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Page: Company Financials

Manulife US Real Estate Investment Trust

Ticker: BTOU.SI | Industry: REIT - Office | Sector: Real Estate
$0.07 +0.00 (1.41%)
As of: 2026-01-27

Master Data Export

Enterprise Value

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Stock Price 0.07 0.09 0.13 0.49 0.72 0.74 0.91 0.83 0.85 0.75
Market Capitalization 125.71M 156.81M 234.10M 869.54M 1,157.66M 1,168.05M 1,232.39M 946.78M 681.23M 398.90M
(-) Cash & Equivalents 66.88M 79.93M 130.43M 99.52M 90.32M 91.37M 66.88M 44.00M 56.20M 36.94M
(+) Total Debt 588.17M 810.22M 975.51M 1,004.94M 925.09M 849.97M 731.67M 610.62M 345.26M 294.35M
Enterprise Value 647.00M 887.09M 1,079.18M 1,774.97M 1,992.42M 1,926.64M 1,897.18M 1,513.40M 970.29M 656.31M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31
Revenue 141M 195M 168M 208M 203M 185M 194M 178M 145M 92M 48M 71M 70M 70M
Cost of Revenue 77M 100M 95M 101M 89M 76M 78M 67M 54M 34M 18M 27M 27M 26M
Gross Profit 64M 95M 73M 107M 113M 110M 116M 111M 91M 58M 30M 44M 43M 43M
Gross Profit Margin 45.2% 48.9% 43.5% 51.3% 55.9% 59.2% 59.6% 62.3% 62.7% 63.4% 63.1% 62.2% 62.1% 62.1%
R&D Expenses 0M 1M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 2M 3M 3M 9M 10M 10M 10M 11M 8M 5M 3M 4M 4M 3M
Operating Expenses 2M -289M 7M 3M 11M 3M 12M 12M 9M 7M 3M 6M 5M 5M
Operating Income (EBIT) 61M 385M 66M 104M 102M 107M 104M 98M 81M 52M 27M 38M 38M 38M
Operating Income Margin 43.5% 197.2% 39.3% 49.8% 50.2% 57.7% 53.5% 55.3% 56.3% 56.3% 56.7% 54.2% 54.5% 55.1%
Interest Income 0M 20M 3M 1M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Interest Expense 53M 24M 40M 43M 32M 27M 0M 25M 18M 9M 0M 10M 0M 0M
Net Interest Income -53M -4M -36M -43M -32M -27M 0M -24M -18M -9M 0M -10M 0M 0M
Unusual Items -252M -496M -208M -458M -218M -39M -170M -16M 16M 31M 47M -2M -13M -14M
EBT Excluding Unusual Items 8M 381M 30M 61M 70M 80M 104M 74M 64M 43M 27M 29M 38M 38M
Pre-Tax Income -243M -116M -178M -397M -148M 41M -66M 58M 79M 74M 74M 27M 25M 24M
Pre-Tax Margin -172.4% -59.4% -106.3% -190.8% -73.0% 21.9% -34.0% 32.6% 54.8% 80.1% 155.9% 38.5% 36.2% 34.6%
Income Tax Expense 1M 1M 0M -17M -18M 1M -23M 10M 15M 16M 22M 1M 1M 1M
Net Income -242M -116M -178M -380M -130M 39M -43M 48M 65M 58M 52M 26M 24M 23M
Net Income Margin -171.7% -59.7% -106.2% -182.7% -64.0% 21.3% -22.3% 26.7% 44.6% 63.0% 108.8% 36.6% 34.3% 32.7%
Depreciation & Amortization 10M 10M 9M 8M 4M 2M 0M -4M -4M -4M -3M -38M -36M -35M
EBITDA 71M 395M 75M 112M 106M 109M 104M 95M 78M 48M 24M 0M 2M 3M
EBITDA Margin 50.6% 202.1% 44.7% 53.8% 52.3% 58.7% 53.5% 53.2% 53.8% 52.4% 49.7% 0.0% 3.1% 4.7%
NOPAT 49M 304M 52M 82M 80M 104M 82M 81M 66M 41M 19M 37M 36M 36M
