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    Real Estate

  3. •

    REIT - Diversified
Canadian Net Real Estate Investment Trust

Canadian Net Real Estate Investment Trust

NET-UN.V
Canadian Net Real Estate Investment TrustCA flagToronto Stock Exchange Ventures
6.37
CAD
-0.06
- -
131.40MMarket Cap
Canadian Net Real Estate Investment Trust
NET-UN.V
(Toronto Stock Exchange Ventures)

Recent

price

6.37

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.38
0.37
0.32
0.35
0.4
0.5
0.57
0.65
0.69
0.84
0.89
0.93
1.21
1.29
1.27
1.36
1.36
Revenue per Share
0.06
-0.07
0.51
0.38
-0.2
0.29
0.64
0.67
-0.21
0.37
0.66
1.24
-0.32
0.89
0.35
0.81
0.44
Basic EPS, GAAP
0.11
-0.22
0.14
0.08
0.22
0.29
0.27
0.31
0.35
0.32
0.42
0.46
0.55
0.55
0.52
0.6
0.6
Free Cash Flow per Basic Share
- -
- -
0.12
0.14
0.15
0.15
0.16
0.19
0.2
0.22
0.26
0.28
0.34
0.34
0.34
0.35
0.35
Dividend per Share
-0.68
- -
4.47
3.27
3.61
3.04
0.55
0.88
- -
4.6
6.16
6.4
5.78
6.29
6.29
6.75
6.79
Book Value per Share
2.56
3.43
4.52
3.31
3.64
3.05
4.09
5.45
4.53
4.61
6.17
6.4
5.79
6.3
6.3
6.76
6.8
Tangible Book Value per Share
1
1
2
3
4
5
5
7
9
11
15
20
21
21
21
21
21
Basic Weighted Avg Shares
- -
1
1
1
1
2
3
4
6
9
13
19
25
27
26
28
28
Sales/Revenue/Turnover
69.61
69.09
66.73
79.01
76.27
70.95
70.46
67.03
72.18
66.64
70.09
69.8
68.25
67.3
64.7
64.69
63.88
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
- -
1
1
-1
1
3
5
-2
4
10
25
-6
18
7
17
9
Net Income, GAAP
29.58
- -
14.84
6.16
- -
2
0.56
0.08
- -
- -
0.02
0.58
- -
0.03
- -
1.98
- -
Effective Tax Rate (%)
15.84
-19.99
159.55
109.8
-48.74
55.05
106.83
103.93
-30.03
43.47
74.08
132.38
-26.26
68.63
27.19
59.59
31.97
Profit Margin (%)
1
- -
2
-2
3
-4
-4
-1
-9
-18
-6
-15
-31
-36
-38
-31
-39
Working Capital
3
2
3
7
7
14
22
30
48
56
107
130
144
135
132
146
137
LT Debt
3
5
10
11
14
14
21
37
41
51
90
130
119
129
129
139
140
Total Equity
3.69
- -
3.48
5.12
- -
6.1
5.44
5.09
- -
- -
5.5
5.47
- -
5.92
- -
5.82
5.7
Return on Invested Capital (%)
7.9
- -
14.08
9.03
- -
6.81
13.31
16.65
- -
- -
7.78
12.38
- -
8.58
- -
7.89
5.23
Return on Capital (%)
- -
- -
22.67
12.45
-6.04
9.8
39.52
103
-63.89
15.92
13.61
22.82
-5.23
14.69
5.49
12.42
6.46
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
32
28
35
LT Borrowings
144
146
137
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
21
21
21
Market Capitalization
113
116
127

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
2
2
3
Cash, Cash Equivalents & STI
1
2
3
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
36
33
41
Payables & Accruals
2
2
2
ST Debt
32
28
35
Deferred Revenue
1
1
2

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
28.73%
10.38%
7.51%
Free Cash Flow
27.24%
16.41%
16.05%
Net Income, GAAP
-39.84%
-54.4%
134.72%
Sales/Revenue/Turnover
29.74%
17.86%
7.11%
Total Cash Common Dividend
25.96%
15.23%
0.9%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7
7
6
7
26
2025
7
7
7
7
28
2026
7
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.06
-0.43
0.63
- -
0.35
2025
0.49
-0.07
0.14
- -
0.81
2026
0.12
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.09
0.09
- -
0.34
2025
0.09
0.09
0.09
- -
0.35
2026
0.09
- -
- -
- -
- -
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Business
Canadian Net Real Estate Investment Trust (TSX-V: NET.UN) is an open-ended real estate investment trust that acquires, owns and leases single-tenant triple net and management-free commercial properties primarily in secondary markets across Canada; its portfolio comprises 97 properties totaling 1.52 million square feet of gross leasable area, with 100% occupancy, focused on necessity retail (66%), convenience stores (18%), quick service restaurants (14%) and other uses; tenants consist predominantly of national retailers (91%), supplemented by regional and local operators, under long-term leases where occupants assume property taxes, insurance and maintenance expenses. The REIT operates through wholly-owned subsidiaries, joint ventures and co-ownerships in Quebec (59.6% of GLA), Ontario (24.5%), Nova Scotia (15.7%) and New Brunswick (0.3%), generating predictable cash flows from assets valued at $317 million; headquartered at 106 Gun Avenue, Pointe-Claire, Quebec, the Trust traces its origins to a trust agreement formed on March 11, 2011 under the Civil Code of Quebec, having previously operated as Fronsac REIT. Recent developments include the January 2025 acquisition of three properties in Quebec; the October 2024 purchase of a grocery store property in Nova Scotia; the closing of a $4.0 million non-brokered private placement of unsecured convertible debentures in December 2025 to support growth and capital recycling; alongside quarterly distributions of $0.35 annually per unit.