Private real estate funds don't have analyst coverage. We built it.

REIT Forensics is a forensic analysis platform for Canadian private and exempt-market real estate securities. We extract the data the Offering Memorandum buries, decompose returns into their real components, and produce the independent analysis that dealers, advisors, and institutional allocators need to make informed decisions.

The platform applies 15 years of institutional REIT analysis methodology — developed across $10 billion in assets under management — to the private market vehicles that have never had this level of scrutiny. Every entity gets the same analytical framework: forensic models, fee decomposition, distribution sustainability testing, and disclosure gap analysis.

The result: the first independent, standardized analytical platform where private real estate funds can be measured against each other — and against the public market alternatives your clients could buy instead.

The methodology
Institutional REIT analysis, applied to private markets.
The analytical framework behind REIT Forensics was developed through 15 years of institutional real estate investing and $10B in assets under management. The same rigor that Green Street and sell-side analysts apply to public REITs — applied for the first time to private vehicles.
The platform
AI-powered extraction with human analytical judgment.
Documents are processed through a forensic extraction pipeline that structures financial data, identifies fee layers, and produces standardized outputs. An AI analyst sits on top of the full extraction — available for follow-up questions, scenario analysis, and plain-language explanations.
The standard
Built for the regulatory environment dealers actually face.
Since 2022, Client Focused Reforms require dealers to demonstrate deep product knowledge. For public securities, the infrastructure exists. For private real estate, it didn't — until now. Every output is structured for NI 31-103 compliance documentation.

How we analyze every vehicle.

The same analytical framework applied to every entity in coverage. Standardized, comparable, independently verifiable.

Fee Decomposition
Every fee layer extracted and quantified — asset management, property management, acquisition, disposition, trailer, carry, G&A. Calculated as the effective MER: the all-in annual cost expressed the same way you'd evaluate any pooled investment product.
Distribution Sustainability
Is the distribution funded by operations, new investor capital, or debt? We test coverage using RF-AFFO (honest cash earnings after all fees and maintenance capex) and CFS-FCF (cash flow statement basis). The payout ratio tells you whether the yield is real.
Return Attribution
A 12% reported return doesn't tell you what you need to know. We decompose it into cash flow you can touch, NAV appreciation that management controls, and capital recycling that depends on the next investor. Each component rated by reliability.
NAV Verification
In private REITs, management sets the unit price. We build an independent NAV from the bottom up — actual NOI, market cap rates, real balance sheet items. The gap between management's price and our estimate is the valuation risk the investor is taking.
Amplification Analysis
The same properties, same leverage, same market conditions — but operated under a public REIT cost structure instead of the private fund's fee apparatus. The amplification gap shows exactly how many basis points the management structure costs annually.
Disclosure Gap Analysis
We identify exactly what's missing from the issuer's materials — not as a generic checklist, but specific items tied to specific analytical questions. Each gap comes with the recommended question to ask management before placement.
Full methodology documentation →

Background

REIT Forensics was built by a capital markets professional with 15 years of institutional real estate investment experience and approximately $10 billion in prior AUM. The analytical methodology draws from the Green Street school of REIT analysis — the same framework used by the largest institutional real estate investors in North America.

The platform exists because private real estate investors deserve the same quality of independent analysis that public REIT investors take for granted. The Offering Memorandum is not due diligence. The issuer's marketing materials are not research. And the regulatory obligation on dealers to understand what they're placing has never been higher.

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