CANADIAN NET REAL ESTATE INVESTMENT TRUST

Income Statement Canadian Net Real Estate Investment Trust

Stocks

NET.UN

CA13639A1093

Commercial REITs

Delayed Toronto S.E. 08:45:14 14/08/2026 pm IST			5-day change	1st Jan Change
6.800 ^CAD	+1.80%		-1.02%	+20.35%

31/07	Canadian Net Real Estate Investment Trust's Equity Buyback announced on July 17, 2025, has expired.	CI
30/07	Canadian Net REIT Renews Normal Course Issuer Bid	MT

0afc5720d41c729d1b44e94bce.2Q_umEg5hSiMZNRjiFenQEXkR7ZULRZuoAuyJkL-Xz0.qkK_8wd15n_VAoYv-DLINSirEfokGVsA0mD-ZxqUAGWKPa3JAg21TMhJmQ

Published financial data: CANADIAN NET REAL ESTATE INVESTMENT TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	1.9Cr	2.47Cr	2.66Cr	2.61Cr	2.8Cr
Other Revenues, Total	29.67L	-9L	30.77L	18.62L	31.28L
Total Revenues	2.19Cr	2.38Cr	2.96Cr	2.8Cr	3.11Cr
Property Expenses	46.32L	63.57L	71.19L	72.07L	77.54L
Selling General & Admin Expenses, Total	8L	9L	10.21L	12.46L	10.65L
Stock-Based Compensation (IS)	3L	6L	5L	8L	10.6L
Total Operating Expenses	57.52L	78.51L	86.82L	92.22L	98.8L
Operating Income (REIT / Utility Template)	1.62Cr	1.6Cr	2.09Cr	1.88Cr	2.12Cr
Interest Expense, Total	-46.76L	-65.83L	-76.4L	-73.23L	-75.22L
Interest and Investment Income	2L	3L	4L	4L	3L
Net Interest Expenses	-44.31L	-62.63L	-72.47L	-69.34L	-72.14L
Other Non Operating Income (Expenses)	84.67T	5L	2L	-68.98T	-25.88T
EBT, Excl. Unusual Items	1.18Cr	1.02Cr	1.39Cr	1.18Cr	1.4Cr
Gain (Loss) on Sale of Assets	57.67T	-	-	-	-
Asset Writedown	1.34Cr	-1.67Cr	43.19L	-47.55L	30.45L
Other Unusual Items	-	-	-	-	-25T
EBT, Incl. Unusual Items	2.52Cr	-64.97L	1.82Cr	70.06L	1.7Cr
Income Tax Expense	1L	-2.94T	6.1T	-97.32T	3L
Earnings From Continuing Operations	2.51Cr	-64.94L	1.82Cr	71.04L	1.67Cr
Net Income to Company	2.51Cr	-64.94L	1.82Cr	71.04L	1.67Cr
Net Income - (IS)	2.51Cr	-64.94L	1.82Cr	71.04L	1.67Cr
Net Income to Common Incl Extra Items	2.51Cr	-64.94L	1.82Cr	71.04L	1.67Cr
Net Income to Common Excl. Extra Items	2.51Cr	-64.94L	1.82Cr	71.04L	1.67Cr
Per Share Items
Net EPS - Basic	1.35	-0.32	0.89	0.35	0.81
Basic EPS - Continuing Operations	1.35	-0.32	0.89	0.35	0.81
Basic Weighted Average Shares Outstanding	1.86Cr	2.05Cr	2.06Cr	2.06Cr	2.06Cr
Net EPS - Diluted	1.3	-0.32	0.89	0.35	0.81
Diluted EPS - Continuing Operations	1.3	-0.32	0.89	0.35	0.81
Diluted Weighted Average Shares Outstanding	1.98Cr	2.05Cr	2.06Cr	2.06Cr	2.06Cr
Normalized Basic EPS	0.4	0.31	0.42	0.36	0.42
Normalized Diluted EPS	0.37	0.31	0.42	0.36	0.42
Dividend Per Share	0.3	0.34	0.34	0.34	0.35
Payout Ratio	22.23	-107.29	38.94	99.83	42.91
Supplemental Items
EBITA	1.62Cr	1.6Cr	2.09Cr	1.88Cr	2.12Cr
EBIT	1.62Cr	1.6Cr	2.09Cr	1.88Cr	2.12Cr
Effective Tax Rate - (Ratio)	0.58	0.05	0.03	-1.39	1.98
Current Domestic Taxes	-	-	-	-	67.46T
Total Current Taxes	-	-	-	-	67.46T
Deferred Domestic Taxes	1L	-2.94T	6.1T	-97.32T	3L
Total Deferred Taxes	1L	-2.94T	6.1T	-97.32T	3L
Normalized Net Income	73.88L	64.03L	86.93L	73.51L	87.43L
Interest on Long-Term Debt	45.78L	60.33L	64.45L	63.47L	69.04L
Supplemental Operating Expense Items
General and Administrative Expenses	8L	9L	10.21L	12.46L	10.65L
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	3L	6L	5L	8L	10.6L
Total Stock-Based Compensation	3L	6L	5L	8L	10.6L

