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Home CompaniesRFA Financial Inc.

RFA Financial Inc.

Real Estate REIT - Diversified
PortfolioPortfolio WatchlistWatchlist
Company price
23.44 CAD 1.03 ( 4.60%)
Last update at 2026-11-04T18:44:00Z
VOLUME
10434
Market Cap
1215.00M

Momentum Score

…

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.

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

Day Price Range
22.36
Low
23.49
High
52 Week Price Range
17.25
Low
34.16
High

Momentum Score

…
Loading momentum score…

A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Public disclosures for RFA Financial Inc. (RFA.TO) are limited and operational details are scarce. Long-term growth may depend on raising assets under management, generating fee income and executing any stated capital-deployment or acquisition plans, which could appeal to investors seeking small-cap exposure to Canadian financial services.

Risk Score
High

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
22.41
Dividend Yield
7.01%
Revenue TTM
199.77M
Revenue Per Share
6.04
Gross Profit TTM
79.73M
Debt / Equity
-
ROE
-4.96%
Net Debt
958.00M
ROCE
-1.60%
Diluted EPS TTM
-5.16

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

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 -154.37M -49.70M -337.67M 9.06M 390.46M
Net income -155.66M -47.41M -332.07M -5.29M 389.18M
Selling general administrative 7.89M 41.35M 6.84M 9.55M 9.33M
Gross profit 121.83M 163.23M 184.02M 209.98M 237.78M
Reconciled depreciation 1.63M 1.19M 1.23M 1.25M 1.36M
Operating income -29.82M -49.70M -337.67M 9.06M 225.26M
Interest expense 63.80M 170.39M 513.62M 191.37M 67.11M
Tax provision 1.29M -2.29M -5.61M 14.36M 1.29M
Interest income 3.37M 30.91M 32.36M 18.94M 1.89M
Net interest income -64.27M -74.71M -89.52M -70.49M -67.76M
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 -60.27M -97.77M -425.19M -122.77M 232.97M
Net income from continuing ops -155.66M -47.41M -332.07M -5.29M 389.18M
Net income applicable to common shares - -60.40M -345.09M -21.15M -
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
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
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 -879.65M -640.13M -488.88M -72.96M 86.67M
Other assets - - - 0.00M -
Cash 25.57M 32.79M 28.94M 29.17M 221.47M
Total current liabilities 451.33M 585.68M 971.47M 1350.69M 954.55M
Net debt 958.00M 1099.25M 1876.60M 2185.78M 1744.16M
Short term debt - 0.00M 0.00M 0.00M -
Short long term debt 377.50M 501.04M 863.23M 1252.28M 801.52M
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 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
Non current assets total 2026.01M 2541.76M 3088.19M 4147.81M 4235.95M
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 -394.79M -71.58M
Total cashflows from investing activities - 652.11M 298.39M -288.99M -
Net borrowings -122.44M -563.22M -220.33M 316.16M -396.05M
Total cash from financing activities -249.29M -730.44M -378.19M -46.57M -622.97M
Net income -155.66M -47.41M -332.07M -5.29M 389.18M
Change in cash -7.22M 3.85M -0.23M -192.31M 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 - - - 0.00M 0.22M
Depreciation 1.63M 1.19M 1.23M 1.25M 1.36M
Other cashflows from investing activities - 652.53M 298.76M -288.97M -
Dividends paid 84.14M 104.46M 93.18M 175.86M 97.89M
Change to inventory - - - 0.00M 15.06M
Sale purchase of stock -42.71M -62.77M -64.68M -186.87M -129.26M
Capital expenditures 0.01M 0.41M 0.38M 0.02M 0.01M
Change in working capital 6.13M -4.71M -0.94M -4.06M 16.06M
Stock based compensation 0.78M 2.13M 0.18M -0.72M 2.05M
Other non cash items 27.85M 1.13M -5.24M 12.12M 23.89M
Free cash flow 66.83M 79.73M 79.59M 140.72M 199.49M

Peer Comparison*

Sector: Real Estate Industry: REIT - Diversified

Stock Name
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.		 1.03
4.60%		 23.44 - 16.53 6.08 1.12 9.76 82.04
HR-UN
H&R Real Estate Investment Trust		 0.09
0.94%		 9.69 - 7.46 3.01 0.47 7.23 85.97
CRR-UN
Crombie Real Estate Investment Trust		 0.20
1.21%		 16.36 684.50 24.15 5.73 1.35 10.81 14.46
MRT-UN
Morguard Real Estate Investment Trust		 -0.01
0.14%		 7.02 - 5.56 1.35 0.35 6.44 -19.12
MPCT-UN
Dream Impact Trust		 -0.04
3.12%		 1.24 - 24.45 5.16 0.23 6.40 7.24

Profile*

RFA Financial Inc.

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

204 947 1250

https://www.artisreit.com

143

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

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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