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Last update at 2026-06-03T20:00:00Z
Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -154.36800M | -49.70100M | -337.67300M | 9.06M | 390.46M |
| Minority interest | - | - | - | - | - |
| Net income | -155.66200M | -47.41400M | -332.06800M | -5.29400M | 389.18M |
| Selling general administrative | 7.89M | 41.35M | 6.84M | 9.55M | 9.33M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 121.83M | 163.23M | 184.02M | 209.98M | 237.78M |
| Reconciled depreciation | 1.63M | 1.19M | 1.23M | 1.25M | 1.36M |
| Ebit | - | - | - | - | - |
| Ebitda | - | - | - | - | - |
| Depreciation and amortization | - | - | - | - | - |
| Non operating income net other | - | - | - | - | - |
| Operating income | -29.82400M | -49.70100M | -337.67300M | 9.06M | 225.26M |
| Other operating expenses | - | - | - | - | - |
| Interest expense | 63.80M | 170.39M | 513.62M | 191.37M | 67.11M |
| Tax provision | 1.29M | -2.28700M | -5.60500M | 14.36M | 1.29M |
| Interest income | 3.37M | 30.91M | 32.36M | 18.94M | 1.89M |
| Net interest income | -64.27200M | -74.71100M | -89.51700M | -70.49300M | -67.76300M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | - | - | - | - | - |
| Total revenue | 240.30M | 300.37M | 335.84M | 372.51M | 419.50M |
| Total operating expenses | 270.13M | 350.07M | 673.51M | 363.45M | 194.24M |
| Cost of revenue | 118.48M | 137.14M | 151.82M | 162.53M | 181.71M |
| Total other income expense net | -60.27200M | -97.76700M | -425.18900M | -122.76500M | 232.97M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | -155.66200M | -47.41400M | -332.06800M | -5.29400M | 389.18M |
| Net income applicable to common shares | - | -60.40400M | -345.09300M | -21.15000M | - |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 2317.64M | 2803.16M | 3735.03M | 4553.91M | 4576.02M |
| Intangible assets | - | - | - | - | - |
| Earning assets | - | - | - | - | - |
| Other current assets | - | 209.95M | 580.22M | 352.36M | - |
| Total liab | 1063.20M | 1222.19M | 2018.70M | 2324.75M | 2120.67M |
| Total stockholder equity | 1254.44M | 1580.97M | 1716.33M | 2229.16M | 2455.35M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | 6.39M | 7.83M | 5.72M | - | 7.69M |
| Common stock | - | 1528.94M | 1638.58M | 1751.93M | - |
| Capital stock | 1621.64M | 1704.80M | 1830.27M | 1957.73M | 2154.20M |
| Retained earnings | -879.65400M | -640.12600M | -488.88300M | -72.95600M | 86.67M |
| Other liab | - | - | - | - | - |
| Good will | - | - | - | - | - |
| Other assets | - | - | - | 0.00000M | - |
| Cash | 25.57M | 32.79M | 28.94M | 29.17M | 221.47M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 451.33M | 585.68M | 971.47M | 1350.69M | 954.55M |
| Current deferred revenue | - | - | - | - | - |
| Net debt | 958.00M | 1099.25M | 1876.60M | 2185.78M | 1744.16M |
| Short term debt | - | 0.00000M | 0.00000M | 0.00000M | - |
| Short long term debt | 377.50M | 501.04M | 863.23M | 1252.28M | 801.52M |
| Short long term debt total | - | - | - | - | - |
| Other stockholder equity | - | 479.71M | 415.94M | 462.39M | - |
| Property plant equipment | - | 6.37M | 4.35M | 5.34M | - |
| Total current assets | 291.63M | 261.40M | 646.84M | 406.11M | 340.07M |
| Long term investments | 126.53M | 335.41M | 556.33M | 757.00M | 257.26M |
| Net tangible assets | - | - | - | - | - |
| Short term investments | - | - | - | - | - |
| Net receivables | 3.80M | 4.93M | 5.02M | 5.23M | 5.58M |
| Long term debt | 606.07M | 631.00M | 1042.31M | 962.67M | 1164.12M |
| Inventory | 247.83M | 202.81M | 571.76M | 335.81M | 62.90M |
| Accounts payable | 20.93M | 19.81M | 18.73M | 29.47M | 36.75M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | - | - | - | - | - |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | - | - | - | - | - |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 2026.01M | 2541.76M | 3088.19M | 4147.81M | 4235.95M |
| Capital lease obligations | - | - | - | - | - |
| Long term debt total | - | 631.00M | 1042.99M | 963.59M | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 26.05M | 76.49M | 132.90M | -394.79200M | -71.57600M |