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Net Property Plant And Equipment	25Cr	28Cr	28Cr	28Cr	-
Total Real Estate Assets	25Cr	28Cr	28Cr	28Cr	-
Cash And Equivalents	6L	2L	10L	9L	10L
Investment In Debt and Equity Securities	-	-	-	-	-
Other Current Assets, Total	13.29L	81.12L	72L	10L	12.63L
Deferred Tax Assets Long-Term (Collected)	20T	18.3T	25T	-	-
Other Long-Term Assets, Total	2.33Cr	1.93Cr	2.23Cr	2.4Cr	32Cr
Total Assets	28Cr	30Cr	31Cr	30Cr	32Cr
Liabilities
Current Portion of Long-Term Debt	1.18Cr	1.65Cr	1.38Cr	2.21Cr	1.88Cr
Short-Term Borrowings	28.85L	1.57Cr	1.6Cr	1.32Cr	93.1L
Long-Term Debt	13Cr	14Cr	14Cr	13Cr	15Cr
Accounts Payable, Total	9L	19.42L	19.01L	17.05L	15.7L
Accrued Expenses, Total	-	-	-	11.48L	23.15L
Current Income Taxes Payable	-	-	-	2L	66.6T
Unearned Revenue, Current	-	12.4L	12.57L	12.93L	14.32L
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	16.15L	34.98L	27.8L	-	-
Deferred Tax Liability Non-Current	3L	3L	3L	-	3L
Other Non Current Liabilities	8L	8L	7L	38.38T	2L
Total Liabilities	15Cr	18Cr	18Cr	17Cr	18Cr
Common Stock, Total	10Cr	10Cr	10Cr	10Cr	10Cr
Additional Paid In Capital	71.4T	71.4T	71.4T	71.4T	71.4T
Retained Earnings	2.87Cr	1.52Cr	2.63Cr	2.63Cr	3.58Cr
Total Common Equity	13Cr	12Cr	13Cr	13Cr	14Cr
Total Equity	13Cr	12Cr	13Cr	13Cr	14Cr
Total Liabilities And Equity	28Cr	30Cr	31Cr	30Cr	32Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.03Cr	2.06Cr	2.05Cr	2.06Cr	2.06Cr
ECS Total Common Shares Outstanding	2.03Cr	2.06Cr	2.05Cr	2.06Cr	2.06Cr
Book Value / Share	6.4	5.76	6.31	6.3	6.76
Tangible Book Value	13Cr	12Cr	13Cr	13Cr	14Cr
Tangible Book Value Per Share	6.4	5.76	6.31	6.3	6.76
Total Debt	14Cr	18Cr	17Cr	17Cr	17Cr
Net Debt	14Cr	18Cr	17Cr	17Cr	17Cr
Equity Method Investments, Total	1.88Cr	1.57Cr	1.82Cr	1.96Cr	2.13Cr
Account Code - Inventory Valuation	3	3	3	3	3

