Real Estate Investment Trusts In Canada

The Canadian real estate investment trust (REIT) industry began in the early 1990s and, over the past twenty years, the legislative landscape governing REITs has changed dramatically. This dissertation examines how REIT legislation has progressed in Canada and the effects it has had on the industry as a whole. After examining the basic characteristics of a REIT, an overview of the legislative evolution is presented. This thesis argues that recent legislation has been successful in allowing REITs to flourish, with 48 public equity REITs now trading in Canada comprising a market capitalization of over CAD 50 billion. A thorough examination of the current REIT sector is conducted, drawing comparisons to the markets generally, income trusts, and the real estate sector. Little legal academic research has been done on this topic and this dissertation seeks to fill a gap in the legal literature concerning income trusts as a whole.