Artis Real Estate Investment Trust

AX.UN-T

Analysis and Opinions about AX.UN-T

Signal
Opinion
Expert
COMMENT
COMMENT
April 18, 2017

Preferreds. The common stocks have done very well lately. They expanded into the US at the right time, which has helped provide stability. The common stock is yielding about 8%, and you may find by switching from the preferreds to the common, you get a similar yield plus upside, as opposed to the preferred which will be capped. You might want to talk to a financial advisor as some of the tax treatment might be different.

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Preferreds. The common stocks have done very well lately. They expanded into the US at the right time, which has helped provide stability. The common stock is yielding about 8%, and you may find by switching from the preferreds to the common, you get a similar yield plus upside, as opposed to the preferred which will be capped. You might want to talk to a financial advisor as some of the tax treatment might be different.

COMMENT
COMMENT
February 24, 2017

Well-managed. Its properties are pretty decent. Retail REITs are not performing as well, so he prefers more diversified REITs. The yield is north of 8%.

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Well-managed. Its properties are pretty decent. Retail REITs are not performing as well, so he prefers more diversified REITs. The yield is north of 8%.

Bill Shaw

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Price
$12.860
Owned
Unknown
COMMENT
COMMENT
February 3, 2017

This gets you into a large Calgary exposure. This REIT has recognized that and has been expanding aggressively into the US. There are also conversations that they will be selling some of their Calgary office. If you have a very long time horizon, and you like the yield, it might be worth waiting through. 8.7% yield.

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This gets you into a large Calgary exposure. This REIT has recognized that and has been expanding aggressively into the US. There are also conversations that they will be selling some of their Calgary office. If you have a very long time horizon, and you like the yield, it might be worth waiting through. 8.7% yield.

HOLD
HOLD
January 31, 2017

Primarily centres around Western Canada and excess office supply. Office supply in Canada is going to increase by about 3% during the next 5 years accumulatively. A lot of that office is in Toronto and Calgary, which means you are going to see above average vacancy during the next several years, which will pressure central business District rents for a lot of the new office spaces, and consequently put a bit of a downward pressure on suburban office rents, which tend to be some of the stuff this company owns. Trading at a substantial discount to NAV. He owns a little of this, but is cautious because the payout ratio is relatively high. Dividend yield of 8.8%.

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Primarily centres around Western Canada and excess office supply. Office supply in Canada is going to increase by about 3% during the next 5 years accumulatively. A lot of that office is in Toronto and Calgary, which means you are going to see above average vacancy during the next several years, which will pressure central business District rents for a lot of the new office spaces, and consequently put a bit of a downward pressure on suburban office rents, which tend to be some of the stuff this company owns. Trading at a substantial discount to NAV. He owns a little of this, but is cautious because the payout ratio is relatively high. Dividend yield of 8.8%.

PAST TOP PICK
PAST TOP PICK
January 23, 2017

(A Top Pick April 5/16. Up 37.7%.) (Preferred Shares.) He had an opportunity last year in the rate reset market as people were selling preferred shares off in fear of rates going to zero. Still feels there is upside. Thinks they will call this in 2018 and you still get the 6% yield. If they don’t call it, then you will get reset into a yield that is higher than what you are getting paid now.

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(A Top Pick April 5/16. Up 37.7%.) (Preferred Shares.) He had an opportunity last year in the rate reset market as people were selling preferred shares off in fear of rates going to zero. Still feels there is upside. Thinks they will call this in 2018 and you still get the 6% yield. If they don’t call it, then you will get reset into a yield that is higher than what you are getting paid now.

COMMENT
COMMENT
December 22, 2016

A well-managed company, largely based in Western Canada. Real estate, particularly commercial real estate, in Western Canada has not done as well. That may come back as the energy market comes back, but this is an interest sensitive stock, and if the market feels rates will rise over the next year, which he thinks is the case, REITs generally will underperform. However, this one looks pretty cheap.