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	2.51Cr	-64.94L	1.82Cr	71.04L	1.67Cr
Amortization of Deferred Charges, Total	-	-	-	-	-
(Gain) Loss On Sale of Asset - (CF)	-57.67T	-	-	-	-
Total Asset Writedown	-1.34Cr	1.67Cr	-43.19L	47.55L	-30.45L
(Income) Loss On Equity Investments - (CF)	-29.67L	9L	-30.77L	-18.62L	-31.28L
Stock-Based Compensation (CF)	3L	6L	4L	7L	10.4L
Change in Accounts Payable	4L	5L	3L	-4L	3L
Change In Income Taxes	-	-	-	-	-1L
Change in Other Net Operating Assets (Collected)	-88.51T	-3L	-50.78T	3L	3L
Other Operating Activities	-34.2T	-6L	-2L	9.63T	3L
Cash from Operations	92.63L	1.13Cr	1.13Cr	1.07Cr	1.24Cr
Acquisition of Real Estate Assets, Total	-5.37Cr	-4.43Cr	-15.71L	-98.12L	-1.3Cr
Sale of Real Estate Assets, Total	-	2L	42.34L	1.25Cr	-
Net Sale / Acquisition of Real Estate Assets	-5.37Cr	-4.41Cr	26.63L	26.61L	-1.3Cr
Investment in Marketable and Equity Securities, Total	-19.97L	22.71L	6L	4L	14.63L
Net (Increase) Decrease in Loans Originated / Sold - Investing	-66.14T	3L	-5L	6L	2L
Cash from Investing	-5.58Cr	-4.16Cr	27.14L	37.19L	-1.13Cr
Short Term Debt Issued, Total	28.85L	1.28Cr	2L	-	-
Long-Term Debt Issued, Total	2.91Cr	2.79Cr	23.54L	65L	2.12Cr
Total Debt Issued	3.2Cr	4.08Cr	25.94L	65L	2.12Cr
Short Term Debt Repaid, Total	-	-	-	-27.25L	-39.3L
Long-Term Debt Repaid, Total	-33.31L	-55.87L	-81.95L	-1.12Cr	-1.11Cr
Total Debt Repaid	-33.31L	-55.87L	-81.95L	-1.39Cr	-1.5Cr
Issuance of Common Stock	1.96Cr	16.24L	12.27T	-	-
Repurchase of Common Stock	-	-	-5L	-	-
Common Dividends Paid	-55.78L	-69.67L	-70.95L	-70.91L	-71.55L
Common & Preferred Stock Dividends Paid	-55.78L	-69.67L	-70.95L	-70.91L	-71.55L
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	4.27Cr	2.98Cr	-1.32Cr	-1.45Cr	-9L
Net Change in Cash	-38.53L	-4L	8L	-1L	75.83T
Supplemental Items
Cash Interest Paid	38.77L	57.66L	68.2L	67.11L	69.4L
Net Debt Issued / Repaid	2.86Cr	3.52Cr	-56L	-73.88L	62.06L
Levered Free Cash Flow	75.54L	38.23L	90.29L	1.19Cr	1.04Cr
Unlevered Free Cash Flow	1.05Cr	79.38L	1.38Cr	1.65Cr	1.51Cr
Change In Net Working Capital	-62.53T	26.51L	-2L	-40.12L	-8L

