I previously worked for one of the major Canadian REITs. The discount to NAV typically isn't measured the same as you would a US REIT. Canadian REITs follow IFRS vs GAAP. The NAV gets huge because they are capitalizing things (adding to NAV) that a US REIT would pass through as an operating expense (reducing NOI), so having a big discount to NAV as a Canadian REIT should be the expectation and I would tend to view ones with share price close to NAV as being fully valued.

Big picture to get deals done (acquire properties) ownership has to buy deals that yield low returns because they are competing against different buyers such as private equity that is buying simply to park cash and avoid certain taxes. Over time the best assets in the right location get some capital (value) appreciation while paying some kind of yield.

One nice thing about Canadian REITs is they tend to be lower leverage vs US REITs. They can be nice yield plays and you get some additional return when purchasing relative to true value of the underlying assets. Happy to dive deeper into certain topics if you'd like.