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    REIT - Office
True North Commercial REIT

True North Commercial REIT

TNT-UN.TO
True North Commercial REITCA flagToronto Stock Exchange
8.51
CAD
- -
- -
119.71MMarket Cap
True North Commercial REIT
TNT-UN.TO
(Toronto Stock Exchange)

Recent

price

8.51

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
10.21
7.94
12.4
8.16
7.8
8.75
7.22
9.29
8.98
8.99
8.43
9.01
9.26
9.2
Revenue per Share
- -
7.9
4.42
5.5
-0.02
4
4.99
1.64
2.65
3.31
1.04
-2.59
-1.49
-2.32
-2.33
Basic EPS, GAAP
- -
5.16
4.07
6.92
4.8
4.23
5.36
3.97
6.09
5.01
6.47
4.72
5.37
5.07
5.02
Free Cash Flow per Basic Share
- -
2.5
1.87
3.11
2
2.39
2.68
2.13
2.93
3.06
3.05
1.99
- -
0.53
0.71
Dividend per Share
- -
32.16
34.85
36.93
33.08
34.57
36.49
35.77
34.98
35
32.7
28.88
29.54
26.68
26.65
Book Value per Share
- -
32.16
34.85
36.93
33.08
34.57
36.49
35.77
34.98
35
32.7
28.88
29.54
26.68
26.65
Tangible Book Value per Share
- -
2
3
3
5
7
10
15
15
15
16
16
14
14
14
Basic Weighted Avg Shares
- -
17
23
37
41
56
87
106
139
139
144
132
127
130
129
Sales/Revenue/Turnover
- -
50.83
53.18
56.95
55.16
57.07
55.37
53.1
55.93
54.66
56.02
50.61
47.27
48.44
48.32
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
13
13
16
- -
29
50
24
40
51
17
-41
-21
-33
-33
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
77.35
55.66
44.37
-0.24
51.32
56.99
22.71
28.51
36.82
11.51
-30.73
-16.51
-25.03
-25.3
Profit Margin (%)
- -
-6
-8
-17
1
-37
-61
-127
-47
-165
-124
-101
-272
-308
-311
Working Capital
10
105
182
193
235
346
481
681
776
681
683
694
468
432
415
LT Debt
-12
54
102
111
168
248
363
527
525
540
522
453
416
375
373
Total Equity
- -
10.84
5.46
6.94
- -
6.06
6.31
5.11
5.87
5.61
5.86
- -
- -
- -
- -
Return on Invested Capital (%)
- -
20.35
7.6
7.76
- -
7.19
8.49
3.99
5.08
5.81
3.31
- -
- -
- -
45.17
Return on Capital (%)
- -
- -
16.57
15.47
-0.07
13.82
16.23
5.43
7.55
9.58
3.11
-8.33
-4.82
-8.23
-8.27
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
171
301
320
LT Borrowings
576
432
415
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
14
14
14
Market Capitalization
129
124
113

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
61
52
69
Cash, Cash Equivalents & STI
9
8
8
Accounts Receivable, Net
2
16
4
Inventories
45
25
41
Total Current Liabilities
230
360
380
Payables & Accruals
49
48
50
ST Debt
171
301
320
Deferred Revenue
9
10
9

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
15.91%
-6.35%
-9.83%
Free Cash Flow
16.99%
-2.75%
-5.89%
Net Income, GAAP
-2,895.42%
-75.59%
55.45%
Sales/Revenue/Turnover
14.91%
-1.28%
2.53%
Total Cash Common Dividend
- -
- -
-76.08%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
32
32
30
32
127
2025
31
28
31
40
130
2026
30
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.34
-0.52
-0.24
- -
-1.49
2025
0.04
-0.85
-0.37
- -
-2.32
2026
0.04
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
0.18
0.18
- -
0.53
2026
0.18
- -
- -
- -
- -
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Business
True North Commercial Real Estate Investment Trust (TSX: TNT.UN), an unincorporated open-ended real estate investment trust established in 2012 and headquartered in Toronto, Ontario, owns and operates a diversified portfolio of approximately 38 to 44 commercial properties totaling around 4.5 million square feet located in urban and strategic secondary markets across Alberta, British Columbia, New Brunswick, Nova Scotia and Ontario; the portfolio emphasizes long-term leases with government and credit-rated tenants, including the Government of Canada, generating stable rental income from office, industrial and multi-tenant retail spaces with weighted average lease terms of about 4.3 years and occupancy rates near 94%; the REIT targets high-credit tenants to deliver reliable monthly cash distributions alongside long-term unit value appreciation through active portfolio management and opportunistic growth. In 2025, the REIT completed sales of two non-core assets, executed 291,600 square feet of new and renewed leasing including 168,400 square feet in the first nine months with a 7.1-year weighted average term and 1.1% spreads on renewals, amended its revolving credit facility to $75 million maturing December 2025, and refinanced substantially all 2025 debt maturities totaling over $228 million plus $8.5 million in new financing at blended rates of 4.39% to 4.87% with terms of 2.8 to 3 years, bolstering its balance sheet while maintaining core occupancy above 93% and advancing strategic deleveraging.