≈ $345.53 Million |
+3.37% |
| 2022-12-31 | CA$462.07 Million ≈ $334.26 Million |
+14.25% |
| 2021-12-31 | CA$404.43 Million ≈ $292.55 Million |
+18.23% |
| 2020-12-31 | CA$342.07 Million ≈ $247.45 Million |
-3.95% |
| 2019-12-31 | CA$356.14 Million ≈ $257.63 Million |
+19.36% |
| 2018-12-31 | CA$298.38 Million ≈ $215.84 Million |
+19.86% |
| 2017-12-31 | CA$248.95 Million ≈ $180.08 Million |
+16.90% |
| 2016-12-31 | CA$212.96 Million ≈ $154.05 Million |
+22.14% |
| 2015-12-31 | CA$174.36 Million ≈ $126.13 Million |
-1.82% |
| 2014-12-31 | CA$177.60 Million ≈ $128.47 Million |
+16.39% |
| 2013-12-31 | CA$152.59 Million ≈ $110.38 Million |
+22.29% |
| 2012-12-31 | CA$124.78 Million ≈ $90.26 Million |
+62.81% |
| 2011-12-31 | CA$76.64 Million ≈ $55.44 Million |
+55.60% |
| 2010-12-31 | CA$49.26 Million ≈ $35.63 Million |
+5.39% |
| 2009-12-31 | CA$46.74 Million ≈ $33.81 Million |
-10.71% |
| 2008-12-31 | CA$52.34 Million ≈ $37.86 Million |
-12.89% |
| 2007-12-31 | CA$60.09 Million ≈ $43.47 Million |
+145.83% |
| 2006-12-31 | CA$24.44 Million ≈ $17.68 Million |
+6167.14% |
| 2005-12-31 | CA$390.00K ≈ $282.12K |
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Equity Component Analysis
This analysis shows how different components contribute to BTB 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 28079300000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$405.71 Million | 82.63% |
| Other Comprehensive Income | CA$366.06 Million | 74.56% |
| Total Equity | CA$490.97 Million | 100.00% |
BTB Real Estate Investment Trust Competitors by Market Cap
The table below lists competitors of BTB Real Estate Investment Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Lionheart Holdings
NASDAQ:CUB
|
$248.40 Million |
|
Compagnie Du Mont-Blanc
PA:MLCMB
|
$248.55 Million |
|
TBI Motion Technology Co Ltd
TW:4540
|
$248.59 Million |
|
HPL Electric & Power Limited
NSE:HPL
|
$248.67 Million |
|
Mastersystem Infotama Tbk.
JK:MSTI
|
$248.34 Million |
|
Duksan Hi Metal Co.Ltd
KQ:077360
|
$248.33 Million |
|
Hisem Co Ltd
KQ:200470
|
$248.32 Million |
|
Beacon Lighting Group Ltd
AU:BLX
|
$248.28 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in BTB Real Estate Investment Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 494,282,000 to 490,974,000, a change of -3,308,000 (-0.7%).
- Net income of 22,371,000 contributed positively to equity growth.
- Dividend payments of 25,894,000 reduced retained earnings.
- Other comprehensive income increased equity by 22,371,000.