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.14	3.44	4.28	3.85	4.28
Return on Total Capital	4.21	3.5	4.39	3.92	4.35
Return On Equity %	22.81	-5.23	14.68	5.49	12.41
Return on Common Equity	22.81	-5.23	14.68	5.49	12.41
Margin Analysis
Gross Profit Margin %	78.87	73.32	75.97	74.25	75.08
SG&A Margin	3.7	3.74	3.45	4.45	3.42
EBITA Margin %	73.76	67.05	70.7	67.05	68.24
EBIT Margin %	73.76	67.05	70.7	67.05	68.24
Income From Continuing Operations Margin %	114.46	-27.25	61.5	25.38	53.6
Net Income Margin %	114.46	-27.25	61.5	25.38	53.6
Net Avail. For Common Margin %	114.46	-27.25	61.5	25.38	53.6
Normalized Net Income Margin	33.71	26.87	29.34	26.27	28.11
Levered Free Cash Flow Margin	34.46	16.05	30.47	42.64	33.38
Unlevered Free Cash Flow Margin	47.79	33.31	46.59	58.99	48.49
Asset Turnover
Asset Turnover	0.09	0.08	0.1	0.09	0.1
Fixed Assets Turnover	0.1	0.09	0.11	0.1	-
Short Term Liquidity
Current Ratio	0.11	0.21	0.23	0.05	0.07
Quick Ratio	0.04	0.01	0.03	0.02	0.03
Operating Cash Flow to Current Liabilities	0.54	0.29	0.32	0.27	0.37
Average Days Payable Outstanding	59.1	82.57	98.54	91.58	69.22
Long Term Solvency
Total Debt/Equity	111.47	148.8	132.77	129.41	124.83
Total Debt / Total Capital	52.71	59.81	57.04	56.41	55.52
LT Debt/Equity	100.16	121.63	109.78	102.13	104.63
Long-Term Debt / Total Capital	47.36	48.89	47.16	44.52	46.54
Total Liabilities / Total Assets	53.33	60.84	58.01	57.04	56.34
EBIT / Interest Expense	3.46	2.43	2.74	2.56	2.82
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	41.41	8.71	24.34	-5.54	11.16
Gross Profit, 1 Yr. Growth %	39.61	1.06	28.83	-7.68	12.39
EBITA, 1 Yr. Growth %	39.18	-1.18	31.1	-10.42	13.14
EBIT, 1 Yr. Growth %	39.18	-1.18	31.1	-10.42	13.14
Earnings From Cont. Operations, 1 Yr. Growth %	160.78	-125.88	-380.61	-61.02	134.72
Net Income, 1 Yr. Growth %	160.78	-125.88	-380.61	-61.02	134.72
Diluted EPS Before Extra, 1 Yr. Growth %	99.5	-123.43	-379.91	-60.99	134.31
Normalized Net Income, 1 Yr. Growth %	24.52	-13.34	35.77	-15.44	18.03
Net Property, Plant and Equip., 1 Yr. Growth %	36	8.89	0.88	-0.85	-
Total Assets, 1 Yr. Growth %	32.65	8.95	1.75	-2.28	5.77
Common Equity, 1 Yr. Growth %	43.91	-8.57	9.1	-0.04	7.51
Tangible Book Value, 1 Yr. Growth %	43.91	-8.57	9.1	-0.04	7.51
Cash From Operations, 1 Yr. Growth %	49.7	22.33	-0.69	-5.34	16.05
Levered Free Cash Flow, 1 Yr. Growth %	28.16	-49.38	136.14	23.74	-12.99
Unlevered Free Cash Flow, 1 Yr. Growth %	32.16	-24.23	73.9	14.5	-8.63
Dividend Per Share, 1 Yr. Growth %	17.37	13.33	1.47	0	0.01
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	54	23.98	16.26	8.37	2.47
Gross Profit, 2 Yr. CAGR %	57.17	18.78	14.1	9.06	1.86
EBITA, 2 Yr. CAGR %	62.66	17.28	13.82	8.37	0.67
EBIT, 2 Yr. CAGR %	62.66	17.28	13.82	8.37	0.67
