SmartCentres Real Estate Investment Trust
SmartCentres is one of Canada's largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.1 billion in assets and owns 35.6 million square feet of income producing value-oriented retail and first-class office properties with 98.6% in place and committed o… Read more
SmartCentres Real Estate Investment Trust (SRU-UN) - Net Assets
Latest net assets as of September 2025: CA$6.29 Billion CAD
Based on the latest financial reports, SmartCentres Real Estate Investment Trust (SRU-UN) has net assets worth CA$6.29 Billion CAD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$12.09 Billion) and total liabilities (CA$5.79 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$6.29 Billion |
| % of Total Assets | 52.08% |
| Annual Growth Rate | 41.37% |
| 5-Year Change | 22.66% |
| 10-Year Change | 41.38% |
| Growth Volatility | 699.96 |
SmartCentres Real Estate Investment Trust - Net Assets Trend (1998–2024)
This chart illustrates how SmartCentres 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 SmartCentres Real Estate Investment Trust (1998–2024)
The table below shows the annual net assets of SmartCentres Real Estate Investment Trust from 1998 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | CA$6.34 Billion | -0.34% |
| 2023-12-31 | CA$6.36 Billion | +3.18% |
| 2022-12-31 | CA$6.16 Billion | +5.51% |
| 2021-12-31 | CA$5.84 Billion | +13.05% |
| 2020-12-31 | CA$5.17 Billion | -3.74% |
| 2019-12-31 | CA$5.37 Billion | +7.18% |
| 2018-12-31 | CA$5.01 Billion | +3.75% |
| 2017-12-31 | CA$4.83 Billion | +3.51% |
| 2016-12-31 | CA$4.66 Billion | +4.05% |
| 2015-12-31 | CA$4.48 Billion | +14.75% |
| 2014-12-31 | CA$3.91 Billion | +2.68% |
| 2013-12-31 | CA$3.80 Billion | +4.53% |
| 2012-12-31 | CA$3.64 Billion | +42.53% |
| 2011-12-31 | CA$2.55 Billion | +64.35% |
| 2010-12-31 | CA$1.55 Billion | +13.19% |
| 2009-12-31 | CA$1.37 Billion | -4.47% |
| 2008-12-31 | CA$1.44 Billion | +0.57% |
| 2007-12-31 | CA$1.43 Billion | -4.33% |
| 2006-12-31 | CA$1.49 Billion | +41.15% |
| 2005-12-31 | CA$1.06 Billion | +170.25% |
| 2004-12-31 | CA$391.51 Million | +269.19% |
| 2003-12-31 | CA$106.05 Million | +106.76% |
| 2002-12-31 | CA$51.29 Million | +3658.84% |
| 2001-12-31 | CA$1.36 Million | +40.22% |
| 2000-12-31 | CA$973.11K | +12.10% |
| 1999-12-31 | CA$868.06K | +11.28% |
| 1998-12-31 | CA$780.10K | -- |
Equity Component Analysis
This analysis shows how different components contribute to SmartCentres 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 5378252.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$2.15 Billion | 41.03% |
| Common Stock | CA$3.09 Billion | 58.97% |
| Total Equity | CA$5.24 Billion | 100.00% |
SmartCentres Real Estate Investment Trust Competitors by Market Cap
The table below lists competitors of SmartCentres Real Estate Investment Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
TAG Immobilien AG
OTCGREY:TAGOF
|
$2.45 Billion |
|
OSB GROUP PLC LS 001
F:2UK
|
$2.45 Billion |
|
Shenzhen InfoGem Technologies Co Ltd
SHE:300085
|
$2.45 Billion |
|
VZ Holding AG
SW:VZN
|
$2.45 Billion |
|
LG Innotek Co Ltd
KO:011070
|
$2.44 Billion |
|
Sibanye Stillwater Limited
PINK:SBYSF
|
$2.44 Billion |
|
Lojas Renner S.A.
SA:LREN3
|
$2.44 Billion |
|
Spectris plc
PINK:SEPJF
|
$2.44 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in SmartCentres Real Estate Investment Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 5,272,334,000 to 5,242,830,000, a change of -29,504,000 (-0.6%).
- Net income of 236,755,000 contributed positively to equity growth.
- Dividend payments of 267,630,000 reduced retained earnings.
- Other comprehensive income decreased equity by 6,359,304,000.