NOPAT Margin 34.4% 155.8% 31.1% 39.3% 39.7% 56.1% 42.3% 45.3% 45.9% 44.2% 39.6% 51.5% 51.7% 52.1%
Owner's Earnings -232M -145M -210M -416M -151M 11M -67M -1M 50M 45M 48M -23M -22M -12M
Owner's Earnings Margin -164.6% -74.2% -125.1% -200.0% -74.4% 6.1% -34.7% -0.7% 34.7% 49.0% 100.6% -32.2% -31.3% -17.6%
EPS (Basic) -0.14 -0.07 -0.10 -0.21 -0.07 0.02 -0.03 0.03 0.06 0.07 0.08 0.06 0.06 0.05
EPS (Diluted) -0.13 -0.07 -0.10 -0.21 -0.07 0.02 -0.03 0.03 0.05 0.07 0.08 0.06 0.06 0.05
Shares (Basic) 1,806M 1,777M 1,777M 1,777M 1,767M 1,603M 1,576M 1,399M 1,172M 803M 685M 435M 435M 435M
Shares (Diluted) 1,806M 1,777M 1,777M 1,777M 1,767M 1,603M 1,576M 1,399M 1,176M 803M 687M 435M 435M 435M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Cash & Cash Equivalents 66.88M 75.05M 65.24M 127.15M 112.86M 78.58M 86.67M 60.75M 54.09M 49.67M 38.43M 24.57M 10.11M
Short-Term Investments 0.00M 0.00M 0.00M 2.58M 1.26M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 66.88M 75.05M 65.24M 129.73M 114.13M 78.58M 86.67M 60.75M 54.09M 49.67M 38.43M 24.57M 10.11M
Net Receivables 4.11M 4.11M 5.57M 11.59M 5.40M 5.55M 6.93M 7.61M 9.07M 1.48M 0.54M 0.00M 1.48M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 5.67M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Assets 8.16M 0.41M 46.41M 4.47M 0.00M 0.00M 0.00M -1.85M 4.91M 5.25M 2.46M 2.34M 0.00M
Total Current Assets 79.16M 79.57M 117.22M 145.79M 119.53M 84.13M 93.60M 72.18M 68.08M 56.40M 41.42M 26.90M 11.59M
Property, Plant & Equipment 937.69M 937.69M 1,093.50M 1,411.80M 1,947.00M 2,184.40M 1,992.80M 2,095.00M 1,738.70M 1,312.80M 833.80M 777.45M 705.00M
Goodwill 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Long-Term Investments 0.00M 0.00M 11.96M 30.68M 47.66M 5.65M 0.00M 0.49M 0.00M 0.00M 0.00M 0.00M 0.00M
Tax Assets 0.00M 0.00M 0.00M 0.00M 2,115.85M 2,275.63M 2,088.06M 2,166.46M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Assets 0.00M 0.00M 0.00M 0.00M 1.26M -2,275.63M -2,088.06M -2,166.46M 0.00M 0.00M 0.00M 0.00M -705.00M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 937.69M 937.69M 1,105.46M 1,442.48M 4,111.77M 2,190.05M 1,992.80M 2,095.49M 1,738.70M 1,312.80M 833.80M 777.45M 0.00M
Total Assets 1,016.85M 1,017.25M 1,222.67M 1,588.27M 4,231.30M 2,274.18M 2,086.40M 2,167.67M 1,806.78M 1,369.20M 875.22M 804.35M 11.59M
Accounts Payable 34.59M 19.69M 32.86M 2.23M 3.08M 0.13M 0.60M 1.75M 0.16M 0.50M 0.05M 0.00M 0.00M
Short-Term Debt 0.00M 0.00M 0.00M 49.88M 144.64M 296.64M 233.58M 78.95M 109.89M 0.00M 0.00M 0.00M 0.00M
Tax Payables 0.00M 0.00M 0.00M 2.95M 2.13M 2.26M 1.66M 2.16M 0.77M 2.79M 1.11M 0.81M 0.00M
Deferred Revenue 0.00M 0.00M 0.00M 14.71M 36.30M 66.66M 24.15M 29.94M 18.33M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 6.22M 6.82M 7.19M 2.88M 0.39M 0.23M 0.23M -15.15M 4.53M 10.60M 5.95M 3.53M 0.00M
