InvestPlus Industrial REIT
$165,410
+65.4% total return (2017–2025). Steady compounding driven by Western Canadian industrial portfolio, value-add leasing, and strong occupancy.
Whitepaper — June 2026
Accredited Investors
Investment Intelligence Report
The Trade-Off in Private REITs
Liquidity risks versus valuation stability and sustainable growth — a comprehensive analysis for investors evaluating private real estate, with InvestPlus Industrial REIT performance data from 2017 to 2025.
- $100K investment (2017)
- $165,410 by 2025
- Total return
- +65.4%
- Volatility vs public REITs
- 40–60% lower
+65.4%
InvestPlus total return on $100,000 invested in 2017 (through 2025).
~+37.5%
Approximate return for Canadian public REITs over the same period.
Stable NAV
Private REITs held steadier valuations during the 2022 rate-hike cycle.
Quarterly
Appraisal-based valuations smooth out daily market noise.
For eligible and accredited investors with appropriate time horizons, the structured illiquidity of private REITs is not a drawback — it is the mechanism that enables superior long-term compounding, stable distributions, and resilience through market cycles. Key insight from the report
Executive summary
Why patient capital wins in private real estate.
Private REITs like InvestPlus Industrial REIT offer exposure to high-quality industrial properties across Western Canada — valued through periodic third-party appraisals, not daily TSX trading.
That structure delivers lower volatility, more stable NAV growth, and sustainable income. The trade-off is liquidity: units are non-traded, with redemptions subject to caps, queues, and potential suspensions. For investors with a 5–10+ year horizon, that illiquidity is often outweighed by superior risk-adjusted returns.
01
Liquidity mechanics — redemption caps, gates, and why they protect all unitholders.
02
Valuation stability — how appraisal-based NAV reduces volatility vs listed REITs.
03
Cycle performance — resilience through the pandemic and 2022–2023 rate hikes.
04
Why Canada's largest pension funds allocate heavily to private real estate.
Private vs. public
The structural difference that drives outcomes.
Canadian public REITs experienced 20–30%+ drawdowns during the 2022 rate-hike cycle. Private REITs maintained more stable NAVs by avoiding fire sales of underlying assets.
| Characteristic | Private REIT | Public REIT (TSX) |
|---|---|---|
| Valuation | Quarterly / semi-annual appraisal | Daily market price |
| Volatility | Low — appraisal-smoothed | High — equity market driven |
| Liquidity | Quarterly redemptions (capped) | Daily trading on TSX |
| 2022 rate-hike impact | Stable NAV, minimal drawdown | 20–30%+ unit price decline |
| Income | Consistent quarterly distributions | Variable — market-sensitive |
InvestPlus track record
$100,000 invested in 2017 — where it stood in 2025.
Actual total returns demonstrate how trading liquidity for long-term property fundamentals can outperform both Canadian public REITs and bonds over a full market cycle.
Canadian Public REITs
~$137,500
S&P/TSX Capped REIT Index approximate total return over the same period.
Canadian Bonds
~$114,400
FTSE Canada Universe Bond Index approximate total return (2017–2025).
Inside the report
Nine sections. One clear framework for evaluating private REITs.
Authored by Domenic Mandato with data through 2025, this report is designed for sophisticated investors who want facts — not marketing — before allocating to illiquid real estate.
- Executive Summary The core trade-off between liquidity risk and long-term compounding in private REITs.
- Liquidity Risks in Private REITs Redemption caps, queues, Canadian industry examples, and deliberate safeguards.
- Valuation Stability and Reduced Volatility How appraisal-based NAV smooths returns versus daily TSX pricing.
- Performance Through Market Cycles Pandemic and rate-hike resilience compared to listed REIT indices.
- InvestPlus Performance (2017–2025) Growth of $100,000 vs Canadian public REITs and bonds — with charts.
- Why Institutional Investors Favor Private Real Estate How Canada's "Maple 8" pensions allocate to alternatives and real assets.
- Conclusion & Investor Considerations When private REITs belong in a balanced portfolio — and what due diligence to demand.
About the author
Written by the team behind the performance.
Domenic Mandato
Founder & CEO, InvestPlus Industrial REIT
With over two decades in real estate investment, asset management, and capital markets, Domenic has built InvestPlus into a trusted vehicle for accredited investors seeking stable, income-generating exposure to Western Canada's industrial sector. Under his leadership, InvestPlus has delivered consistent NAV growth and quarterly distributions from 2017 through 2025 — navigating the pandemic and the 2022–2023 rate-hike environment without missing a distribution.
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