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    Real Estate

  3. •

    REIT - Office
Ravelin Properties REIT

Ravelin Properties REIT

RPR-UN.TO
Ravelin Properties REITCA flagToronto Stock Exchange
- -
CAD
- -
- -
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3.17
2.35
3.85
3.56
2.94
3.14
3.14
2.71
2.55
2.49
2.47
2.45
- -
2.3
Basic EPS, GAAP
1.58
0.2
1.25
1.31
1.06
1.04
0.94
0.1
0.79
-0.23
-1.72
-5.71
- -
-1.24
Free Cash Flow per Basic Share
0.9
-9.56
-13.19
-1.12
-1.17
-5.55
0.72
0.69
0.56
0.63
0.5
0.17
- -
0.41
Dividend per Share
0.52
0.57
0.75
0.71
0.73
0.73
0.48
0.4
0.4
0.4
0.2
- -
- -
- -
Book Value per Share
11.05
9.94
11.1
10.07
9.35
9.06
9.1
9
9.27
8.11
6.32
0.62
- -
-0.61
Tangible Book Value per Share
11.05
9.94
11.1
10.07
9.35
9.15
9.15
8.92
9.18
8.17
6.36
0.75
- -
-0.36
Basic Weighted Avg Shares
9
14
23
34
52
67
69
68
68
79
80
80
- -
81
Sales/Revenue/Turnover
28
33
88
122
152
210
216
184
173
197
198
197
185
185
Operating Margin (%)
53.14
46.48
44.37
41.96
41.97
45.58
42.68
42.16
40.43
41.51
37.37
37.95
37.22
37.22
Depreciation Expense
- -
- -
- -
1
1
1
1
1
1
1
1
1
- -
- -
Net Income, GAAP
14
3
28
45
55
70
64
7
53
-18
-137
-458
-100
-100
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
1.28
- -
4.87
- -
- -
- -
- -
- -
Profit Margin (%)
49.92
8.41
32.48
36.73
36.11
33.17
29.8
3.66
30.87
-9.21
-69.54
-232.51
-54.12
-54.12
Working Capital
-15
-25
-7
-155
-196
-285
-198
-181
-91
-398
-370
-957
-1,027
-1,027
LT Debt
126
252
491
463
613
908
819
803
883
779
537
155
160
160
Total Equity
99
140
252
346
485
611
627
605
622
644
509
60
-29
-29
Return on Invested Capital (%)
7.32
4.66
6.65
6.04
5.72
- -
5.32
- -
4.09
- -
- -
- -
- -
- -
Return on Capital (%)
9.79
2.86
7.32
7.39
7.1
- -
6.61
- -
5.62
- -
- -
- -
- -
- -
Return on Common Equity (%)
17.44
2.32
14.5
15.01
13.23
12.78
10.45
1.09
8.61
-2.86
-24.01
-164.89
- -
- -

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
912
959
966
LT Borrowings
167
162
160
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
81
81
81
Market Capitalization
- -
- -
- -

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
44
34
34
Cash, Cash Equivalents & STI
18
12
18
Accounts Receivable, Net
4
6
6
Inventories
- -
- -
- -
Total Current Liabilities
998
1,040
1,061
Payables & Accruals
71
69
73
ST Debt
912
959
966
Deferred Revenue
11
8
11

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-14.91%
-50.31%
-148.72%
Free Cash Flow
38.36%
3.72%
91.26%
Net Income, GAAP
138.3%
274.66%
-78.1%
Sales/Revenue/Turnover
9.21%
0.43%
-5.92%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
49
49
51
49
198
2024
50
50
50
47
197
2025
47
45
48
46
185

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
-0.1
-0.35
-0.48
- -
-1.72
2024
-0.29
-1.91
-2.25
- -
-5.71
2025
-0.14
-0.14
-0.21
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.1
0.05
0.03
- -
0.2
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -

Company Description

MCPAPIChat
CEO
Shant Poladian
Sector
Real Estate
Industry
REIT - Office
Address
Commerce West 401 The West Mall Toronto ON Canada M9C 5J5
IPO Date
Jan 8, 2013
Website
ravelinreit.com
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Business
Ravelin Properties REIT (TSX: RPR.UN) is an unincorporated, open-ended real estate investment trust that acquires, owns and operates a diversified portfolio of income-producing commercial properties, including office buildings, data centres, industrial facilities, retail spaces, residential rentals, surface parking lots and a hotel. The REIT's portfolio comprises 46 properties located in Canada, the United States and Ireland, with primary revenue derived from Canada, followed by the United States and Ireland; tenants include federal and provincial governments as well as various service companies. Founded in 2012 and headquartered at 130 Adelaide Street West, Suite 3401, Toronto, Ontario, Canada, the REIT trades on the Toronto Stock Exchange under the ticker RPR.UN. The REIT offers office spaces in multi-tenant buildings and complexes, industrial and data centre facilities for operational tenants, retail and residential rental properties, surface parking lots and hospitality services through a hotel asset; properties are strategically located in major markets to serve government entities, corporate offices and service providers. Geographically, operations span key urban centres in Canada (including the Greater Toronto Area with six properties totalling 1,636,265 square feet), major U.S. cities such as Chicago and diversified assets in Ireland. In September 2025, Ravelin Properties REIT completed the acquisition of the remaining 25% co-ownership interest in its Commerce West and Gateway Centre properties in the Greater Toronto Area, totaling 659,713 square feet of gross leasable area, achieving 100% ownership of its GTA portfolio and full control over leasing, budgeting and capital investments. Earlier in 2025, G2S2 Capital acquired approximately $600 million of the REIT's debt as part of a recapitalization plan, supporting strategic debt management amid market challenges. The Toronto Stock Exchange lifted its delisting review subsequent to March 31, 2025, following extensions granted in December 2024 related to debt restructuring efforts. In Q4 2024, the REIT reported significant leasing activity with 149,202 square feet initiated and a pipeline exceeding 650,000 square feet.