Total Current Liabilities 40.81M 26.51M 40.05M 72.65M 186.53M 365.92M 260.22M 97.66M 133.67M 13.88M 7.11M 4.34M 0.00M
Long-Term Debt 587.84M 588.50M 745.95M 871.35M 884.35M 674.65M 618.70M 734.76M 557.41M 458.94M 294.59M 294.41M 268.08M
Capital Lease Obligations 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 0.02M 0.00M 0.00M 0.78M 19.08M 37.26M 36.28M 59.71M 50.90M 37.20M 22.39M 0.00M 0.00M
Other Non-Current Liabilities 6.53M 5.89M 4.08M 3.95M 5.34M 9.44M 16.62M 1.22M 1.52M 38.35M 23.19M 4.69M 4.41M
Total Non-Current Liabilities 594.39M 594.39M 750.04M 876.07M 908.77M 721.35M 671.61M 795.69M 609.83M 534.50M 340.18M 299.10M 272.49M
Total Liabilities 635.20M 620.90M 790.08M 948.72M 1,095.30M 1,087.27M 931.83M 893.35M 743.51M 548.37M 347.28M 303.44M 272.49M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 28.91M 0.00M
Common Stock 1,240.85M 1,240.85M 1,240.85M 1,240.85M 1,234.54M 1,228.50M 1,138.31M 1,148.32M 942.27M 765.00M 495.33M 490.29M 446.26M
Retained Earnings -858.79M -858.79M -810.21M -632.21M -214.23M -40.78M 19.58M 109.86M 121.79M 87.10M 51.67M -0.57M -2.16M
Accumulated OCI 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -23.87M -28.34M 446.26M
Minority Interest 0.00M 0.00M 0.00M 0.00M 915.94M 893.54M 765.72M 749.97M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 382.06M 382.06M 430.63M 608.64M 1,020.32M 1,187.72M 1,157.89M 1,258.18M 1,064.06M 852.11M 523.14M 490.29M 890.36M
Total Equity 382.06M 382.06M 430.63M 608.64M 1,936.25M 2,081.25M 1,923.60M 2,008.15M 1,064.06M 852.11M 523.14M 490.29M 890.36M
Total Liabilities & Equity 1,017.25M 1,002.95M 1,220.72M 1,557.36M 3,031.55M 3,168.52M 2,855.44M 2,901.50M 1,807.57M 1,400.48M 870.42M 793.73M 1,162.85M
Tangible Assets 1,016.85M 1,017.25M 1,222.67M 1,588.27M 4,231.30M 2,274.18M 2,086.40M 2,167.67M 1,806.78M 1,369.20M 875.22M 804.35M 11.59M
Tangible Equity 382.06M 382.06M 430.63M 608.64M 1,936.25M 2,081.25M 1,923.60M 2,008.15M 1,064.06M 852.11M 523.14M 490.29M 890.36M
Tangible Book Value 382.06M 382.06M 430.63M 608.64M 1,936.25M 2,081.25M 1,923.60M 2,008.15M 1,064.06M 852.11M 523.14M 490.29M 890.36M
Total Investments 0.00M 0.00M 11.96M 33.27M 48.92M 5.65M 0.00M 0.49M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Debt 520.95M 513.45M 680.71M 794.08M 916.12M 892.71M 765.61M 752.95M 613.21M 409.27M 256.16M 269.84M 257.97M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31
Working Capital 38.8M 38.8M 79.2M 47.0M -63.2M -278.1M -163.3M -39.9M -64.7M 37.2M 31.4M 11.9M 11.6M
Total Capital 969.9M 970.6M 1,176.6M 1,529.9M 2,049.3M 2,159.0M 2,010.2M 2,070.2M 1,731.3M 1,310.5M 841.2M 784.3M 712.2M
