Added to YB: 2024-07-22
Pitch date: 2024-07-19
AX-UN.TO [neutral]
Artis Real Estate Investment Trust
+24.24%
current return
Author Info
Company Info
Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States.
Market Cap
CAD 654.5M
Pitch Price
CAD 5.98
Price Target
N/A
Dividend
8.80%
EV/EBITDA
24.70
P/E
-10.47
EV/Sales
9.06
Sector
Office REITs
Category
value
Canadian REIT Valuations And 2024 Opportunities - Diversified REITs: Artis
AX-UN.TO: REIT trading at 54% discount to NAV ($14.06). Repurchased 3.7M units at $6.29 avg in 2024. $75M equity + $153M PIK pref in Cominar (6.4% cap rate, likely overvalued). Gare Centrale redevelopment potential but limited by leverage. Dream Office stake impact unclear. No clear plan to close NAV gap. Risks: vague strategy, potential disappointment in 'value investing' approach.
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