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 2020REITs with poor YTD returns and notable recent insider buying include Cominar, Riocan, First Capital, Allied Properties, Brookfield, and Artis Real estate … Continue reading Canny Insiders Buying Canadian REITs During Tax Loss Season

Artis REIT: Break-Up Will Deliver Value, But Who Will Wield The Hammer?

Artis delivered strong 3Q20 operating results with high rent collection and rising FFOCOVID impact has been limited due to portfolio of industrial assets, secondary office markets, and essential retailActivist Sandpiper Group launched a proxy fight to replace 5 of the 7 directorsThe proposed Retail spinoff was postponedOut-of-favor diversified business model has suppressed the market value. … Continue reading Artis REIT: Break-Up Will Deliver Value, But Who Will Wield The Hammer?

Artis REIT: Spin Spin Sugar

Artis will spin off its Retail assets to unitholders through a new listed REITArtis will separate its Industrial assets into a wholly owned structure to facilitate a future spinoff or saleArtis attributes $2.55/unit value to the Retail business. The remaining $12.85 of NAV is about $7 for Industrial and $6 for Office.Management accepts that diversification … Continue reading Artis REIT: Spin Spin Sugar

Artis REIT: Not For Sale, But Not Forsaken

Artis 8/10 unit price is a 45% discount to IFRS Net Asset Value of C$15.40/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 a favorable business mix and strong rent collections The company’s Strategic Review concluded without a transaction, … Continue reading Artis REIT: Not For Sale, But Not Forsaken

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