Artis REIT: High Rent Collection, Valuable Industrial Assets, And Low Price

Artis 5/12 unit price is a 51% discount to IFRS Net Asset Value of $15.52/unit Artis trades at 6X 2020 FFO, well below the 12X average for all Canadian REITs Artis price has underperformed the sector since 2/28 despite an improved business mix and strong rent collections The company’s Strategic Review concluded without a transaction, … Continue reading Artis REIT: High Rent Collection, Valuable Industrial Assets, And Low Price

Artis REIT: Safe and Cheap

Artis units have fallen sharply since my 3/5 article (Artis REIT: Liquidation Sale?).  A financial market crash and an economic recession make it unlikely that the company or significant parts of it can be sold in the near-term, but the strategic initiatives executed over the past year leave Artis well positioned to weather the storm and … Continue reading Artis REIT: Safe and Cheap

Artis REIT: Liquidation Sale?

Artis 3/3 unit price is a 16% discount to IFRS Net Asset Value of $15.56/unit Artis trades at 8X 2020 FFO, well below the 15X average for all Canadian REITs The strategic initiatives announced in November 2018 have been aggressively implemented and the benefits are fully reflected in the unit price The share price now … Continue reading Artis REIT: Liquidation Sale?

Artis REIT: Good Results, But Appreciation Depends On New Strategic Initiatives

Artis 11/6 unit price is a 26% discount to IFRS Net Asset Value of $15.72/unit Artis trades at 8.6 X 2019 FFO, well below the 17X average for all Canadian REITs and 16X average for all US REITs The strategic initiatives announced in November 2018 have been aggressively implemented and the benefits are reflected in … Continue reading Artis REIT: Good Results, But Appreciation Depends On New Strategic Initiatives

Artis REIT: Strong Operating Results Overshadowed Strategic Initiatives

Artis 8/2 unit price is a 22% discount to IFRS Net Asset Value of $15.37/unit Artis trades at 8.8 X 2019 FFO, well below the 14X average for all Canadian REITs and 16X average for all US REITs The strategic initiatives announced in November 2018 have been aggressively implemented and an independent Special Committee is … Continue reading Artis REIT: Strong Operating Results Overshadowed Strategic Initiatives

Artis REIT: Delivering Value Faster Than Expected

Artis 5/10 unit price is a 28% discount to IFRS Net Asset Value of $15.55/unit Artis trades at 8.5 X 2019 FFO, well below the 14X average for Canadian REITs and 19X average for US REITs The strategic initiatives announced in November 2018 have been aggressively implemented and a new Special Committee will consider further … Continue reading Artis REIT: Delivering Value Faster Than Expected

Artis REIT: Building Value That Will Eventually be Unlocked

Artis 3/15 unit price is a 31% discount to IFRS Net Asset Value of $15.55 per share Artis trades at 8X 2019 FFO, well below the 14X average for Canadian REITs and 19X average for US REITs The strategic initiatives announced in November 2018 have been aggressively implemented Shares may not trade at fair value … Continue reading Artis REIT: Building Value That Will Eventually be Unlocked

Artis REIT: Trashed Stock With Bargain Price & Strategy That Will Build Value

Artis REIT’s recent unit price (around C$9.15) is a 39% discount to IFRS Net Asset Value of $15.11/share. Artis trades at 9X 2018 AFFO, well below the 16X average for Canadian REITs and 19X average for US REITs. Artis’ new strategic plan has similarities to the path followed by Dream Office which provided a total … Continue reading Artis REIT: Trashed Stock With Bargain Price & Strategy That Will Build Value

H&R REIT: This Blue Chip Canadian REIT Has Never Been Cheaper

Unit price has fallen 47% since 2/28, much worse than peers Trading at a 60% discount to its IFRS Net Asset Value ($25.79) and  7.3 X 2020 AFFO (C$1.40) estimated prior to the impact of the coronavirus Diversified business model is unpopular with investors, but includes high quality assets that should sustain their value through … Continue reading H&R REIT: This Blue Chip Canadian REIT Has Never Been Cheaper