Twenty of the 37 active Canadian REITs have a market cap in excess of $1B. Seven are between $500M and $1B, the next nine are over $100M, and the last is Melcor REIT which is about to cross the $100M mark with its upcoming acquisitions this month.
Largest REITs by Market Cap
| Symbol | Name | Shares | Close | Market Cap |
| REI.UN | RioCan REIT | 323,976,457 | $24.42 | $7,911,505,080 |
| HR.UN | H&R REIT | 291,616,073 | $21.19 | $6,179,344,587 |
| CAR.UN | Canadian Apartment Properties | 137,490,948 | $37.23 | $5,118,787,994 |
| SRU.UN | SmartCentres REIT | 132,453,672 | $30.75 | $4,072,950,414 |
| AP.UN | Allied Properties REIT | 92,734,301 | $41.94 | $3,889,276,584 |
| CSH.UN | Chartwell Retirement Residences | 210,599,034 | $16.39 | $3,451,718,167 |
| REF.UN | Canadian REIT | 73,379,064 | $46.19 | $3,389,378,966 |
| CUF.UN | Cominar REIT | 185,233,413 | $14.40 | $2,667,361,147 |
| GRT.UN | Granite REIT | 46,903,302 | $49.67 | $2,329,687,010 |
| DRG.UN | Dream Global REIT | 176,111,637 | $12.18 | $2,145,039,739 |
Smallest REITs by Market Cap
| Symbol | Name | Shares | Close | Market Cap | ||
| MR.UN | Melcor REIT | 11,151,297 | $8.53 | $95,120,563 | ||
| PAR.UN | Partners REIT | 45,805,191 | $3.00 | $137,415,573 | ||
| APR.UN | Automotive Properties REIT | 16,216,000 | $11.01 | $178,538,160 | ||
| INO.UN | Inovalis REIT | 21,708,847 | $10.00 | $217,088,470 | ||
| BTB.UN | BTB REIT | 48,372,850 | $4.60 | $222,515,110 | ||
| TNT.UN | True North Commercial REIT | 41,205,958 | $6.67 | $274,843,740 | ||
| ACR.UN | Agellan Commercial REIT | 32,847,481 | $12.00 | $394,169,772 | ||
| PLZ.UN | Plaza Retail REIT | 101,491,584 | $4.25 | $431,339,232 | ||
| SOT.UN | Slate Office REIT | 56,914,342 | $8.15 | $463,851,887 | ||
| SMU.UN |
|
| $7.37 | $494,407,414 |
As of January 3, 2018
As opposed to dividend paying stocks, REITs make distributions. The amount that is paid out relative to unit price is referred to as yield. The larger REITs as measured by market cap tend to have lower yields and greater capital appreciation. This means that a REIT investor can choose between higher capital gains with lower yield or lower capital gains with higher yield.
Some REITs, like Cominar, have a higher market cap and a higher yield (currently 7.97%). Whether this condition is temporary or longstanding will be one of the questions I will investigate on this blog.
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