| Change to liabilities | - | - | - | - | - |
| Total cashflows from investing activities | - | 652.11M | 298.39M | -288.98900M | - |
| Net borrowings | -122.43900M | -563.21900M | -220.32800M | 316.16M | -396.05200M |
| Total cash from financing activities | -249.29300M | -730.44400M | -378.18900M | -46.57100M | -622.97400M |
| Change to operating activities | - | - | - | - | - |
| Net income | -155.66200M | -47.41400M | -332.06800M | -5.29400M | 389.18M |
| Change in cash | -7.22100M | 3.85M | -0.22800M | -192.30600M | 186.77M |
| Begin period cash flow | 32.79M | 28.94M | 29.17M | 221.47M | 34.70M |
| End period cash flow | 25.57M | 32.79M | 28.94M | 29.17M | 221.47M |
| Total cash from operating activities | 66.83M | 80.14M | 79.96M | 140.74M | 199.50M |
| Issuance of capital stock | - | - | - | 0.00000M | 0.22M |
| Depreciation | 1.63M | 1.19M | 1.23M | 1.25M | 1.36M |
| Other cashflows from investing activities | - | 652.53M | 298.76M | -288.96800M | - |
| Dividends paid | 84.14M | 104.46M | 93.18M | 175.86M | 97.89M |
| Change to inventory | - | - | - | 0.00000M | 15.06M |
| Change to account receivables | - | - | - | - | - |
| Sale purchase of stock | -42.70900M | -62.76800M | -64.68200M | -186.86700M | -129.25700M |
| Other cashflows from financing activities | - | - | - | - | - |
| Change to netincome | - | - | - | - | - |
| Capital expenditures | 0.00800M | 0.41M | 0.38M | 0.02M | 0.00500M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | 6.13M | -4.71400M | -0.94400M | -4.06200M | 16.06M |
| Stock based compensation | 0.78M | 2.13M | 0.18M | -0.72100M | 2.05M |
| Other non cash items | 27.85M | 1.13M | -5.23600M | 12.12M | 23.89M |
| Free cash flow | 66.83M | 79.73M | 79.59M | 140.72M | 199.49M |
Sector: Real Estate Industry: REIT - Diversified
| Company | Change (CAD) | Price (CAD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| RFA RFA Financial Inc. |
0.11 0.42% | 26.11 | - | 16.53 | 6.08 | 1.12 | 9.76 | 82.04 |
| HR-UN H&R Real Estate Investment Trust |
-0.03 0.29% | 10.37 | - | 7.46 | 3.01 | 0.47 | 7.23 | 85.97 |
| CRR-UN Crombie Real Estate Investment Trust |
- -% | 16.94 | 684.50 | 24.15 | 5.73 | 1.35 | 10.81 | 14.46 |
| MRT-UN Morguard Real Estate Investment Trust |
0.03 0.44% | 6.81 | - | 5.56 | 1.35 | 0.35 | 6.44 | -19.1212 |
| MPCT-UN Dream Impact Trust |
0.04 2.34% | 1.75 | - | 24.45 | 5.16 | 0.23 | 6.40 | 7.24 |
RFA Financial Inc. is a diversified commercial real estate investment trust and is an unincorporated closed-end real estate investment trust, created under, and governed by, the laws of the Province of Manitoba. The REIT was created pursuant to the Declaration of Trust dated November 8, 2004, as most recently amended and restated on December 19, 2021. Certain of the REIT's securities are listed on the Toronto Stock Exchange. The REIT's common units trade under the symbol AX.UN and the REIT's preferred units trade under the symbols AX.PR.E and AX.PR.I. The REIT's common units also trade in the United States on the OTCQX Best Market, under the symbol ARESF. As at November 14, 2025, there were 95,966,473 common units, 7,108,165 preferred units, 736,465 restricted units and 591,279 deferred units of Artis outstanding. RFA Financial Inc. was founded in 2004 and is based in Winnipeg, Canada.
Suite 600 - 220 Portage Avenue, Winnipeg, MB, Canada, R3C 0A5
| Name | Title | Year Born |
|---|---|---|
| Ms. Kim Riley | Chief Operating Officer | 1983 |
| Ms. Kara Watson | Executive VP, General Counsel & Corporate Secretary | NA |
| Mr. Gregory Moore | Executive Vice President of Real Estate - North America | NA |
| Ms. Danielle Robert | Vice President of Accounting | NA |
| Ms. Heather Nikkel | Senior Vice President of Investor Relations & Sustainability | NA |
| Ms. Jayelle Morris | Vice President of Human Resources | NA |
| Mr. Ron Wieler | Senior Vice President of Construction & Development - U.S. Region | NA |
| Mr. Samir Manji CA | Executive Chairman of the Board | 1969 |
| Mr. Benjamin Ryan Rodney B.A., M.B.A. | President & CEO | 1977 |
| Ms. Jaclyn Koenig CPA, CA | Chief Financial Officer | NA |
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