Less than a terminal. More depth than an analyst seat.
Flat monthly subscription. No per-report fees. Cancel anytime. Every model fully formula-driven — every projected value traces to a toggleable assumption.
EMD / Dealer
$800
/ month CAD
Independent forensic due diligence on private and exempt-market real estate funds. Built for EMDs and CIRO dealers who need to document KYP on products where no independent analysis exists.
Coverage
All private / exempt-market REITs in coverage
KYP assessments structured for NI 31-103 & Client Focused Reforms
New private REIT assessments as added
Deliverables
Forensic memo (PDF + HTML) per REIT
Excel pro forma model per REIT
RF-AFFO, CFS-FCF, fee decomposition, distribution coverage
The complete forensic platform. Full REIT coverage universe — public and private — with pro forma models, investment memos, amplification analysis, comparison tools, and narrative synthesis. For investors, portfolio managers, and analysts who need analytical depth across Canadian REITs.
Everything in EMD, plus
Full coverage universe — all public & private REITs
Amplification analysis & counterfactual testing
Capital allocation hierarchy & market signal analysis
Narrative synthesis with management commitment tracking
Month-to-month. Cancel anytime. 15% discount on annual billing.
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Full Models Included
Every Excel model is formula-driven. Toggle any assumption and the entire projection updates.
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KYP-Ready Output
Memos structured for NI 31-103 and Client Focused Reforms compliance documentation.
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Free Trial Analysis
Request a full forensic report before subscribing. No credit card required.
Common Questions
Before you subscribe.
Client Focused Reforms under NI 31-103 require registered dealers to conduct product-level due diligence before recommending a security to any client. “KYP-ready” means our memos are structured to satisfy that obligation — they address product complexity, distribution sustainability, fee structure, conflict of interest disclosure, and risk factors in the format regulators examine during compliance reviews.
Yes — this is our standard onboarding path. Use the Request Access form to ask for a sample forensic report on any REIT in our coverage universe. We’ll deliver a complete memo including the executive summary, proprietary metrics, and analytical conclusions. The Excel model is included. No credit card required.
The EMD plan covers private and exempt-market real estate funds — the products where independent forensic analysis doesn’t exist and where your KYP obligation is hardest to satisfy. The Institutional plan adds the full public REIT coverage universe, the amplification analysis and counterfactual testing framework, narrative synthesis with management commitment tracking, comparison and ranking tools, and forward base case projections.
The amplification analysis is our proprietary counterfactual framework, built on 15 years of institutional real estate investment experience. It tests every REIT against its own baseline: what would the investor have earned if management had run the existing portfolio without making acquisitions, issuing equity, or changing leverage? The gap between that counterfactual and the actual result measures whether management’s capital allocation decisions created or destroyed per-unit value. We classify each gap by materiality — from immaterial (normal business friction) to severe (structural failure of the capital allocation apparatus).
Data terminals give you raw financial data and screening tools — they don’t generate original analytical conclusions. REIT Forensics delivers the finished analysis: pro forma models, forensic memos, amplification testing, and cross-REIT comparisons. It’s the analyst seat and the data terminal in one, at a fraction of the combined cost.
No minimum commitment. All subscriptions are month-to-month. Annual billing options are available at a 15% discount.
Get Started
First report is on us.
No commitment. No credit card. Request a full forensic analysis on any REIT in our coverage universe.