True North Commercial Real Estate Investment Trust (TNT-UN) Fair Value & Analysis
Real Estate · CA · Market cap C$126M
Fair value as of: Jul 20, 2026
From 12 valuation models · updated yesterday
Fair value updated Jul 20, 2026, revised from C$21.35 to C$21.80 (+2.1%) since Jun 26, 2026. Share price +4.4% over the past month.
Price vs Fair Value (12 months)
12‑month range C$7.84 – C$8.92 · fair‑value band C$7.70 – C$38.81 · the C$8.83 price screens below the C$21.80 fair value. As of Jul 20, 2026.
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True North Commercial Real Estate Investment Trust (TNT-UN) currently trades at C$8.83, while our model-based Fair Value estimate is C$21.80, implying the stock looks roughly 146.9% undervalued today. We read business quality at 55/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, True North Commercial Real Estate Investment Trust generated revenue of C$129M at a net margin of -25.3%. Revenue declined 4.0% year over year. It earns a return on equity of -8.3%. Net debt stands at C$725M. Fundamentals as of Jul 20, 2026
Our scenario range runs from C$7.70 (bear case) to C$38.81 (bull case); at C$8.83, the current price sits within that range. The share trades about 2% below its 52-week high and 13% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -14% fair-value upside, at 147%, TNT-UN screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 20, 2026. TTM = trailing twelve months.
About the company
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 37 commercial properties consisting of approximately 4.4 million square feet in urban and select strategic secondary markets across Canada focusing on long term leases with government and credit rated tenants. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist. True North Commercial Real Estate Investment Trust was incorporated in 2012 in Ontario, Canada.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
True North Commercial Real Estate Investment Trust reported revenue of C$130M in FY2025 versus C$139M in FY2021, a compound −1.6%/yr. Reported net income was −C$32.6M in FY2025.
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Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| BXP, Inc BXP | $64.91 | $60.75 | -6% |
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €6.46 | -58% |
| Vornado Realty Trust VNORP | $51.75 | $47.22 | -9% |
| Alexandria Real Estate Equities, Inc ARE | $50.73 | $126.83 | +150% |
| Gecina GECFF | $87.89 | $128.26 | +46% |
| Hudson Pacific Properties, Inc HPP | $14.54 | $3.95 | -73% |
| Mapletree Pan Asia Commercial Trust MPCMF | $1.07 | $0.9200 | -14% |
| Cousins Properties Incorporated CUZ | $28.86 | $8.62 | -70% |
| Keppel DC REIT KPDCF | $1.75 | $1.48 | -15% |
| DEXUS DEXSF | $4.05 | $2.67 | -34% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.