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RFA Financial Inc.

RFA · TO · Real Estate / Real Estate Services

23.60CAD+0.91 (+4.01%)

Price History

Full chart

Market Stats

Previous Close22.69
Open22.74
Day Range22.60 – 23.63
52-Week Range16.91 – 33.29
Volume32.10K
Market Cap1.17B
P/E (TTM)0.00
Forward P/E16.53
EPS-5.81
Dividend Yield5.11%
Beta0.55
50-Day Avg25.85
200-Day Avg22.37

About

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.

Company Details

  • SectorReal Estate
  • IndustryReal Estate Services
  • CEOMr. Benjamin Ryan Rodney B.A., M.B.A.
  • Employees143
  • HeadquartersSuite 600 - 220 Portage Avenue, Winnipeg, MB, Canada, R3C 0A5, Canada
  • Websitehttps://rfafinancial.ca

Leadership

  • Mr. Samir Manji CAExecutive Chairman of the Board · b. 1969
  • Mr. Benjamin Ryan Rodney B.A., M.B.A.President, CEO & Director · b. 1977
  • Ms. Jaclyn Koenig CPA, CAChief Financial Officer
  • Ms. Kim RileyPresident of RFA Asset Management · b. 1984
  • Mr. Robert L. Morton C.Dir, CPA, CMAPresident & CEO of RFA Bank
  • Ms. Melody LoChief Operating Officer
  • Ms. Danielle RobertVice President of Accounting
  • Ms. Heather NikkelSenior Vice President of Investor Relations & Sustainability
  • Ms. Kara WatsonExecutive VP, General Counsel & Corporate Secretary
  • Ms. Jayelle MorrisVice President of Human Resources

Financials

Income Statement

Currency: CAD2021-12-312022-12-312023-12-312024-12-312025-12-31
Total Revenue419.50M372.51M335.84M300.37M240.30M
Growth (%)--11.20%-9.85%-10.56%-20.00%
Cost of Revenue181.71M162.53M151.82M137.14M118.48M
Gross Profit237.78M209.98M184.02M163.23M121.83M
Gross Margin56.68%56.37%54.79%54.34%50.70%
Operating Expense12.53M200.92M521.69M212.93M151.65M
Operating Income225.26M9.06M-337.67M-49.70M-29.82M
Operating Margin53.70%2.43%-100.55%-16.55%-12.41%
EBITDA-97.47M-217.19M53.88M-88.94M
EBITDA Margin-26.17%-64.67%17.94%-37.01%
Net Income389.18M-5.29M-332.07M-47.41M-155.66M
Net Income Margin92.77%-1.42%-98.88%-15.79%-64.78%
Interest Expense67.11M191.37M513.62M170.39M63.80M
Interest Expense % of Total Revenue16.00%51.37%152.94%56.73%26.55%

Balance Sheet

Currency: CAD2021-12-312022-12-312023-12-312024-12-312025-12-31
Total Assets4.58B4.55B3.74B2.80B2.32B
Total Liabilities2.12B2.32B2.02B1.22B1.06B
Total Equity2.46B2.23B1.72B1.58B1.25B
Cash221.47M29.17M28.94M32.79M25.57M
Net Debt1.74B2.19B1.88B1.10B958.00M

Cash Flow

Currency: CAD2021-12-312022-12-312023-12-312024-12-312025-12-31
Operating Cash Flow199.50M140.74M79.96M80.14M66.83M
Investing Cash Flow--288.99M298.39M652.11M-
Financing Cash Flow-622.97M-46.57M-378.19M-730.44M-249.29M
Capital Expenditure5.00K21.00K376.00K414.00K8.00K
Free Cash Flow199.49M140.72M79.59M79.73M66.83M
Dividends Paid97.89M175.86M93.18M104.46M84.14M
FCF to OCF100.00%99.99%99.53%99.48%99.99%
Dividend Paid to FCF49.07%124.97%117.08%131.02%125.92%

