Artis Real Estate Investment Trust (AX.UN.TO)…

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Artis Real Estate Investment Trust (AX.UN.TO)

8.82

-0.38 (4.13%)

as of Feb 3, 2026, 9:00:00 pm Market Open.

202 watching

Investor Insights

Jun 10, 2026, 12:00 am

This summary was created by AI, based on 3 opinions in the last 12 months.

Artis Real Estate Investment Trust (AX.UN-T) is currently facing significant criticism from various experts for its ongoing challenges. The recent announcement indicates that the company will be sold at a substantial 44% discount to its intrinsic value, which raises alarms about its financial health and future prospects. Furthermore, the shift from monthly to quarterly distributions, and the considerable reduction in payouts, signal potential liquidity issues that investors should be cautious about. The company's current structure is under scrutiny, particularly as it plans to go private without any premium, leading to a largely unfavorable market reaction. Despite its diversification across office, retail, and industrial sectors in Canada and the U.S., institutional investors typically shy away from diversified REITs, and concerns have emerged regarding its balance sheet, compelling it to sell off valuable assets.

Consensus

Avoid

Valuation

Overvalued

Similar

Crombie, CDR.UN

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

TOP PICK

Stockchase Research Editor: Michael O'Reilly AX.UN REIT holds mostly industrial based properties in Canada, the US Northern Tier and Arizona. It also has some retail and office holdings. It trades under book value and 6.5x cash flow. Cash reserves have expanded to be higher than pre-pandemic levels while it has reduced debt and bought back shares. It pays a good yield backed by a payout ratio under 50% of cash flow. We recommend setting a stop-loss at $8, looking to achieve $12 -- upside potential over 20%. Yield 6.3%. (Analysts’ price target is $12.22)

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TOP PICK

Diversified REITs are unloved. Trades around 6x FFO and pays a dividend over 6%. Discount to NAV is around 50%. Catalyst is the new management team. Those are two reasons to buy. (Analysts’ price target is $12.71)

BUY

TCN has a unique concept, single-family rentals south of the border. Lots of traction. Valuation too hot. Long-term scalability might be tough. For good value and a higher dividend, look at AX.UN, BEI.UN, or REI.UN.

TOP PICK

Diversified REIT, and nothing is more unloved these days. Low valuation. New management. Strong case for growing NAV per share. Trades at 9x FFO, an attractive valuation in today's market. Yield is 4.93%. (Analysts’ price target is $13.75)

DON'T BUY

Cut dividend by 50%. In midst of restructuring. Just bought Cominar's portfolio. Execution risk is very high. Occupancy levels below 90%. Missed on analysts' estimates. Lots of retail. Stay away and see what happens.

PAST TOP PICK

(A Top Pick Jun 08/21, Up 22%) Still a buy for new clients. Valuation still really attractive, 25% discount to NAV, dividend yield about 4.5%.

DON'T BUY

They are divesting assets in Western Canada, including all office holdings in Calgary. Still own assets on both sides of the border. There are friction costs in closing the gap to NAV so not buying.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The stock has moved up from the news on a special dividend. It is mostly paid out in distributions of new units, not cash, however. It is kind of like a stock split. Unlock Premium - Try 5i Free

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DON'T BUY

It was a diversified REIT in the US and Canada and then there was board transition an activist shareholder has taken control to sell off the assets and reinvest the capital into other publicly traded REITs. He questions this business strategy. Choose the REITs they invested in for yourselves.

TOP PICK

It's exposed to western Canada, an unloved asset class, but the valuation is very attractive and the new CEO has a new plan to flexibly invest in private and public real estate. This combination is great. The dividend pays over 5%, so you're paid to wait. The CEO has a track record restructuring asset. Artis trades at a 25% discount to NAV.

DON'T BUY

They just announced a business transformation plan. There is quite a bit of tax leakage as a result of a recent acquisition. The portfolio is half office, a third industrial and 20% retail. They are selling industrial, to be left with retail and office. Their goal is to invest in publicly traded securities. He thinks there will be conflicts of interests.

HOLD

Management turnover. Waiting to hear about future plans. Owns office, retail and industrial, so there's no obvious single plan. Risk/reward questionable.

COMMENT

They intend to spin out their western Canadian retail real assets to become an owner of office and industrial assets in North America. Investors will receive units of this new small-cap REIT, which will be difficult to value. The hope is that the office/industrial REIT will see a re-rating of its value. Spin-outs often don't create value, so he can't evaluate this for another year or longer. Don't own this during the spin, but it may offer value after the spin. They own good industrial assets in Houston, and office buildings in stable markets like Madison, WI, though these markets won't show much growth they have have been stable. The dividend is above 6%.

DON'T BUY

Their assets were all in Alberta. They are trying to switch their portfolio and are trying to reduce debt. They have increased their occupancy rates. They are trading at 14 times Price to AFFO. They want to become more of an Industrial portfolio. It is a work in progress. In his neutral bucket. You could probably pass on this one. Yield 4.5% (Analysts’ price target is $13.30)

DON'T BUY

Strong, experienced managers, but investors don't like the wide diversity of real estate assets this contains. Also, they have a lot of exposure to Alberta that they are selling down. They have decent U.S. exposure. Artis is okay. But managers are too responsive to activists.

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Artis Real Estate Investment Trust (AX.UN.TO)

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