Earnings From Cont. Operations, 2 Yr. CAGR %	147.94	-17.85	-14.78	4.59	-4.34
Net Income, 2 Yr. CAGR %	147.94	-17.85	-14.78	4.59	-4.34
Diluted EPS Before Extra, 2 Yr. CAGR %	88.9	-30.38	-19.01	4.49	-4.4
Normalized Net Income, 2 Yr. CAGR %	116.26	3.88	8.47	7.15	0.29
Net Property, Plant and Equip., 2 Yr. CAGR %	46.1	21.69	4.81	0.01	-
Total Assets, 2 Yr. CAGR %	46.78	20.22	5.29	-0.29	1.67
Common Equity, 2 Yr. CAGR %	59.01	14.71	-0.13	4.43	3.67
Tangible Book Value, 2 Yr. CAGR %	59.01	14.71	-0.13	4.43	3.67
Cash From Operations, 2 Yr. CAGR %	60.07	35.32	10.22	-3.04	4.81
Levered Free Cash Flow, 2 Yr. CAGR %	169.78	-19.46	9.33	76.66	3.76
Unlevered Free Cash Flow, 2 Yr. CAGR %	98.76	0.07	14.79	44.22	2.28
Dividend Per Share, 2 Yr. CAGR %	16.25	15.33	7.24	0.73	0.73
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	51.59	37.12	24.1	8.48	9.29
Gross Profit, 3 Yr. CAGR %	50.07	35.66	22.04	6.32	10.16
EBITA, 3 Yr. CAGR %	52.68	37.77	21.71	5.09	9.94
EBIT, 3 Yr. CAGR %	52.68	37.77	21.71	5.09	9.94
Earnings From Cont. Operations, 3 Yr. CAGR %	136.82	16.74	23.72	-34.34	36.93
Net Income, 3 Yr. CAGR %	136.82	16.74	23.72	-34.34	36.93
Diluted EPS Before Extra, 3 Yr. CAGR %	84.56	-4.65	10.7	-36.51	36.77
Normalized Net Income, 3 Yr. CAGR %	59.02	59.44	13.58	-0.17	10.94
Net Property, Plant and Equip., 3 Yr. CAGR %	39.77	32.46	14.31	2.89	-
Total Assets, 3 Yr. CAGR %	41.16	32.9	13.71	2.7	1.69
Common Equity, 3 Yr. CAGR %	46.48	32.22	12.81	-0.1	5.45
Tangible Book Value, 3 Yr. CAGR %	46.48	32.22	12.81	-0.1	5.45
Cash From Operations, 3 Yr. CAGR %	42.68	46.35	22.06	4.77	2.94
Levered Free Cash Flow, 3 Yr. CAGR %	37.06	54.44	15.27	16.46	39.52
Unlevered Free Cash Flow, 3 Yr. CAGR %	39.12	44.12	20.31	16.37	23.86
Dividend Per Share, 3 Yr. CAGR %	14.17	15.27	10.51	4.77	0.97
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	49.54	39	36.32	24.8	14.95
Gross Profit, 5 Yr. CAGR %	46.99	36.33	34.49	24.32	13.53
EBITA, 5 Yr. CAGR %	51.18	38.36	35.75	25.15	12.82
EBIT, 5 Yr. CAGR %	51.18	38.36	35.75	25.15	12.82
Earnings From Cont. Operations, 5 Yr. CAGR %	50.99	7.42	57.35	11.72	11.62
Net Income, 5 Yr. CAGR %	50.99	7.42	57.35	11.72	11.62
Diluted EPS Before Extra, 5 Yr. CAGR %	16.95	-14	33.72	-1.09	4.4
Normalized Net Income, 5 Yr. CAGR %	53.96	34.13	36.46	36	8.06
Net Property, Plant and Equip., 5 Yr. CAGR %	39.83	32.93	24.57	18.38	-
Total Assets, 5 Yr. CAGR %	41.9	34.05	25.54	18.47	8.73
Common Equity, 5 Yr. CAGR %	43.38	26.45	25.68	20.32	9.06
Tangible Book Value, 5 Yr. CAGR %	43.38	26.45	25.68	20.32	9.06
Cash From Operations, 5 Yr. CAGR %	45.52	40.63	28.68	24.12	14.84
Levered Free Cash Flow, 5 Yr. CAGR %	155.65	17.42	25.21	62.98	11.99
Unlevered Free Cash Flow, 5 Yr. CAGR %	79.55	27.67	28.82	44.16	13.73
Dividend Per Share, 5 Yr. CAGR %	13.26	13.56	11.34	9.22	6.49