1. Canada Stocks

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    Real Estate

  3. •

    REIT - Office
True North Commercial Real Estate Investment Trust

True North Commercial Real Estate Investment Trust

TUERF
True North Commercial Real Estate Investment TrustUS flagOther OTC
6.10
USD
- -
- -
85.74MMarket Cap
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
10.21
7.94
12.4
8.16
7.8
8.75
7.22
9.29
8.98
8.99
8.43
9.01
9.31
9.2
Basic EPS, GAAP
7.9
4.42
5.5
-0.02
4
4.99
1.64
2.65
3.31
1.04
-2.59
-1.49
-2.33
-2.33
Free Cash Flow per Basic Share
5.16
4.07
6.92
4.8
4.23
5.36
3.97
6.09
5.01
6.47
4.72
5.37
5.09
5.02
Dividend per 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
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
26.83
26.65
Tangible 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
26.83
26.65
Basic Weighted Avg Shares
2
3
3
5
7
10
15
15
15
16
16
14
14
14
Sales/Revenue/Turnover
17
23
37
41
56
87
106
139
139
144
132
127
130
129
Operating Margin (%)
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
Depreciation Expense
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
13
13
16
- -
29
50
24
40
51
17
-41
-21
-33
-33
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
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
Working Capital
-6
-8
-17
1
-37
-61
-127
-47
-165
-124
-101
-272
-308
-311
LT Debt
105
182
193
235
346
481
681
776
681
683
694
468
432
415
Total Equity
54
102
111
168
248
363
527
525
540
522
453
416
375
373
Return on Invested Capital (%)
10.84
5.46
6.94
- -
6.06
6.31
5.11
5.87
5.61
5.86
- -
- -
- -
- -
Return on Capital (%)
20.35
7.6
7.76
- -
7.19
8.49
3.99
5.08
5.81
3.31
- -
- -
- -
45.17
Return on Common Equity (%)
- -
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

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
128
124
122

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
- -
-2.33
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
- -
- -
- -
- -

Company Description

APIChat
CEO
Daniel Drimmer
Sector
Real Estate
Industry
REIT - Office
Address
3280 Bloor Street West Toronto ON Canada M8X 2X3
IPO Date
Apr 17, 2019
Website
truenorthreit.com
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Business
True North Commercial Real Estate Investment Trust (TSX: TNT.UN; OTC: TUERF) is a Canada-based, unincorporated open-ended real estate investment trust that owns and operates a portfolio of approximately 38 commercial properties totaling 4.5 million square feet of leasable space in urban and select strategic secondary markets across Canada, including Alberta, British Columbia, New Brunswick, Nova Scotia and Ontario; the portfolio features a focus on long-term leases with government and credit-rated tenants, retail shopping centers and commercial rental properties generating stable rental income through effective property management and accretive growth strategies. The REIT, established under the laws of the Province of Ontario with headquarters in Toronto, primarily serves institutional and creditworthy tenants seeking reliable commercial space in key Canadian markets. It delivers unitholder value via monthly cash distributions, such as the November 2025 payout of C$0.0575 per unit payable December 15, 2025, alongside portfolio appreciation through targeted acquisitions. Recent activities include ongoing portfolio optimization via a normal course issuer bid repurchasing over 385,000 units by late 2023 for funds from operations accretion, sustained monthly distributions through 2025 amid stable operations, and a strategic emphasis on expansion opportunities in Canada and select international jurisdictions despite prior historical efforts like the 2019 C$70 million equity raise for potential Class A office acquisitions in the Greater Toronto Area and Calgary.

Company News

APIChat

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