47
REITs and REOCs in the CSA's 2018 review
Why REIT Stack
Canadian REIT analysis needs a Canadian REIT data layer.
REIT Stack is a Canadian REIT analysis platform for investors, analysts, and advisors who need filing-grounded data.
Filing-derived metrics are normalized across 32 actively tracked Canadian REITs. Valuation stays explicit: Reported NAV from issuer filings, Real Estate NAV from our engine, and Market-Implied NAV from unit price.
The category problem
Why generic screeners fail on REITs.
Broad stock databases do not organize around REIT filing details: FFO and AFFO reconciliations, payout ratios, cap rates, occupancy, WALE, same-property NOI, and debt ladders. Those metrics live across MD&A tables, statements, supplementals, and transcripts.
Category
Generic stock screener
REIT Stack
Core lens
EPS, P/E, and broad equity factors.
FFO, AFFO, payout ratios, leverage, occupancy, and leasing.
Valuation
Standard multiples with little real estate context.
Reported NAV, Real Estate NAV, Market-Implied NAV, and valuation bridges.
Source material
Standardized broad-equity feeds.
MD&A tables, statements, supplementals, transcripts, and citations.
Debt and operations
Debt totals without the underlying real estate schedule.
Debt ladders, cap rates, WALE, same-property NOI, and leasing.
Canadian REIT fit
A general equity model applied to a specialized IFRS sector.
A Canadian-REIT-first layer for filing-native metrics.
The regulator’s own finding
In 2018, securities regulators documented the disclosure gap.
The Canadian Securities Administrators reviewed real estate issuers’ distribution and non-GAAP disclosures in CSA Staff Notice 52-329. In the notice published in April 2018, staff reported reviewing 47 REITs and REOCs and sending comment letters to 72%: FFO, AFFO, and payout-ratio disclosure was often inconsistent or under-explained.
72%
of those issuers were sent comment letters on their disclosure
35% / 21% / 44%
used AFFO as an earnings measure / a cash-flow measure / both
National Instrument 52-112 replaced the earlier guidance with a binding rule in 2021, but the measures remain issuer-specific. The 2018 notice found AFFO described as earnings, cash flow, or both. REIT Stack normalizes the filings and keeps available source context attached.
Filing-native layer
What the Canadian REIT data layer normalizes.
Issuer tables and notes become comparable fields with their source context retained.
Filing field
Cash-flow metrics
FFO, AFFO, payout ratios, and issuer reconciliations.
Filing field
Operating metrics
Occupancy, WALE, same-property NOI, leasing, and property schedules.
Filing field
Balance-sheet schedules
Debt ladders, maturity walls, secured-debt mix, and valuation inputs.
Filing field
Citation trail
Filing, page, note, and extraction context for source checks.
The proof point
Three valuation views, not one ambiguous label.
Issuer-disclosed, engine-computed, and market-implied values answer different questions. REIT Stack keeps them separate.
Valuation view
Reported NAV
The per-unit figure published by the issuer in its MD&A or annual report.
Valuation view
Real Estate NAV
REIT Stack's stabilized income-cap model, published from stored engine results.
Valuation view
Market-Implied NAV
Backsolved from unit price to show what the market prices into the real estate.
Trust layer
The claim is only useful if the source is attached.
Filings, extracted metrics, citations, self-scored extraction quality, and editorial gates form one checkable record.
32
Actively tracked Canadian REITs
8.6/10
Median internal composite extraction score (self-scored) · 2026 Q2
Audit control
Source-cited filings
Extracted figures retain the available filing, page, and note context.
Audit control
Structured call summaries
Call summaries separate executive commentary, guidance, and analyst diligence.
Audit control
Audit-gated editorial
Briefings and methodology expose validation gates and the public error log.
Open the ledger
See the Canadian REIT data layer in the product.
Create a free account, or inspect the public sample and screener first.