ABOUT — REIT STACK
About REIT Stack.
THE PRODUCT
What we do
REIT Stack normalizes yields, issuer-reported FFO and AFFO, leverage, occupancy, same-asset growth, and NOI across actively tracked Canadian REITs.
Why IFRS normalization matters
Canadian REITs report under IFRS. Fair-value property accounting and liability-classified units make raw comparisons difficult. We turn issuer disclosures into consistent fields so like-for-like measures can be screened together.
Coverage
We track 32 actively tracked Canadian REITs. Prices and news refresh daily; fundamentals refresh quarterly as issuers file. Coverage is Canada-only.
Methodology
Our normalization method, validation pipeline, and public error log are published on the methodology page. Filing-derived figures link to available source citations. Reported NAV, Real Estate NAV, Market-Implied NAV, and FFO/AFFO reconciliations stay separated by method.
FOUNDER NOTE
Who runs REIT Stack
REIT Stack is built and run by founder Kass Melle and his team. Kass spent nine years in real estate private equity and development, most recently leading an 800,000 sq. ft. mixed-use project from the ground up to over 95% occupancy, before building AI-driven prop-tech ventures. He holds a bachelor’s degree in finance from UBC’s Sauder School of Business and completed graduate studies in real estate development at Columbia University’s GSAPP. REIT Stack grew from the repeated work of verifying Canadian REIT filings and normalizing the sector every quarter. LinkedIn →
“I built REIT Stack because I couldn’t verify the numbers I was investing on. When a data platform quoted a REIT’s FFO, I couldn’t tell whether it meant FFO, Core FFO, or AFFO — and the metrics that actually drive real estate — occupancy, cap rates, NOI — were missing entirely. So I built what I needed: filing-derived figures normalized from the issuer’s own filings and cited back to available sources, Real Estate NAV rebuilt from the underlying assets, earnings calls distilled into summaries you can actually read, and broker research synthesized into one view of the market. If a number here can’t be traced to a source, we treat that as a bug.”
— Kass Melle
Review our methodology and a public error log, or reach Kass and the team through our contact form.
Contact
For institutional access, custom reports, or partnerships, talk to us. For general questions, use our contact form.