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A well-managed company, largely based in Western Canada. Real estate, particularly commercial real estate, in Western Canada has not done as well. That may come back as the energy market comes back, but this is an interest sensitive stock, and if the market feels rates will rise over the next year, which he thinks is the case, REITs generally will underperform. However, this one looks pretty cheap.

HOLD
HOLD
December 15, 2016

It is a name that has been challenging because of the western Canada exposure. They are divesting out of some of Western Canada and going into the US. He’d hang on to it. The payout ratio is about 90% but he does not think things can get worse in western Canada. They are focused on more suburban markets.

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It is a name that has been challenging because of the western Canada exposure. They are divesting out of some of Western Canada and going into the US. He’d hang on to it. The payout ratio is about 90% but he does not think things can get worse in western Canada. They are focused on more suburban markets.

COMMENT
COMMENT
November 23, 2016

This has been beaten up a lot. It is currently trading at about $11.70, and its asset value is closer to $15. Payout ratio is going to hover between 90% and 95%. It is challenged by vacancies in Western Canada. Management is trying to reposition the portfolio, and exit out of some of the space they have in Western Canada, and redeploy that into the US. In the meantime, you are going to be able to get your dividend and doesn’t think it will get cut. Dividend yield is north of 9%.

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This has been beaten up a lot. It is currently trading at about $11.70, and its asset value is closer to $15. Payout ratio is going to hover between 90% and 95%. It is challenged by vacancies in Western Canada. Management is trying to reposition the portfolio, and exit out of some of the space they have in Western Canada, and redeploy that into the US. In the meantime, you are going to be able to get your dividend and doesn’t think it will get cut. Dividend yield is north of 9%.

COMMENT
COMMENT
November 17, 2016

A high yield can be seducing. This is a balanced company, and is a good high-yield pick. Pick one or 2 of the Top Picks, and then add a little bit of the higher yielders. Just don’t put all your money into one high-yield. Accept lower yields in higher-quality names that are trading cheap.

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A high yield can be seducing. This is a balanced company, and is a good high-yield pick. Pick one or 2 of the Top Picks, and then add a little bit of the higher yielders. Just don’t put all your money into one high-yield. Accept lower yields in higher-quality names that are trading cheap.

HOLD
HOLD
September 20, 2016

He owns a little. A good, deep value name for Canadian investors looking for a mid-single digit yield as the payout ratio is under 100%. The concern is not if rates are going to go up and affect their cash flow growth, it really has to do with lower commodity prices in Western Canada. They just did an equity issue to buy some US assets, and there is a little bit of an overhang there. Good value and decent yield.

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He owns a little. A good, deep value name for Canadian investors looking for a mid-single digit yield as the payout ratio is under 100%. The concern is not if rates are going to go up and affect their cash flow growth, it really has to do with lower commodity prices in Western Canada. They just did an equity issue to buy some US assets, and there is a little bit of an overhang there. Good value and decent yield.

COMMENT
COMMENT
September 2, 2016

A diversified story. You are getting a bit of Calgary office, some good Western Canadian retail, some solid US office. A large liquid name and the yield is very attractive. Valuation is reasonable. He doesn’t expect a lot of appreciation.

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A diversified story. You are getting a bit of Calgary office, some good Western Canadian retail, some solid US office. A large liquid name and the yield is very attractive. Valuation is reasonable. He doesn’t expect a lot of appreciation.

SELL
SELL
August 15, 2016

(Market Call Minute.) Sold his holdings recently. It has good US exposure, but they have a bigger Calgary portfolio than almost anybody out there.

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(Market Call Minute.) Sold his holdings recently. It has good US exposure, but they have a bigger Calgary portfolio than almost anybody out there.

HOLD
HOLD
July 28, 2016

Not the highest quality REIT, but he does like it here. 8% dividend yield and it is trading at a very reasonable valuation, 10.7X 2016. Payout ratio is at about 87%, and he sees that declining next year. 32% of its revenue stream is from the US. His problem is that it doesn’t have any growth rate over the next couple of years, due to the areas they are in.

