Independent Forensic Intelligence

See what the Offering Memorandum doesn't show you.

We apply institutional-grade forensic analysis to private and exempt-market real estate funds. Fee decomposition, distribution sustainability, disclosure gaps — the analysis your compliance team needs and the issuer won't provide.

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15 years institutional REIT experience $10B AUM behind the methodology Built for NI 31-103 compliance
In coverage
Centurion Apartment REIT Skyline Apartment REIT Killam Apartment REIT Granite REIT CAPREIT Boardwalk REIT Legacy MFT Centurion Apartment REIT Skyline Apartment REIT Killam Apartment REIT Granite REIT CAPREIT Boardwalk REIT Legacy MFT
Why it exists

Three things you can't get anywhere else.

1
Forensic analysis that goes past the OM.
Every covered vehicle gets a multi-year model, fee decomposition, distribution sustainability test, and a narrative memo. Not a compliance checkbox — real analytical work.
Proof: 14-section forensic reports with check-row audited models
2
Private and public on the same measuring stick.
Compare any private fund against public benchmarks on 40+ metrics. Fee burden, payout ratios, leverage, NOI growth — apples to apples for the first time.
Proof: 20+ vehicles in coverage across private and public sectors
3
KYP documentation built for the new rules.
Structured for NI 31-103 and Client Focused Reforms. Product overview, fee analysis, governance, risk identification, disclosure gaps — formatted for your compliance file.
Proof: Designed with 15 years of institutional due diligence methodology

Upload documents. Get answers.

01
Upload whatever the issuer gave you.
OM, financials, investor presentations — any documents you have. Our pipeline extracts and structures the data automatically.
02
We build the forensic analysis.
Fee decomposition, distribution sustainability, NAV verification, disclosure gap analysis. Delivered as an interactive assessment within minutes.
03
Ask it anything.
The AI analyst has read every document. Run scenarios, stress-test assumptions, or ask it to explain a fee structure in plain language for your compliance presentation.
In coverage

What's in the platform.

Private — Exempt Market
Centurion Apartment REIT
"The Seventy-Two-Cent Dollar"
For every dollar of NOI the properties generate, 72 cents is consumed by the management structure before it reaches unitholders.
Fee burden72.1% of NOI
RF-AFFO/unitNegative
Private — Exempt Market
Skyline Apartment REIT
"The Thirty-Cent Dollar"
Properties delivered 11% annual NOI growth — but the fee structure captures 70% of the economics, leaving unitholders with 30 cents on the dollar.
Fee drag1,310 bps
Payout ratio196.5%
Public — TSX: KMP.UN
Killam Apartment REIT
"The Atlantic Treadmill"
Excellent operator — 5.1% annual SS NOI growth for a decade — but equity issuance consumed 313 bps of per-unit return annually.
Amplification gap-313 bps
Disc. to NAV-37%
Public — TSX: GRT.UN
Granite REIT
Institutional-grade industrial REIT. The benchmark for what best-in-class reporting and governance looks like in Canadian real estate.
SectorIndustrial
RoleBenchmark

Coverage expanding continuously. Submit documents for any private vehicle — analysis begins automatically.

The analysis your compliance team needs.

Flat monthly subscription. Every vehicle in coverage — plus the ability to submit new ones. Cancel anytime.

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