Canadian REIT Board Governance: 2025 Performance Benchmarks - Aprio

Canadian REIT Board Governance: 2025 Performance Benchmarks

Explore the latest governance metrics, identify sector-specific risks, and benchmark your board’s performance using data from the 2025 Globe and Mail Board Games.

As Canadian boards navigate increasing regulatory scrutiny, institutional investor demands, and complex operational risks, sector-specific governance benchmarks have never been more critical. We’ve extracted the exact performance metrics for the Reit sector to highlight where leaders excel and where vulnerability lies.

Top 10 Benchmark: Reit Performers

Company Score (/99) YoY Change Board Comp (/46)
Canadian Apartment Properties Real Estate Investment Trust CAR-UN-T 95 +9 46
Chartwell Retirement Residences CSH-UN-T 95 +1 42
Granite Real Estate Investment Trust GRT-UN-T 94 +4 43
First Capital Real Estate Investment Trust FCR-UN-T 92 0 41
H&R Real Estate Investment Trust HR-UN-T 89 +2 39
Crombie Real Estate Investment Trust CRR-UN-T 88 +10 42
Allied Properties Real Estate Investment Trust AP-UN-T 85 -1 41
Primaris Real Estate Investment Trust PMZ-UN-T 85 -3 37
RioCan Real Estate Investment Trust REI-UN-T 85 -1 39
Boardwalk Real Estate Investment Trust BEI-UN-T 84 +2 35

The Sector Gap: Institutionalizing Real Estate Boards

The REIT sector features some of the fastest-improving boards in the 2025 data (e.g., CAR-UN +9, Crombie +10). As REITs transition away from deep-rooted family or private equity control, institutional investors are demanding independent oversight matrices, transparent compensation tracking, and robust succession plans.

How Aprio Closes the Gap

Aprio helps transitioning REITs rapidly deploy institutional-grade governance. Aprio’s built-in evaluation tools and automated meeting minuting help new independent directors immediately assess strategic alignment and track governance improvements YoY.

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