Canadian REIT public ranking
Canadian REITs Trading Below Reported NAV
As of October 28, 2026, Canadian REITs Trading Below Reported NAV is led by Dream Impact Trust (MPCT.UN), Allied Properties REIT (AP.UN), Dream Office REIT (D.UN). The top row is Dream Impact Trust (MPCT.UN) at 0.07x, based on REIT Stack's publicly visible metrics and the ranking rule below.
Methodology
Includes only rows with a non-null Price / Reported NAV, a valid positive Reported NAV / Unit, and Price / Reported NAV below 1.00x.
Rows are sorted by Price / Reported NAV ascending. Reported NAV discount is calculated as 1 minus Price / Reported NAV.
Reported NAV is issuer-reported book value per unit from filings. It is distinct from REIT Stack's Real Estate NAV model and Market-Implied NAV.
Data, not investment advice. See the methodology and disclaimer.
Ranking Metrics
Excludes REITs at or above 1.00x Price / Reported NAV, missing Price / Reported NAV, or lacking a positive Reported NAV / Unit.
| Rank | Ticker | Name | Price / Reported NAV | Reported NAV Discount | Reported NAV / Unit | Distribution Yield | Distribution Safety | As of | Facts |
|---|---|---|---|---|---|---|---|---|---|
| 1 | MPCT.UN | Dream Impact Trust | 0.07x Reported NAV as of December 31, 2025 | 92.9% Reported NAV as of December 31, 2025 | $18.55 Reported NAV as of December 31, 2025 | - | Insufficient data | October 28, 2026 | Fact sheet |
| 2 | AP.UN | Allied Properties REIT | 0.18x Reported NAV as of December 31, 2025 | 82.2% Reported NAV as of December 31, 2025 | $29.87 Reported NAV as of December 31, 2025 | 20.93% Market snapshot as of October 28, 2026 | Elevated risk | October 28, 2026 | Fact sheet |
| 3 | D.UN | Dream Office REIT | 0.32x Reported NAV as of December 31, 2025 | 68.2% Reported NAV as of December 31, 2025 | $49.92 Reported NAV as of December 31, 2025 | 6.26% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 4 | NRR.UN | Northview Residential REIT | 0.54x Reported NAV as of December 31, 2025 | 45.6% Reported NAV as of December 31, 2025 | $25.35 Reported NAV as of December 31, 2025 | 6.71% FY-close fallback as of December 31, 2025 | Covered | October 28, 2026 | Fact sheet |
| 5 | NXR.UN | Nexus Industrial REIT | 0.54x Reported NAV as of December 31, 2025 | 45.5% Reported NAV as of December 31, 2025 | $13.22 Reported NAV as of December 31, 2025 | 4.41% Market snapshot as of October 28, 2026 | Elevated risk | October 28, 2026 | Fact sheet |
| 6 | CAR.UN | Canadian Apartment Properties REIT | 0.55x Reported NAV as of December 31, 2025 | 44.9% Reported NAV as of December 31, 2025 | $56.41 Reported NAV as of December 31, 2025 | 4.93% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 7 | HR.UN | H&R REIT | 0.60x Reported NAV as of December 31, 2025 | 40.3% Reported NAV as of December 31, 2025 | $16.09 Reported NAV as of December 31, 2025 | 6.15% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 8 | VITL.UN | Vital Infrastructure Property Trust | 0.63x Reported NAV as of December 31, 2025 | 36.8% Reported NAV as of December 31, 2025 | $7.55 Reported NAV as of December 31, 2025 | 7.42% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 9 | BEI.UN | Boardwalk REIT | 0.64x Reported NAV as of December 31, 2025 | 35.9% Reported NAV as of December 31, 2025 | $96.23 Reported NAV as of December 31, 2025 | 2.67% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 10 | KMP.UN | Killam Apartment REIT | 0.68x Reported NAV as of December 31, 2025 | 31.8% Reported NAV as of December 31, 2025 | $24.99 Reported NAV as of December 31, 2025 | 4.15% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 11 | MRT.UN | Morguard REIT | 0.70x Reported NAV as of December 31, 2025 | 30.4% Reported NAV as of December 31, 2025 | $9.96 Reported NAV as of December 31, 2025 | 3.47% Market snapshot as of October 28, 2026 | Elevated risk | October 28, 2026 | Fact sheet |
| 12 | SRU.UN | SmartCentres REIT | 0.75x Reported NAV as of December 31, 2025 | 24.7% Reported NAV as of December 31, 2025 | $35.93 Reported NAV as of December 31, 2025 | 6.82% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 13 | DIR.UN | Dream Industrial REIT | 0.77x Reported NAV as of December 31, 2025 | 22.8% Reported NAV as of December 31, 2025 | $16.60 Reported NAV as of December 31, 2025 | 5.44% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 14 | REI.UN | RioCan REIT | 0.87x Reported NAV as of December 31, 2025 | 13.0% Reported NAV as of December 31, 2025 | $24.37 Reported NAV as of December 31, 2025 | 5.44% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 15 | PRV.UN | PRO REIT | 0.87x Reported NAV as of December 31, 2025 | 12.9% Reported NAV as of December 31, 2025 | $7.74 Reported NAV as of December 31, 2025 | 6.60% Market snapshot as of October 28, 2026 | Watch | October 28, 2026 | Fact sheet |
| 16 | FCD.UN | Firm Capital Property Trust | 0.88x Reported NAV as of December 31, 2025 | 11.9% Reported NAV as of December 31, 2025 | $8.00 Reported NAV as of December 31, 2025 | 7.44% Market snapshot as of October 28, 2026 | Watch | October 28, 2026 | Fact sheet |
| 17 | APR.UN | Automotive Properties REIT | 0.92x Reported NAV as of December 31, 2025 | 8.1% Reported NAV as of December 31, 2025 | $13.51 Reported NAV as of December 31, 2025 | 6.75% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 18 | HOM.UN | BSR REIT | 0.93x Reported NAV as of December 31, 2025 | 6.6% Reported NAV as of December 31, 2025 | $16.43 Reported NAV as of December 31, 2025 | 3.71% Market snapshot as of October 21, 2026 | Covered | October 21, 2026 | Fact sheet |
| 19 | CRT.UN | CT REIT | 0.94x Reported NAV as of December 31, 2025 | 6.2% Reported NAV as of December 31, 2025 | $18.53 Reported NAV as of December 31, 2025 | 5.48% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 20 | MHC.UN | Flagship Communities REIT | 0.94x Reported NAV as of December 31, 2025 | 5.9% Reported NAV as of December 31, 2025 | $31.93 Reported NAV as of December 31, 2025 | 2.15% Market snapshot as of October 28, 2026 | Covered | October 28, 2026 | Fact sheet |
| 21 | MI.UN | Minto Apartment REIT | 0.97x Reported NAV as of December 31, 2025 | 3.5% Reported NAV as of December 31, 2025 | $18.64 Reported NAV as of December 31, 2025 | 2.93% Market snapshot as of August 14, 2026 | Covered | August 14, 2026 | Fact sheet |