True North Commercial Real Estate Investment Trust (TNT-UN) - Net Assets
Based on the latest financial reports, True North Commercial Real Estate Investment Trust (TNT-UN) has net assets worth CA$392.82 Million 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$1.20 Billion) and total liabilities (CA$809.62 Million). 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$392.82 Million |
| % of Total Assets | 32.67% |
| Annual Growth Rate | N/A |
| 5-Year Change | -20.79% |
| 10-Year Change | 276.29% |
| Growth Volatility | 31.5 |
True North Commercial Real Estate Investment Trust - Net Assets Trend (2012–2024)
This chart illustrates how True North Commercial 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 True North Commercial Real Estate Investment Trust (2012–2024)
The table below shows the annual net assets of True North Commercial Real Estate Investment Trust from 2012 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | CA$416.00 Million | -8.13% |
| 2023-12-31 | CA$452.80 Million | -13.28% |
| 2022-12-31 | CA$522.14 Million | -3.32% |
| 2021-12-31 | CA$540.07 Million | +2.83% |
| 2020-12-31 | CA$525.21 Million | -0.40% |
| 2019-12-31 | CA$527.33 Million | +45.23% |
| 2018-12-31 | CA$363.09 Million | +46.29% |
| 2017-12-31 | CA$248.20 Million | +48.02% |
| 2016-12-31 | CA$167.67 Million | +51.67% |
| 2015-12-31 | CA$110.55 Million | +8.00% |
| 2014-12-31 | CA$102.36 Million | +88.47% |
| 2013-12-31 | CA$54.31 Million | +562.34% |
| 2012-12-31 | CA$-11.75 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to True North Commercial 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 11606700000.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$546.04 Million | 131.26% |
| Total Equity | CA$416.00 Million | 100.00% |
True North Commercial Real Estate Investment Trust Competitors by Market Cap
The table below lists competitors of True North Commercial Real Estate Investment Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Téléverbier SA
PA:TVRB
|
$85.40 Million |
|
DY Corporation
KO:013570
|
$85.43 Million |
|
Real Estate & E-Commerce Split Corp
TO:RS
|
$85.43 Million |
|
GreenTree Hospitality Group Ltd
NYSE:GHG
|
$85.45 Million |
|
MAYO Human Capital Inc.
TWO:6738
|
$85.38 Million |
|
CDON AB
ST:CDON
|
$85.38 Million |
|
Talga Group Ltd
F:TGX
|
$85.37 Million |
|
U-Best Polymer Industry Co Ltd
TWO:4714
|
$85.28 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in True North Commercial Real Estate Investment Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 452,804,000 to 415,997,000, a change of -36,807,000 (-8.1%).
- Net loss of 20,953,000 reduced equity.
- Share repurchases of 15,908,000 reduced equity.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$-20.95 Million | -5.04% |
| Share Repurchases | CA$15.91 Million | -3.82% |
| Other Changes | CA$54.00K | +0.01% |
| Total Change | CA$- | -8.13% |
Book Value vs Market Value Analysis
This analysis compares True North Commercial 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: 0.29x
- 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.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2012-12-31 | CA$-1.21 | CA$8.45 | x |
| 2013-12-31 | CA$5.59 | CA$8.45 | x |
| 2014-12-31 | CA$6.06 | CA$8.45 | x |
| 2015-12-31 | CA$6.42 | CA$8.45 | x |
| 2016-12-31 | CA$5.75 | CA$8.45 | x |
| 2017-12-31 | CA$6.01 | CA$8.45 | x |
| 2018-12-31 | CA$6.35 | CA$8.45 | x |
| 2019-12-31 | CA$6.79 | CA$8.45 | x |
| 2020-12-31 | CA$6.06 | CA$8.45 | x |
| 2021-12-31 | CA$6.14 | CA$8.45 | x |
| 2022-12-31 | CA$31.86 | CA$8.45 | x |
| 2023-12-31 | CA$27.57 | CA$8.45 | x |
| 2024-12-31 | CA$29.27 | CA$8.45 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently True North Commercial Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -5.04%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -16.51%
- • Asset Turnover: 0.10x
- • Equity Multiplier: 2.98x
- Recent ROE (-5.04%) is below the historical average (6.10%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2012 | 0.00% | -18880.82% | 0.01x | 0.00x | CA$-26.39 Million |
| 2013 | 24.56% | 77.35% | 0.09x | 3.40x | CA$7.91 Million |
| 2014 | 12.68% | 55.66% | 0.07x | 3.11x | CA$2.75 Million |
| 2015 | 14.90% | 44.37% | 0.11x | 3.14x | CA$5.42 Million |
| 2016 | -0.06% | -0.24% | 0.09x | 2.72x | CA$-16.87 Million |
| 2017 | 11.58% | 51.32% | 0.08x | 2.72x | CA$3.93 Million |
| 2018 | 13.67% | 56.99% | 0.09x | 2.59x | CA$13.31 Million |
| 2019 | 4.58% | 22.71% | 0.08x | 2.61x | CA$-28.55 Million |
| 2020 | 5.51% | 20.74% | 0.10x | 2.67x | CA$-23.61 Million |
| 2021 | 9.44% | 36.82% | 0.10x | 2.63x | CA$-3.00 Million |
| 2022 | -3.55% | -12.89% | 0.10x | 2.78x | CA$-70.72 Million |
| 2023 | -8.97% | -30.73% | 0.10x | 2.92x | CA$-85.90 Million |
| 2024 | -5.04% | -16.51% | 0.10x | 2.98x | CA$-62.55 Million |
Industry Comparison
This section compares True North Commercial 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: $1,175,327,000
- Average return on equity (ROE) among peers: -11.71%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| True North Commercial Real Estate Investment Trust (TNT-UN) | CA$392.82 Million | 0.00% | 2.06x | $85.40 Million |
| Allied Properties Real Estate Investment Trust (AP-UN) | $4.02 Billion | -33.05% | 1.31x | $1.01 Billion |
| BTB Real Estate Investment Trust (BTB-UN) | $46.74 Million | -5.95% | 3.76x | $257.32 Million |
| Inovalis Real Estate Investment Trust (INO-UN) | $123.00 Million | 14.13% | 1.08x | $19.25 Million |
| Ravelin Properties REIT (RPR-UN) | $515.37 Million | -21.95% | 2.39x | $1.46 Million |
About True North Commercial Real Estate Investment Trust
True North Commercial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust. The REIT currently owns and operates a portfolio of 38 commercial properties consisting of approximately 4.5 million square feet in urban and select strategic secondary markets across Canada focusing on long term leases with government and credit rated tenants. The REIT is focused on … Read more