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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Compare Canadian apartment REITs using yield, distribution coverage, debt, and occupancy together—not by choosing the largest yield or treating similar-looking ratios as equivalent. Use issuer-reported definitions, align dates and portfolio scope, and refresh market-sensitive figures before making a peer comparison. The figures below illustrate a method; they are not a complete sector ranking or an investment recommendation.
How do I compare Canadian apartment REITs by yield, debt, and occupancy?
Start with a table that records each metric’s date, definition, and portfolio scope. A comparison is meaningful only when the underlying figures measure similar things. In particular, use one shared unit-price date for yields, identify whether payout is based on FFO or AFFO, preserve each issuer’s debt-ratio denominator, and distinguish same-property occupancy from total-portfolio occupancy.
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- Set a common period. Use the same reporting quarter or year for operating and financial results, and state the reporting date.
- Calculate yields on one market date. Confirm each trust’s annualized distribution rate and divide it by the unit price from the same closing date.
- Label each issuer’s measures exactly. Record the payout basis, debt numerator and denominator, and occupancy scope rather than substituting a generic label.
- Keep gaps visible. Mark a value as not supplied when comparable information is unavailable; do not estimate it from unrelated periods or definitions.
Is a higher REIT yield better?
No. Distribution yield shows cash distributions relative to unit price; it does not establish whether the distribution is sustainable or predict an investor’s total return. A lower unit price can raise the calculated yield even when the distribution has not changed, so every yield needs a price date.
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CAPREIT’s February 2026 investor presentation reported a 4.2% distribution yield using its February 12, 2026 closing unit price. That is a dated historical calculation, not a current yield or a same-date comparison with other trusts. Recalculate peer yields from each issuer’s confirmed distribution rate and the same market close.
#1 Best Overall
How do I know whether a REIT distribution is sustainable?
Read yield alongside a cash-flow payout ratio. The ratio helps show how much of a stated cash-flow measure is being distributed, but its meaning depends on the measure used. FFO and AFFO are not interchangeable, so a percentage based on one should not be treated as directly equivalent to a percentage based on the other.
| Trust | Reported payout measure | Period |
|---|---|---|
| CAPREIT | FFO payout ratio: 60.8% | 2025 |
| Killam | AFFO payout ratio: 69% | 2025 |
These issuer-reported figures are useful for identifying what to compare, not for declaring one trust’s coverage better: the payout bases differ. Check the issuer’s own definition and calculation when interpreting either ratio.
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What debt ratio should I compare for a REIT?
There is no safe shortcut based on a percentage alone. Show the ratio’s exact label and denominator: two values both described as leverage can use different balance-sheet bases and therefore are not automatically comparable.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitches| Trust | Issuer-reported leverage measure | Interpretation |
|---|---|---|
| CAPREIT | Total debt to gross book value: 39.3% | Denominator is gross book value. |
| Killam | Total debt as a percentage of total assets: 41.9% | Denominator is total assets. |
Because the denominators differ, do not rank 39.3% against 41.9% as though both were calculated on the same basis. For a fuller view of financing risk, also inspect debt-service capacity, borrowing costs, and refinancing timing.
Read coverage, debt to EBITDA, and maturities with their definitions
Killam reported the following at December 31, 2025: interest coverage of 2.93x, debt to normalized EBITDA of 9.66x, a weighted-average mortgage interest rate of 3.58%, and weighted-average years to debt maturity of 3.6. These provide context that a single leverage percentage cannot: coverage addresses interest service, while maturity indicates the timing of refinancing exposure. Killam identifies several ratios as non-IFRS measures, so check its definitions and do not assume another issuer calculates them the same way.
How should I interpret occupancy?
Occupancy is a measure of occupied rental capacity under an issuer’s calculation, not a standalone score for property quality, rent growth, tenant demand, or valuation. Record the reporting date, geography, property type, and whether the figure covers same properties or the whole portfolio. Then read it with same-property rent and NOI trends, leasing conditions, and conditions in the trust’s markets.
| Trust | Occupancy measure | Period and scope |
|---|---|---|
| CAPREIT | 97.3% | Canadian residential same-property occupancy at December 31, 2025 |
| Killam | 97.3% | Same-property apartment occupancy for 2025 |
The matching headline percentages do not prove that the trusts use identical property sets or calculations. CAPREIT says its same-property cohort excludes certain properties acquired or disposed of and properties classified as held for sale. Preserve each issuer’s wording rather than treating “same-property occupancy” as a standardized sector-wide definition.
What do the example figures establish—and what do they not?
The available examples show how issuer disclosures can be organized, but they do not support a complete ranking of Canadian apartment REITs. Boardwalk REIT lists its 2025 annual report on its financial reports page, but comparable current figures for Boardwalk and every major peer are not established here. Do not fill that gap with estimates or infer a sector-wide conclusion from CAPREIT and Killam alone.
For current decisions, consult the trusts’ filings and investor materials directly. CAPREIT’s financial reports and investor presentations, and Killam’s financial reports, provide issuer materials against which to verify dates and definitions.
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