Capital Employed 976.4M 976.4M 1,184.6M 1,489.4M 1,931.5M 1,912.0M 1,829.5M 2,055.5M 1,674.0M 1,350.0M 865.2M 789.4M 716.6M
Invested Capital 903.0M 895.5M 1,111.3M 1,402.7M 1,936.4M 2,080.4M 1,923.5M 2,009.5M 1,677.2M 1,260.8M 802.8M 759.7M 702.1M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31
Net Income -242.43M -116.47M -178.10M -379.96M -147.84M 40.56M -65.98M 58.05M 79.17M 73.77M 74.07M 27.49M 24.46M 54.66M
Depreciation & Amortization 11.80M 11.42M 8.99M 8.35M 4.35M 1.93M -0.68M -3.71M -3.53M -3.54M -3.34M 0.00M 0.00M 0.00M
Deferred Income Tax 0.00M 0.00M 0.00M -10.34M -13.98M -13.16M -13.73M -13.97M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 4.25M 4.04M 0.00M 0.00M 13.98M 13.16M 13.73M 13.97M 10.63M 6.84M 5.77M 5.38M 0.00M 0.00M
Change in Working Capital 2.67M -1.34M 10.56M 2.87M 1.16M 4.72M -10.57M -0.56M -9.08M -2.69M -11.49M -10.34M -2.73M 0.00M
Accounts Receivable 0.75M -0.91M 7.76M -9.16M -0.85M 3.12M -2.91M 1.46M -3.16M -3.61M -2.31M 0.34M 0.00M 0.00M
Inventory 0.00M 0.00M 0.00M 0.00M -0.09M -1.37M -1.82M -3.17M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Accounts Payable 0.00M 0.00M 1.01M 10.57M 1.69M 1.45M -9.21M -0.97M -6.00M 0.86M -8.51M 0.00M -2.85M 0.00M
Other Working Capital 1.92M -0.44M 1.79M 1.46M 0.41M 1.52M 3.37M 2.11M 0.87M 0.86M -0.61M -10.68M 0.12M 0.00M
Other Non-Cash Items 257.41M 167.48M 207.06M 455.91M 234.31M 43.42M 159.28M 32.39M -3.93M -23.79M -48.20M 14.69M 14.49M -54.66M
Net Cash from Operating Activities 33.70M 65.12M 48.50M 76.82M 91.99M 90.63M 82.04M 86.17M 62.63M 43.75M 11.04M 31.85M 36.66M 0.00M
Capital Expenditures (PPE) 0.00M -23.46M -40.64M 0.00M -25.41M -29.98M -24.17M -45.03M -10.81M -9.29M -0.52M -10.39M -9.92M 0.00M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -703.06M 0.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M -200.97M 0.00M -310.95M -388.53M -425.00M -758.36M 0.00M 0.00M 0.00M
Sales / Maturities of Investments 0.00M 97.19M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Investing Activities 230.52M -17.43M 111.08M 86.58M 0.05M 0.02M 0.17M 0.47M -388.32M -434.29M -1,300.94M -758.97M 0.00M 0.00M
Net Cash from Investing Activities 230.52M 56.30M 70.44M 86.58M -25.37M -230.93M -24.01M -355.51M -399.12M -434.29M -758.88M -769.36M -712.98M 0.00M
Net Debt Issuance 0.00M 0.00M -180.69M -107.00M 57.68M 118.50M 39.61M 146.11M 208.90M 165.90M 296.00M 306.39M 267.27M 0.00M
Long-Term Debt Issuance 0.00M 0.00M -180.69M -107.00M 57.68M 118.50M 39.61M 146.11M 208.90M 165.90M 296.00M 306.39M 267.27M 0.00M
Short-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Stock Issuance 0.00M 0.00M -0.12M -0.25M 0.35M 98.90M 0.00M 236.66M 196.48M 288.68M 519.61M 519.61M 446.76M 0.00M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.25M 100.00M 0.00M 236.66M 197.17M 288.52M 519.20M 519.20M 446.76M 0.00M