- Other factors decreased equity by 22,156,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$22.37 Million | +4.56% |
| Dividends Paid | CA$25.89 Million | -5.27% |
| Other Comprehensive Income | CA$22.37 Million | +4.56% |
| Other Changes | CA$-22.16 Million | -4.51% |
| Total Change | CA$- | -0.67% |
Book Value vs Market Value Analysis
This analysis compares BTB 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: 0.70x
- 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 10.33x to 0.70x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-12-31 | CA$0.38 | CA$3.89 | x |
| 2006-12-31 | CA$23.39 | CA$3.89 | x |
| 2007-12-31 | CA$11.59 | CA$3.89 | x |
| 2008-12-31 | CA$7.94 | CA$3.89 | x |
| 2009-12-31 | CA$6.95 | CA$3.89 | x |
| 2010-12-31 | CA$6.89 | CA$3.89 | x |
| 2011-12-31 | CA$5.59 | CA$3.89 | x |
| 2012-12-31 | CA$6.68 | CA$3.89 | x |
| 2013-12-31 | CA$5.93 | CA$3.89 | x |
| 2014-12-31 | CA$5.65 | CA$3.89 | x |
| 2015-12-31 | CA$5.06 | CA$3.89 | x |
| 2016-12-31 | CA$5.52 | CA$3.89 | x |
| 2017-12-31 | CA$5.70 | CA$3.89 | x |
| 2018-12-31 | CA$5.72 | CA$3.89 | x |
| 2019-12-31 | CA$6.03 | CA$3.89 | x |
| 2020-12-31 | CA$5.45 | CA$3.89 | x |
| 2021-12-31 | CA$5.65 | CA$3.89 | x |
| 2022-12-31 | CA$5.54 | CA$3.89 | x |
| 2023-12-31 | CA$5.54 | CA$3.89 | x |
| 2024-12-31 | CA$5.62 | CA$3.89 | x |
| 2025-12-31 | CA$5.53 | CA$3.89 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently BTB Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 4.56%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 17.19%
- • Asset Turnover: 0.10x
- • Equity Multiplier: 2.53x
- Recent ROE (4.56%) is above the historical average (4.47%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2006 | -1.89% | -152.24% | 0.01x | 1.53x | CA$-2.91 Million |
| 2007 | -2.86% | -15.67% | 0.06x | 3.18x | CA$-7.73 Million |
| 2008 | -5.23% | -9.81% | 0.12x | 4.38x | CA$-7.97 Million |
| 2009 | -5.95% | -9.17% | 0.14x | 4.76x | CA$-7.45 Million |
| 2010 | -12.13% | -17.49% | 0.12x | 5.80x | CA$-10.90 Million |
| 2011 | 9.72% | 17.97% | 0.12x | 4.68x | CA$-214.00K |
| 2012 | 14.40% | 37.34% | 0.10x | 4.05x | CA$5.49 Million |
| 2013 | 12.02% | 28.93% | 0.12x | 3.58x | CA$3.09 Million |
| 2014 | 7.25% | 19.18% | 0.11x | 3.30x | CA$-4.88 Million |
| 2015 | 4.97% | 11.89% | 0.12x | 3.63x | CA$-8.77 Million |
| 2016 | 10.37% | 30.10% | 0.11x | 3.09x | CA$788.70K |
| 2017 | 11.32% | 38.42% | 0.10x | 3.06x | CA$3.28 Million |
| 2018 | 13.85% | 47.28% | 0.10x | 2.87x | CA$11.50 Million |
| 2019 | 7.58% | 28.83% | 0.10x | 2.64x | CA$-8.62 Million |
| 2020 | -6.61% | -24.30% | 0.10x | 2.71x | CA$-56.80 Million |
| 2021 | 4.29% | 17.31% | 0.09x | 2.79x | CA$-23.08 Million |
| 2022 | 8.26% | 31.93% | 0.10x | 2.55x | CA$-8.05 Million |
| 2023 | 7.66% | 28.63% | 0.10x | 2.57x | CA$-11.17 Million |
| 2024 | 7.84% | 29.79% | 0.10x | 2.54x | CA$-10.69 Million |
| 2025 | 4.56% | 17.19% | 0.10x | 2.53x | CA$-26.73 Million |
Industry Comparison
This section compares BTB 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: $1,429,589,200
- Average return on equity (ROE) among peers: -171.36%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| BTB Real Estate Investment Trust (BTB-UN) | CA$490.97 Million | -1.89% | 1.53x | $248.39 Million |
| Allied Properties Real Estate Investment Trust (AP-UN) | $4.02 Billion | -33.05% | 1.31x | $901.55 Million |
| Dream Office Real Estate Investment Trust (D-UN) | $2.37 Billion | -37.09% | 1.31x | $200.01 Million |
| Inovalis Real Estate Investment Trust (INO-UN) | $247.37 Million | -12.00% | 0.96x | $20.45 Million |
| Ravelin Properties REIT (RPR-UN) | $59.81 Million | -765.68% | 19.56x | $1.46 Million |
| True North Commercial Real Estate Investment Trust (TNT-UN) | $452.80 Million | -8.97% | 1.92x | $84.24 Million |
About BTB Real Estate Investment Trust
BTB Real Estate Investment Trust is a real estate investment trust listed on the Toronto Stock Exchange. BTB invests in industrial, suburban office and necessity-based retail properties across Canada for the benefit of their investors. As of today, BTB owns and manages 72 properties, representing a total area of approximately 6.0 million square feet.