REIT University
Beginner track
Six short courses that build the foundation for reading and analyzing a Canadian REIT under IFRS.
Six short courses form the Beginner track: a practical foundation for reading a Canadian REIT under IFRS. The track is written for a finance-literate newcomer or junior analyst. Income-statement basics are assumed; prior REIT and IFRS knowledge is not.
Every course uses source-cited examples, primarily Choice Properties (CHP.UN) as the running case study, with CAPREIT (CAR.UN) as a contrast case.
The curriculum
| # | Course | Core idea | Anchor example |
|---|---|---|---|
| 1 | What a REIT Is — and Why Canadian REITs Are Trusts | Flow-through taxation, SIFT rules and the REIT exception, trust/LP structure, exchangeable units | CHP.UN structure: 328.0M trust units + 395.8M Weston exchangeable units |
| 2 | Reading IFRS REIT Financials | IAS 40 fair value model, US GAAP contrast, IAS 32 exchangeable-unit treatment | CHP.UN Q1 2026: $196M FFO quarter reported as an $87M net loss |
| 3 | FFO and AFFO | REALPAC definitions, reconciliation, payout ratios | CHP.UN net-loss-to-FFO bridge; 71.9% and 88.0% payouts |
| 4 | Reported, Real Estate, and Market-Implied NAV | The three NAV measures, cap-rate sensitivity, price-to-NAV | CHP.UN premium versus CAR.UN discount |
| 5 | Distributions: Safety, Payout, Tax | Safety verdicts, tax character, ROC and ACB mechanics | CHP.UN 2025 tax character; CAPREIT special distribution |
| 6 | Debt and Leverage | Five leverage metrics and refinancing risk | CHP.UN FY2025 leverage and unencumbered assets |
Courses
What a REIT Is — and Why Canadian REITs Are Trusts
Why REITs exist, what the .UN in a ticker means, the SIFT rules and the REIT exception, and how a Canadian REIT is actually structured — including the exchangeable units you'll meet on real balance sheets.
Reading IFRS REIT Financials: The Fair Value Model
IAS 40 fair value accounting, why Canadian REIT balance sheets show current property values while US REITs don't, and the exchangeable-unit quirk that makes net income swing wildly — decoded with Choice Properties' real Q1 2026 numbers.
FFO and AFFO: The Numbers REITs Are Actually Judged On
Why net income fails for REITs, how the REALPAC FFO and AFFO definitions rebuild an operating earnings figure, and how to read payout ratios — walked through with Choice Properties' real reconciliation.
Reported, Real Estate, and Market-Implied NAV
What net asset value means for a REIT, why one NAV number is never enough, how cap-rate sensitivity drives huge swings, and how to read premiums and discounts — using CHP.UN's premium and CAR.UN's 36% discount as live cases.
Distributions: Safety, Payout, and What the Tax Slip Says
How REIT distributions work, how to judge whether one is safe, and the tax character breakdown — other income, capital gains, return of capital — that makes two REITs with identical yields very different after-tax investments.
Debt and Leverage: Reading a REIT's Balance Sheet Risk
The five leverage metrics that matter — debt-to-assets, debt-to-EBITDA, interest coverage, the maturity ladder, and the unencumbered pool — with Choice Properties' real numbers as the worked case.