- Other factors increased equity by 6,360,675,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$236.75 Million | +4.52% |
| Dividends Paid | CA$267.63 Million | -5.1% |
| Other Comprehensive Income | CA$-6.36 Billion | -121.3% |
| Other Changes | CA$6.36 Billion | +121.32% |
| Total Change | CA$- | -0.56% |
Book Value vs Market Value Analysis
This analysis compares SmartCentres 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: 0.94x
- 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 13.60x to 0.94x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1998-12-31 | CA$2.01 | CA$27.33 | x |
| 1999-12-31 | CA$1.86 | CA$27.33 | x |
| 2000-12-31 | CA$2.08 | CA$27.33 | x |
| 2001-12-31 | CA$2.90 | CA$27.33 | x |
| 2002-12-31 | CA$108.90 | CA$27.33 | x |
| 2003-12-31 | CA$17.58 | CA$27.33 | x |
| 2004-12-31 | CA$14.77 | CA$27.33 | x |
| 2005-12-31 | CA$21.75 | CA$27.33 | x |
| 2006-12-31 | CA$18.69 | CA$27.33 | x |
| 2007-12-31 | CA$15.61 | CA$27.33 | x |
| 2008-12-31 | CA$15.31 | CA$27.33 | x |
| 2009-12-31 | CA$14.14 | CA$27.33 | x |
| 2010-12-31 | CA$13.52 | CA$27.33 | x |
| 2011-12-31 | CA$17.49 | CA$27.33 | x |
| 2012-12-31 | CA$23.38 | CA$27.33 | x |
| 2013-12-31 | CA$24.03 | CA$27.33 | x |
| 2014-12-31 | CA$24.26 | CA$27.33 | x |
| 2015-12-31 | CA$24.90 | CA$27.33 | x |
| 2016-12-31 | CA$24.74 | CA$27.33 | x |
| 2017-12-31 | CA$25.34 | CA$27.33 | x |
| 2018-12-31 | CA$25.68 | CA$27.33 | x |
| 2019-12-31 | CA$26.34 | CA$27.33 | x |
| 2020-12-31 | CA$24.96 | CA$27.33 | x |
| 2021-12-31 | CA$28.07 | CA$27.33 | x |
| 2022-12-31 | CA$28.53 | CA$27.33 | x |
| 2023-12-31 | CA$30.96 | CA$27.33 | x |
| 2024-12-31 | CA$29.01 | CA$27.33 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently SmartCentres Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 4.52%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 25.78%
- • Asset Turnover: 0.08x
- • Equity Multiplier: 2.28x
- Recent ROE (4.52%) is below the historical average (7.52%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1998 | 6.62% | 11.46% | 0.16x | 3.64x | CA$-26.38K |
| 1999 | 9.59% | 10.88% | 0.11x | 7.70x | CA$-3.55K |
| 2000 | 9.39% | 7.11% | 0.17x | 7.84x | CA$-5.93K |
| 2001 | 21.47% | 23.75% | 0.20x | 4.42x | CA$156.53K |
| 2003 | 8.45% | 39.40% | 0.10x | 2.16x | CA$-1.64 Million |
| 2004 | 3.43% | 15.25% | 0.09x | 2.59x | CA$-25.74 Million |
| 2005 | 2.53% | 13.30% | 0.08x | 2.42x | CA$-79.05 Million |
| 2006 | 1.39% | 6.69% | 0.09x | 2.40x | CA$-128.57 Million |
| 2007 | 2.13% | 7.90% | 0.10x | 2.73x | CA$-112.38 Million |
| 2008 | 6.24% | 20.62% | 0.10x | 2.92x | CA$-54.04 Million |
| 2009 | 1.70% | 5.04% | 0.11x | 3.09x | CA$-113.98 Million |
| 2010 | 0.75% | 2.36% | 0.11x | 2.81x | CA$-143.72 Million |
| 2011 | 8.18% | 34.55% | 0.09x | 2.75x | CA$-39.33 Million |
| 2012 | 29.11% | 164.53% | 0.08x | 2.10x | CA$589.81 Million |
| 2013 | 8.47% | 47.76% | 0.08x | 2.19x | CA$-49.40 Million |
| 2014 | 6.86% | 37.27% | 0.09x | 2.15x | CA$-103.46 Million |
| 2015 | 7.29% | 40.26% | 0.08x | 2.30x | CA$-100.14 Million |
| 2016 | 8.37% | 44.43% | 0.08x | 2.27x | CA$-62.53 Million |
| 2017 | 7.43% | 40.44% | 0.08x | 2.35x | CA$-102.59 Million |
| 2018 | 8.06% | 42.34% | 0.08x | 2.28x | CA$-80.29 Million |
| 2019 | 3.39% | 18.87% | 0.08x | 2.21x | CA$-297.09 Million |
| 2020 | -3.32% | -18.36% | 0.07x | 2.48x | CA$-575.19 Million |
| 2021 | 9.74% | 60.87% | 0.07x | 2.32x | CA$-12.52 Million |
| 2022 | 15.82% | 100.81% | 0.07x | 2.28x | CA$298.49 Million |
| 2023 | 7.85% | 44.51% | 0.08x | 2.26x | CA$-113.53 Million |
| 2024 | 4.52% | 25.78% | 0.08x | 2.28x | CA$-287.53 Million |
Industry Comparison
This section compares SmartCentres Real Estate Investment Trust's net assets metrics with peer companies in the REIT - Retail industry.
Industry Context
- Industry: REIT - Retail
- Average net assets among peers: $331,696,000
- Average return on equity (ROE) among peers: -3.77%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| SmartCentres Real Estate Investment Trust (SRU-UN) | CA$6.29 Billion | 6.62% | 0.92x | $2.45 Billion |
| Primaris Retail R.E. Invest. Tr. Units (PMZ-UN) | $590.89 Million | -5.19% | 1.78x | $1.45 Billion |
| RioCan Real Estate Investment Trust (REI-UN) | $72.50 Million | -2.34% | 0.80x | $3.92 Billion |