Canadian REIT public ranking
Canadian REITs Trading Below Reported NAV
As of August 25, 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 0.09x, 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 | 0.09x Reported NAV as of December 31, 2025 | 91.2% Reported NAV as of December 31, 2025 | $18.55 Reported NAV as of December 31, 2025 | - | Insufficient data | August 25, 2026 | Fact sheet |
| 2 | AP.UN | Allied Properties REIT | 0.31x Reported NAV as of December 31, 2025 | 69.3% Reported NAV as of December 31, 2025 | $29.87 Reported NAV as of December 31, 2025 | 12.72% Market snapshot as of August 25, 2026 | Elevated risk | August 25, 2026 | Fact sheet |
| 3 | D.UN | Dream Office REIT | 0.37x Reported NAV as of December 31, 2025 | 63.0% Reported NAV as of December 31, 2025 | $49.92 Reported NAV as of December 31, 2025 | 5.43% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 4 | NXR.UN | Nexus Industrial REIT | 0.60x Reported NAV as of December 31, 2025 | 40.3% Reported NAV as of December 31, 2025 | $13.22 Reported NAV as of December 31, 2025 | 4.00% Market snapshot as of August 25, 2026 | Elevated risk | August 25, 2026 | Fact sheet |
| 5 | CAR.UN | Canadian Apartment Properties REIT | 0.61x Reported NAV as of December 31, 2025 | 39.1% Reported NAV as of December 31, 2025 | $56.41 Reported NAV as of December 31, 2025 | 4.54% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 6 | NRR.UN | Northview Residential REIT | 0.63x Reported NAV as of December 31, 2025 | 36.5% 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 | August 25, 2026 | Fact sheet |
| 7 | HR.UN | H&R REIT | 0.64x Reported NAV as of December 31, 2025 | 36.1% Reported NAV as of December 31, 2025 | $16.09 Reported NAV as of December 31, 2025 | 5.91% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 8 | BEI.UN | Boardwalk REIT | 0.68x Reported NAV as of December 31, 2025 | 31.9% Reported NAV as of December 31, 2025 | $96.23 Reported NAV as of December 31, 2025 | 2.59% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 9 | MRT.UN | Morguard REIT | 0.71x Reported NAV as of December 31, 2025 | 28.9% Reported NAV as of December 31, 2025 | $9.96 Reported NAV as of December 31, 2025 | 3.42% Market snapshot as of August 25, 2026 | Elevated risk | August 25, 2026 | Fact sheet |
| 10 | VITL.UN | Vital Infrastructure Property Trust | 0.72x Reported NAV as of December 31, 2025 | 27.8% Reported NAV as of December 31, 2025 | $7.55 Reported NAV as of December 31, 2025 | 6.62% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 11 | KMP.UN | Killam Apartment REIT | 0.76x Reported NAV as of December 31, 2025 | 24.4% Reported NAV as of December 31, 2025 | $24.99 Reported NAV as of December 31, 2025 | 3.86% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 12 | SRU.UN | SmartCentres REIT | 0.78x Reported NAV as of December 31, 2025 | 22.1% Reported NAV as of December 31, 2025 | $35.93 Reported NAV as of December 31, 2025 | 6.67% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 13 | DIR.UN | Dream Industrial REIT | 0.84x Reported NAV as of December 31, 2025 | 15.5% Reported NAV as of December 31, 2025 | $16.60 Reported NAV as of December 31, 2025 | 5.04% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 14 | REI.UN | RioCan REIT | 0.88x Reported NAV as of December 31, 2025 | 12.0% Reported NAV as of December 31, 2025 | $24.37 Reported NAV as of December 31, 2025 | 5.49% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 15 | PRV.UN | PRO REIT | 0.88x Reported NAV as of December 31, 2025 | 11.9% Reported NAV as of December 31, 2025 | $7.74 Reported NAV as of December 31, 2025 | 6.70% Market snapshot as of August 25, 2026 | Watch | August 25, 2026 | Fact sheet |
| 16 | FCD.UN | Firm Capital Property Trust | 0.88x Reported NAV as of December 31, 2025 | 11.6% Reported NAV as of December 31, 2025 | $8.00 Reported NAV as of December 31, 2025 | 7.33% Market snapshot as of August 25, 2026 | Watch | August 25, 2026 | Fact sheet |
| 17 | APR.UN | Automotive Properties REIT | 0.91x Reported NAV as of December 31, 2025 | 9.1% Reported NAV as of December 31, 2025 | $13.51 Reported NAV as of December 31, 2025 | 6.69% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 18 | HOM.UN | BSR REIT | 0.96x Reported NAV as of December 31, 2025 | 4.2% Reported NAV as of December 31, 2025 | $16.43 Reported NAV as of December 31, 2025 | 3.57% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 19 | MHC.UN | Flagship Communities REIT | 0.96x Reported NAV as of December 31, 2025 | 4.2% Reported NAV as of December 31, 2025 | $31.93 Reported NAV as of December 31, 2025 | 2.11% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |
| 20 | 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 |
| 21 | CRT.UN | CT REIT | 0.97x Reported NAV as of December 31, 2025 | 3.3% Reported NAV as of December 31, 2025 | $18.53 Reported NAV as of December 31, 2025 | 5.34% Market snapshot as of August 25, 2026 | Covered | August 25, 2026 | Fact sheet |