SmartCentres Real Estate Investment Trust (SRU-UN) - Net Assets

Latest as of September 2025: CA$6.29 Billion CAD ≈ $4.55 Billion USD

Based on the latest financial reports, SmartCentres Real Estate Investment Trust (SRU-UN) has net assets worth CA$6.29 Billion CAD (≈ $4.55 Billion USD) 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 ≈ $8.74 Billion USD) and total liabilities (CA$5.79 Billion ≈ $4.19 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 asset resilience ratio of SmartCentres Real Estate Investment Trus to evaluate the company's liquid asset resilience ratio.

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. Also explore how large is SmartCentres Real Estate Investment Trus's balance sheet for the complete picture of this company's asset base.

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. For live valuation and market cap data, see SRU-UN market cap.

Year	Net Assets	Change
2024-12-31	CA$6.34 Billion ≈ $4.58 Billion	-0.34%
2023-12-31	CA$6.36 Billion ≈ $4.60 Billion	+3.18%
2022-12-31	CA$6.16 Billion ≈ $4.46 Billion	+5.51%
2021-12-31	CA$5.84 Billion ≈ $4.23 Billion	+13.05%
2020-12-31	CA$5.17 Billion ≈ $3.74 Billion	-3.74%
2019-12-31	CA$5.37 Billion ≈ $3.88 Billion	+7.18%
2018-12-31	CA$5.01 Billion ≈ $3.62 Billion	+3.75%
2017-12-31	CA$4.83 Billion ≈ $3.49 Billion	+3.51%
2016-12-31	CA$4.66 Billion ≈ $3.37 Billion	+4.05%
2015-12-31	CA$4.48 Billion ≈ $3.24 Billion	+14.75%
2014-12-31	CA$3.91 Billion ≈ $2.83 Billion	+2.68%
2013-12-31	CA$3.80 Billion ≈ $2.75 Billion	+4.53%
2012-12-31	CA$3.64 Billion ≈ $2.63 Billion	+42.53%
2011-12-31	CA$2.55 Billion ≈ $1.85 Billion	+64.35%
2010-12-31	CA$1.55 Billion ≈ $1.12 Billion	+13.19%
2009-12-31	CA$1.37 Billion ≈ $992.93 Million	-4.47%
2008-12-31	CA$1.44 Billion ≈ $1.04 Billion	+0.57%
2007-12-31	CA$1.43 Billion ≈ $1.03 Billion	-4.33%
2006-12-31	CA$1.49 Billion ≈ $1.08 Billion	+41.15%
2005-12-31	CA$1.06 Billion ≈ $765.36 Million	+170.25%
2004-12-31	CA$391.51 Million ≈ $283.21 Million	+269.19%
2003-12-31	CA$106.05 Million ≈ $76.71 Million	+106.76%
2002-12-31	CA$51.29 Million ≈ $37.10 Million	+3658.84%
2001-12-31	CA$1.36 Million ≈ $987.03K	+40.22%
2000-12-31	CA$973.11K ≈ $703.93K	+12.10%
1999-12-31	CA$868.06K ≈ $627.94K	+11.28%
1998-12-31	CA$780.10K ≈ $564.31K	--

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
GRINM Semiconductor Materials Co. Ltd. A SHG:688432	$2.97 Billion
AIMA Technology Group Co Ltd SHG:603529	$2.97 Billion
Pt Pradiksi Gunatama Tbk JK:PGUN	$2.98 Billion
Sh Belling SHG:600171	$2.98 Billion
Northeast Securities Co Ltd SHE:000686	$2.97 Billion
Sichuan Qiaoyuan Gas Co.Ltd SHE:301286	$2.97 Billion
China Wafer Level Csp Co Ltd SHG:603005	$2.97 Billion
Shanxi Securities Co Ltd SHE:002500	$2.97 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: 0.98x
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 14.12x to 0.98x 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$28.38	x
1999-12-31	CA$1.86	CA$28.38	x
2000-12-31	CA$2.08	CA$28.38	x
2001-12-31	CA$2.90	CA$28.38	x
2002-12-31	CA$108.90	CA$28.38	x
2003-12-31	CA$17.58	CA$28.38	x
2004-12-31	CA$14.77	CA$28.38	x
2005-12-31	CA$21.75	CA$28.38	x
2006-12-31	CA$18.69	CA$28.38	x
2007-12-31	CA$15.61	CA$28.38	x
2008-12-31	CA$15.31	CA$28.38	x
2009-12-31	CA$14.14	CA$28.38	x
2010-12-31	CA$13.52	CA$28.38	x
2011-12-31	CA$17.49	CA$28.38	x
2012-12-31	CA$23.38	CA$28.38	x
2013-12-31	CA$24.03	CA$28.38	x
2014-12-31	CA$24.26	CA$28.38	x
2015-12-31	CA$24.90	CA$28.38	x
2016-12-31	CA$24.74	CA$28.38	x
2017-12-31	CA$25.34	CA$28.38	x
2018-12-31	CA$25.68	CA$28.38	x
2019-12-31	CA$26.34	CA$28.38	x
2020-12-31	CA$24.96	CA$28.38	x
2021-12-31	CA$28.07	CA$28.38	x
2022-12-31	CA$28.53	CA$28.38	x
2023-12-31	CA$30.96	CA$28.38	x
2024-12-31	CA$29.01	CA$28.38	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: $2,207,201,158
Average return on equity (ROE) among peers: 6.04%

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	$2.97 Billion
Choice Properties Real Estate Investment Trust (CHP-UN)	$3.52 Billion	12.79%	3.44x	$3.59 Billion
CT Real Estate Investment Trust (CRT-UN)	$3.85 Billion	2.74%	0.81x	$1.39 Billion
Firm Capital Property Trust (FCD-UN)	$48.18 Million	9.81%	0.97x	$175.49 Million
First Capital Real Estate Investment Trust (FCR-UN)	$951.33 Million	3.19%	2.58x	$3.59 Billion
Plaza Retail REIT (PLZ-UN)	$327.64 Million	-3.54%	1.98x	$357.89 Million
Primaris Retail R.E. Invest. Tr. Units (PMZ-UN)	$2.10 Billion	4.86%	0.85x	$1.62 Billion
RioCan Real Estate Investment Trust (REI-UN)	$7.73 Billion	3.06%	0.95x	$4.53 Billion
Slate Grocery REIT (SGR-U)	$403.43 Million	7.63%	2.26x	$110.57K
Slate Grocery REIT (SGR-UN)	$931.10 Million	13.83%	1.44x	$694.00 Million

About SmartCentres Real Estate Investment Trust

TO:SRU-UN Canada REIT - Retail

Market Cap

$2.97 Billion

CA$4.11 Billion CAD

Market Cap Rank

#4961 Global

#166 in Canada

Share Price

CA$28.38

Change (1 day)

+0.60%

52-Week Range

CA$25.11 - CA$28.71

All Time High

CA$28.71