Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Delta Property Fund's annualizedNet Income for the quarter that ended in Feb. 2026 was R153 Mil. Delta Property Fund's average total tangible assets for the quarter that ended in Feb. 2026 was R6,499 Mil. Therefore, Delta Property Fund's annualized Return-on-Tangible-Asset for the quarter that ended in Feb. 2026 was 2.35%.
The historical rank and industry rank for Delta Property Fund's Return-on-Tangible-Asset or its related term are showing as below:
JSE:DLT'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -9.36 Med: -1.62 Max: 6.71
Current: 1.95
During the past 13 years, Delta Property Fund's highest Return-on-Tangible-Asset was 6.71%. The lowest was -9.36%. And the median was -1.62%.
JSE:DLT's Return-on-Tangible-Asset is ranked worse than 63.93% of 926
companies
in the REITs industry
Industry Median: 3.28
vs JSE:DLT: 1.95
Delta Property Fund (JSE:DLT) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Delta Property Fund Return-on-Tangible-Asset Related Terms
Delta Property Fund Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Delta Property Fund's Return-on-Tangible-Asset can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Delta Property Fund Return-on-Tangible-Asset Chart
JSE:DLT vs BXP, ARE, VNO: Return-on-Tangible-Asset Comparison
For the REIT - Office subindustry, Delta Property Fund's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Delta Property Fund Return-on-Tangible-Asset vs REITs Industry
For the REITs industry and Real Estate sector, Delta Property Fund's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Delta Property Fund's Return-on-Tangible-Asset falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is two times the semi-annual (Feb. 2026) net income data.
What does a Return-on-Tangible-Asset of 2.35% mean?
Delta Property Fund (JSE:DLT) has a Return-on-Tangible-Asset of 2.35% as of Feb. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Delta Property Fund and its competitors. According to the industry distribution chart, Delta Property Fund ranks #592 out of 926 companies in the REITs industry, placing it in the top 63.9%.
Is Delta Property Fund's Return-on-Tangible-Asset too high?
Delta Property Fund's current Return-on-Tangible-Asset is 2.35%. The REITs industry median Return-on-Tangible-Asset is 3.28. Delta Property Fund's value of 2.35% is 28.4% below this industry median. Based on the distribution chart, Delta Property Fund ranks #592 out of 926 companies in the REITs industry, which is below the industry midpoint. Overall, Delta Property Fund has a GF Score™ of 18/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Delta Property Fund's Return-on-Tangible-Asset compare to BXP and ARE?
According to the REITs industry distribution chart, Delta Property Fund ranks #592 out of 926 companies for Return-on-Tangible-Asset. This places Delta Property Fund in the lower half of its industry. The industry median Return-on-Tangible-Asset is 3.28. Delta Property Fund's value of 2.35% is 28.4% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for a REITs company?
The median Return-on-Tangible-Asset among REITs companies is 3.28, based on 926 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Delta Property Fund's current Return-on-Tangible-Asset of 2.35% is 28.4% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Delta Property Fund and its competitors. For the REITs industry, the median Return-on-Tangible-Asset is 3.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Delta Property Fund's current Return-on-Tangible-Asset is 2.35%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Delta Property Fund stock overvalued right now?
Based on GuruFocus' analysis, Delta Property Fund (JSE:DLT) is currently considered Significantly Overvalued. The stock's GF Value™ is R0.23, compared to a current price of R0.42 — trading 82.6% above its estimated fair value. The current Return-on-Tangible-Asset is 2.35% and 28.4% below the REITs industry median of 3.28. Delta Property Fund's overall GF Score™ is 18/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Delta Property Fund (JSE:DLT), the current Return-on-Tangible-Asset is 2.35% as of Feb. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Delta Property Fund (JSE:DLT) Overvalued in 2026?
Based on GuruFocus' analysis, Delta Property Fund stock appears to be overvalued.
The current stock price of R0.42 is trading 82.6% above its estimated GF Value™ of R0.23.
GuruFocus considers Delta Property Fund to be Significantly Overvalued.
Key valuation signals for JSE:DLT:
Return-on-Tangible-Asset: 2.35%
GF Value™: R0.23 vs. price of R0.42 (82.6% above fair value)
Industry Position: 28.4% below the REITs median (#592 of 926)
No single metric tells the full story. See the JSE:DLT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Delta Property Fund Ltd engages in making long-term investments in rental-generating properties. The company comprises three segments, namely, Office-Sovereign, Office-Other, and Head Office. The firm generates its revenue mainly from the Office Sovereign segment. The portfolio of the company consists of large assets, single tenanted by the national government, provincial government, state-owned enterprises, and large blue-chip corporations under long leases.
18GF Score
Get the complete analysis for JSE:DLT
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
JSE:DLT has been successfully added to your 