Common Stock Repurchased 0.00M -0.13M -0.12M -0.25M -0.25M -0.13M 0.00M 0.00M -0.69M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M -0.12M -0.25M 0.35M 0.00M 0.00M 0.00M -0.69M 0.16M 0.41M 0.41M 0.00M 0.00M
Net Dividends Paid 0.00M 0.00M 0.00M -38.02M -88.62M -83.97M -70.74M -99.37M -58.69M -42.49M 0.00M -17.61M -13.86M 0.00M
Common Dividends Paid 0.00M 0.00M 0.00M -38.02M -88.62M -83.97M -70.74M -99.37M -58.69M -42.49M 0.00M -17.61M -13.86M 0.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -285.63M -178.71M 4.73M -26.30M -1.78M -1.21M -1.04M -7.40M -5.76M -10.38M -29.30M -39.03M 0.00M 0.00M
Net Cash from Financing Activities -285.63M -178.71M -176.07M -171.57M -32.37M 132.22M -32.16M 275.99M 340.92M 401.71M 786.31M 769.36M 700.18M 0.00M
Effect of FX on Cash 0.09M 0.00M -0.05M 0.03M 0.03M -0.01M 0.05M 0.01M -0.01M 0.07M -0.03M -0.13M 0.00M 0.00M
Net Change in Cash -76.44M 41.23M -57.17M -8.14M 34.28M -8.09M 25.93M 6.66M 4.42M 11.24M 6.72M 31.71M 23.85M 0.00M
Cash at Beginning of Period 76.44M 246.72M 104.73M 112.86M 78.58M 86.67M 60.75M 54.09M 49.67M 38.43M 31.71M 0.00M 0.00M 0.00M
Cash at End of Period 0.00M 168.32M 47.56M 104.73M 112.86M 78.58M 86.67M 60.75M 54.09M 49.67M 38.43M 31.71M 23.85M 0.00M
Operating Cash Flow 33.70M 65.12M 48.50M 76.82M 91.99M 90.63M 82.04M 86.17M 62.63M 43.75M 11.04M 31.85M 36.66M 0.00M
Capital Expenditure 0.00M -38.12M -40.64M -44.48M -25.41M -29.98M -24.17M -45.03M -10.81M -9.29M -0.52M -10.39M -9.92M 0.00M
Free Cash Flow 33.70M 27.01M 7.87M 32.35M 66.57M 60.65M 57.87M 41.14M 51.82M 34.46M 10.51M 21.46M 26.74M 0.00M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31
EBITDA 71.46M 101.49M 79.06M 106.26M 107.68M 101.98M 106.05M 96.48M 79.23M 49.37M 23.93M 1.59M 3.71M 4.82M
(-) Tax Adjustment 0.00M 0.00M 0.04M 4.56M 13.19M 2.88M 36.48M 17.42M 14.66M 10.58M 7.23M 0.08M 0.20M 0.26M
(-) Change In Working Capital 2.67M -1.34M 10.56M 2.87M 1.16M 4.72M -10.57M -0.56M -9.08M -2.69M -11.49M -10.34M -2.73M 0.00M
(-) Capital Expenditure 0.00M -38.12M -40.64M -44.48M -25.41M -29.98M -24.17M -45.03M -10.81M -9.29M -0.52M -10.39M -9.92M 0.00M
Unlevered Free Cash Flow 68.79M 64.72M 27.82M 54.35M 67.91M 64.40M 55.97M 34.59M 62.84M 32.19M 27.67M 1.46M -3.68M 4.55M
(-) Net Interest Income After Taxes -53.41M -4.28M -36.35M -40.83M -27.80M -26.11M 0.11M -19.77M -14.40M -6.92M 0.00M -9.11M 0.00M 0.00M
Net Debt Issuance 0.00M 0.00M -180.69M -107.00M 57.68M 118.50M 39.61M 146.11M 208.90M 165.90M 296.00M 306.39M 267.27M 0.00M
Levered Free Cash Flow 122.20M 69.00M -116.52M -11.81M 153.39M 209.01M 95.47M 200.47M 286.14M 205.01M 323.67M 316.97M 263.59M 4.55M