I was looking at some Canadian REITs. I don't have much familiarity with them so there may be errors below. Beware!

I'm not sure if I would encounter strange taxes or other concerns as a UK investor if I bought Canadian REITs, other than 15% WHT on dividends.

Perhaps someone else knows?

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Anyway the REITs I noticed that seem quite interesting are:

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1. https://granitereit.com/

e.g. granitereit.com - Scheduled assets

Granite REIT.

What I like?

- Delightfully boring name.

- Good occupancy 98%, decent looking customers they rent to.

- FFO income growing 9-10% CAGR in past years. I'm guessing a consequence of old leases being underpriced vs current market rents.

- They did buybacks a bit to fix a discount to NAV. Discount currently: $90 stock vs $103 NAV.

- Monthly dividend. What can I say, I'm a simple man.

What I don't like?

- One quite big customer (Magna), 26% revenue

- Stock is up 50% in the last year or so, even as rates go up? wtf, I want a time machine

- 4% yield before WHT is a bit lame. payout ratio is 63%. Earnings yield about 6.6%. Not terrible, not exciting.

- Weighted debt maturity 3 years and cost of debt 2.63%, LTV 33%, so profitability will be set back as debt rolls over.

- if you're in the US you may be annoyed that they delisted from the NYSE

Thoughts?

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2. vitalreit.com: Home | Vital Infrastructure Property Trust

e.g. cms.vitalreit.com - VITL Q2 Investor Presentation v2

Vital Infrastructure Property Trust aka The Artist Formerly Known As 'Northwest Healthcare Properties Real Estate Investment Trust'

What I like?

- Healthcare is pretty dull and predictable, often government is the customer and they usually pay. OK occupancy 96-97%, should be 98-99%, but whatever.

- Management was recently internalised, generally a good thing, I imagine outgoing management must be thrilled at the $170m termination payout?

- Leases have lots of time left to run.

- Trades at a good discount to NAV $7.66 vs $5.43 share price.

- 85% payout ratio, 6.6% divi yield.

- monthly divis, hurray

What I don't like?

- Changing name, often a sign that a management team is slightly distracted from other things like, making money, controlling risks etc.

- Selling off huge chunks of stuff (Europe, Australia), recently, hmm.

- Investor presentation talking about vibes and trends in opening slides, not company metrics, hmm.

- Were working across several countries (Australia 19%, Brazil 29%). In property this adds complications for debt, tax, forex etc.

- Not so much this year, they just sold lots of the foreign stuff.

- 49% LTV a tad high. I mean I've seen worse, but not ideal.

- 2 year maturity on debt to renewal? yikes, especially with that much debt. What are they going to do if the market for credit evaporates 2008 style?

- 5.4% cost of debt on 2027 debt, yikes that's a bit high? like that's basically similar to what their assets yield, ungeared, on average I think? makes half their assets kind of, unrewarded risk, I think?

In summary, I guess might be worth it for the high dividend yield brought about by the discount to NAV.

But I'm getting slightly bad vibes somehow.

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Does anyone have any knowledge, thoughts, opinions about these 2 REITs?

This is my first glance at these REITs, trying to build a picture of them. Please point out any mistakes I may have made.

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I'm also kind of interested if anyone knows much about the history of these REITs, their management etc, troubles or success they may have had (without asking AI, I can do that myself perfectly well).

Most of all I am curious about unexpected tax/ownership complications for those who are not Canadian resident taxpayers.

TRS