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True NthCommercial
(TSX:TNT.UN)
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Rating:51Neutral
Price Target:
C$8.00
â–¼(-5.33% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weak financial performance: declining revenue, ongoing net losses, and elevated leverage, despite positive operating cash flow. Technicals are a meaningful offset with the price above key moving averages and moderately positive momentum. Valuation is mixed—an attractive yield helps, but negative earnings (negative P/E) temper the overall attractiveness.
Positive Factors
Positive Operating Cash Flow
Positive operating cash flow across all provided periods, including about $54M TTM, gives the REIT internally generated liquidity to support property operations and tenant service. This cash base is a durable buffer, although coverage remains limited.
Negative Factors
Declining Revenue
A TTM revenue decline of about 20.6%, following multiple down years, signals weakened scale in the operating platform and reduces the income available to absorb property costs. Persistent contraction can impair reinvestment capacity and make earnings recovery more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive Operating Cash Flow
Positive operating cash flow across all provided periods, including about $54M TTM, gives the REIT internally generated liquidity to support property operations and tenant service. This cash base is a durable buffer, although coverage remains limited.
Read all positive factors
True NthCommercial (TNT.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$108.59M
Dividend Yield8.9%
Average Volume (3M)13.01K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth6.00%
EPS Growth19.62%
CountryCA
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-1.65
Shares Outstanding14,066,534
10 Day Avg. Volume17,926
30 Day Avg. Volume13,014
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)0.34
Price to Sales (P/S)0.98
P/FCF Ratio3.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$9.25Price Target Upside9.47% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
True NthCommercial Business Overview & Revenue Model
Company Description
True North Commercial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust. The REIT currently owns and operates a portfolio of 38 commercial properties consisting of approximately 4.5 million square feet in u...
True NthCommercial Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
42
Neutral
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 128.60M | 130.12M | 126.91M | 132.20M | 143.57M | 138.52M |
| Gross Profit | 65.96M | 66.94M | 65.82M | 72.55M | 86.48M | 82.63M |
| EBITDA | 8.26M | 59.00K | 10.86M | 74.38M | 81.87M | 78.35M |
| Net Income | -23.77M | -32.57M | -20.95M | -40.62M | -18.51M | 29.14M |
Balance Sheet | ||||||
| Total Assets | 1.17B | 1.17B | 1.24B | 1.32B | 1.45B | 1.42B |
| Cash, Cash Equivalents and Short-Term Investments | 21.67M | 7.64M | 12.33M | 8.95M | 9.50M | 5.48M |
| Total Debt | 735.86M | 732.88M | 767.74M | 820.99M | 861.09M | 820.40M |
| Total Liabilities | 801.48M | 794.17M | 824.23M | 870.87M | 928.18M | 881.11M |
| Stockholders Equity | 367.78M | 375.12M | 416.00M | 452.80M | 522.14M | 540.07M |
Cash Flow | ||||||
| Free Cash Flow | 54.26M | 37.95M | 75.67M | 73.94M | 103.27M | 86.69M |
| Operating Cash Flow | 54.26M | 37.95M | 75.67M | 73.94M | 103.27M | 77.31M |
| Investing Cash Flow | -7.47M | 2.28M | 29.57M | 32.45M | -72.80M | -31.74M |
| Financing Cash Flow | -35.59M | -44.92M | -101.85M | -106.94M | -26.45M | -64.68M |
True NthCommercial Technical Analysis
Negative
8.45
Price Trends
8.35
Negative
8.30
Negative
8.21
Negative
Market Momentum
-0.16
Positive
21.30
Positive
13.50
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TNT.UN, the sentiment is Negative. The current price of 8.45 is above the 20-day moving average (MA) of 8.06, above the 50-day MA of 8.35, and above the 200-day MA of 8.21, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 21.30 is Positive, neither overbought nor oversold. The STOCH value of 13.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:TNT.UN.
True NthCommercial Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$4.86B | 4.71 | 22.27% | 3.97% | 0.07% | 295.34% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
51 Neutral | C$108.59M | -4.69 | -6.30% | 8.90% | 6.00% | 19.62% | |
51 Neutral | C$2.51B | -4.24 | -13.51% | 6.53% | -6.50% | -488.63% | |
51 Neutral | C$325.46M | -4.00 | -9.12% | 5.86% | -4.54% | 51.54% | |
49 Neutral | C$974.16M | -0.46 | -47.27% | 13.68% | -2.72% | -221.24% |
* Real Estate Sector Average
TSE:TNT.UN
True NthCommercial
7.75
-0.77
-8.98%
TSE:FCR.UN
First Capital Realty
22.82
4.15
22.25%
TSE:HR.UN
H&R Real Estate ate Staple
9.19
-1.77
-16.14%
TSE:D.UN
Dream Office Real Estate Investment
17.06
-2.97
-14.84%
TSE:AP.UN
Allied Properties Real Estate Investment Trust
6.58
-13.94
-67.93%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.