Canadian REIT Unit Prices

First up is a list of the ten highest priced Canadian REITs:

Symbol	Name	Close
GRT.UN	Granite REIT	$49.67
REF.UN	Canadian REIT	$46.19
BEI.UN	Boardwalk REIT	$43.92
AP.UN	Allied Properties REIT	$41.94
CAR.UN	Canadian Apartment Properties REIT	$37.23
SRU.UN	SmartCentres REIT	$30.75
NVU.UN	Northview Apartment REIT	$25.08
REI.UN	RioCan REIT	$24.42
D.UN	Dream Office REIT	$22.08
HR.UN	H&R REIT	$21.19

I had heard the most about RioCan and Boardwalk, so was surprised to find Granite at the top, yet its market cap ranks ninth.  All of the above have market caps of $1B or more.  

It is interesting that H&R and RioCan have market caps of $6.1B and $7.9B, and yet they are in the bottom five, while the top four have market caps in the $2B - $3B range.  

Perhaps as I look further into what types of properties each holds, their debt to equity ratios and other metrics the reason behind the current rankings will become clear.

Then the ten lowest priced Canadian REITs:

Symbol	Name	Close
PAR.UN	Partners REIT	$3.00
PLZ.UN	Plaza Retail REIT	$4.25
BTB.UN	BTB REIT	$4.60
TNT.UN	True North Commercial REIT	$6.67
AAR.UN	Pure Industrial Real Estate Trust	$6.76
SMU.UN	Summit Industrial Income REIT	$7.37
SOT.UN	Slate Office REIT	$8.15
MR.UN	Melcor REIT	$8.53
DIR.UN	Dream Industrial REIT	$8.81
IIP.UN	InterRent REIT	$9.11

All of the lowest priced REITs have a market cap of under $750M with the exception of Pure Industrial, which has a market cap of over $2B.    

Edit (Jan. 9, 2018):  Interestingly, Pure Industrial REIT is now being acquired by a U.S. firm, Blackstone, which is listed on the NYSE.  Blackstone will pay $8.10 per unit which is a 27% premium.   That's a nice capital gain to wake up to.
Source: Pure Industrial Real Estate Trust enters into definitive agreement to be acquired. 

Unit prices as of January 3, 2018