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: Spin-Outs To Unlock Value

H&R recognizes that its diversified business model is out of favor and that higher valuation can be delivered through “pure play” entities H&R disclosed intensification plans for several prime downtown Toronto sites and a huge site in Vancouver Very low yields on H&R’s unsecured debt suggest the AFFO yield of H&R units is far too … Continue reading H&R REIT: Spin-Outs To Unlock Value

Brookfield Property Buyout: Fair Value Would be $20

Brookfield Asset Management (BAM) offered to buy the publicly held units of Brookfield Property Partners (BPY) for $16.50/unit (LINK) I organized my thoughts to assess how much upside might remain to a definitive agreement. The price is low by most metrics: 38% discount to IFRS Net Asset Value per share of $26.80. BAM’s own quarterly … Continue reading Brookfield Property Buyout: Fair Value Would be $20

Canny Insiders Buying Canadian REITs During Tax Loss Season

Canadian REITs underperformed the S&P TSX Composite in 2020 (-10% vs +6%) Canadian capital gains tax is assessed on a settlement date basis so December 29 was the last day to realize losses in 2020 REITs with poor YTD returns and notable recent insider buying include Cominar, Riocan, First Capital, Allied Properties, Brookfield, and Artis … Continue reading Canny Insiders Buying Canadian REITs During Tax Loss Season

H&R REIT: Fading Risk Should Be Reflected In A Higher Price

Unit Price has sharply underperformed the sector since the onset of COVID Trading at a 44% discount to IFRS Net Asset Value (C$22.11) and less than 9X 2020 AFFO which has been temporarily depressed by COVID Retail and energy tenants are performing better than feared H&R REIT (TSX:HR/UN)(HRUFF) units have fallen sharply this year due … Continue reading H&R REIT: Fading Risk Should Be Reflected In A Higher Price

H&R REIT: Keep Calm And Call HR

Unit price has fallen 47% since 2/28, much worse than peers Trading at a 53% discount to its IFRS Net Asset Value (C$21.80) and  8 X 2020 AFFO (C$1.30) which has been temporarily depressed by COVID Diversified business model is unpopular with investors, but heavy COVID impact on retail assets has been balanced by stable … Continue reading H&R REIT: Keep Calm And Call HR

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

Unit price has fallen 51% 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