Earnings

Report DateMar 31, 2005Jun 30, 2005Sep 30, 2005Dec 31, 2005Mar 31, 2006Jun 30, 2006Sep 30, 2006Dec 31, 2006Mar 31, 2007Jun 30, 2007Sep 30, 2007Mar 31, 2008Jun 30, 2008Sep 30, 2008Dec 31, 2008Mar 31, 2009Jun 30, 2009Sep 30, 2009Dec 31, 2009Mar 31, 2010Aug 12, 2010Nov 9, 2010Mar 3, 2011May 19, 2011Aug 11, 2011Nov 9, 2011Mar 15, 2012May 10, 2012Aug 9, 2012Nov 8, 2012Mar 1, 2013May 8, 2013Aug 9, 2013Nov 8, 2013Feb 28, 2014May 9, 2014Aug 8, 2014Nov 7, 2014Feb 27, 2015May 8, 2015Aug 7, 2015Nov 6, 2015Mar 1, 2016May 6, 2016Aug 5, 2016Nov 4, 2016Mar 2, 2017May 9, 2017Aug 4, 2017Nov 7, 2017Mar 2, 2018May 11, 2018Aug 3, 2018Nov 2, 2018Mar 1, 2019May 10, 2019Aug 2, 2019Nov 5, 2019Feb 28, 2020May 8, 2020Aug 7, 2020Nov 6, 2020Mar 3, 2021May 7, 2021Aug 5, 2021Nov 4, 2021Mar 4, 2022May 6, 2022Aug 5, 2022Nov 4, 2022Mar 1, 2023May 12, 2023Aug 3, 2023Nov 3, 2023Mar 1, 2024May 3, 2024Aug 9, 2024Nov 8, 2024Feb 27, 2025Mar 31, 2025Jun 30, 2025Sep 30, 2025Dec 31, 2025May 12, 2026Aug 13, 2026Nov 10, 2026
EPS Estimate--------------------------------------------------------------------------------------
EPS Actual-0.19-0.24-0.11-0.83-0.51-0.79-0.81-0.66-0.431.240.09-0.17-0.18-0.18-0.10-1.250.010.010.330.03-0.02-0.14-0.044.651.981.962.252.402.012.182.431.861.601.04-0.160.621.091.131.25-0.391.11-0.61-4.230.730.091.43-0.601.440.671.200.990.881.350.390.020.400.300.850.62-2.521.090.910.611.504.830.831.365.71-0.60-2.56-3.42-0.67-2.34-3.86-2.52-0.29-0.07-0.43-0.960.25-0.81-1.14-3.55-0.450.15-
Surprise--------------------------------------------------------------------------------------
Timing-----------------------------------------------------------------------------------After-hoursAfter-hoursAfter-hours

Key Statistics & Ratios

Market Cap1.17B
Enterprise Value1.97B
Trailing P/E0.00
Forward P/E16.53
PEG Ratio0.67
Price / Sales4.05
Price / Book0.82
EPS-5.81
Book Value30.92
Revenue (TTM)288.85M
Gross Profit (TTM)151.66M
EBITDA111.89M
Profit Margin-67.05%
Operating Margin32.30%
Return on Equity-13.34%
Return on Assets1.64%
Shares Outstanding45.68M
Shares Float38.99M
Beta0.55
Dividend Yield5.11%
Dividend Rate1.32
Payout Ratio43.80%

Dividends

20264×
0.33Sep 29, 20260.33Jun 30, 20260.22Mar 31, 20260.05Jan 30, 2026
202512×
0.05Dec 31, 20250.05Nov 28, 20250.05Oct 31, 20250.05Sep 29, 20250.05Aug 29, 20250.05Jul 31, 20250.05Jun 30, 20250.05May 30, 20250.05Apr 30, 20250.05Mar 31, 20250.05Feb 28, 20250.05Jan 31, 2025
20248×
0.05Dec 31, 20240.05Nov 29, 20240.05Oct 31, 20240.05Sep 27, 20240.05Aug 30, 20240.05Jul 31, 20240.05Jun 28, 20240.05May 31, 2024

Stock Splits

  • Jan 30, 2026917:1000