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Not the highest quality REIT, but he does like it here. 8% dividend yield and it is trading at a very reasonable valuation, 10.7X 2016. Payout ratio is at about 87%, and he sees that declining next year. 32% of its revenue stream is from the US. His problem is that it doesn’t have any growth rate over the next couple of years, due to the areas they are in.

COMMENT
COMMENT
July 26, 2016

Most REITs have done quite well, but he does not see that here. It is not performing as well as its peer group, which usually means something is wrong. Dividend yield of 7.9%.

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Most REITs have done quite well, but he does not see that here. It is not performing as well as its peer group, which usually means something is wrong. Dividend yield of 7.9%.

COMMENT
COMMENT
May 20, 2016

Artis REIT (AX.UN-T) or Crombie REIT (CRR.UN-T)? Likes Crombie as a good place to start adding, which he is doing right now. He likes the food side and their attachment to Sobey’s. On this one he is wondering at what point he starts to enter again.

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Artis REIT (AX.UN-T) or Crombie REIT (CRR.UN-T)? Likes Crombie as a good place to start adding, which he is doing right now. He likes the food side and their attachment to Sobey’s. On this one he is wondering at what point he starts to enter again.

COMMENT
COMMENT
May 9, 2016

He has a couple of accounts that do own this. It is a good long-term bet. Dividend yield of 8%.

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He has a couple of accounts that do own this. It is a good long-term bet. Dividend yield of 8%.

COMMENT
COMMENT
May 6, 2016

A stock with a lot of Alberta exposure, but also has a strong US portfolio. Thinks the market will continue to punish Alberta names for some time. However, the income is safe and they have managed quite well through the different cycles.

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A stock with a lot of Alberta exposure, but also has a strong US portfolio. Thinks the market will continue to punish Alberta names for some time. However, the income is safe and they have managed quite well through the different cycles.

TOP PICK
TOP PICK
April 5, 2016

(Preferred Shares 5.25%, Series C.) If the market has had a good run, you might want to hide a little in an alternative yield. These type of preferreds, reset to a rate plus an underlying government rate, usually the 5 year. This one has a very big reset yield. It is also in US$, so you might get a little positive with the US$. When this resets in 2018, you are actually going to be collecting 8.5% at current pricing, more than the 7.5% you are collecting now.

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(Preferred Shares 5.25%, Series C.) If the market has had a good run, you might want to hide a little in an alternative yield. These type of preferreds, reset to a rate plus an underlying government rate, usually the 5 year. This one has a very big reset yield. It is also in US$, so you might get a little positive with the US$. When this resets in 2018, you are actually going to be collecting 8.5% at current pricing, more than the 7.5% you are collecting now.

BUY
BUY
March 30, 2016

Trades at a huge discount relative to NAV. One of the cheapest diversified REITs in Canada. Payout ratio is relatively low, so you don’t have to worry about a dividend cut. There is probably $3-$4 of capital appreciation potential, especially if oil prices can sustain themselves at around $40. The big knock is that they have Western Canada exposure, about 30% of their portfolio, and rents in Western Canada, especially suburban office rents in Calgary, are really declining by 15%-25%, so there is going to be a pretty big hit that is going to happen, but to some extent that has been offset by the strength in this company’s US portfolio. He would Buy and bank on the 8.5% dividend yield.

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Trades at a huge discount relative to NAV. One of the cheapest diversified REITs in Canada. Payout ratio is relatively low, so you don’t have to worry about a dividend cut. There is probably $3-$4 of capital appreciation potential, especially if oil prices can sustain themselves at around $40. The big knock is that they have Western Canada exposure, about 30% of their portfolio, and rents in Western Canada, especially suburban office rents in Calgary, are really declining by 15%-25%, so there is going to be a pretty big hit that is going to happen, but to some extent that has been offset by the strength in this company’s US portfolio. He would Buy and bank on the 8.5% dividend yield.

BUY
BUY
February 9, 2016

Owns a little and is looking to add to it. This is a Western Canadian exposed REIT, so it has declined a lot. Trading at over a 30% discount to NAV. The nice thing about this is that you are getting about a 10% yield. Payout ratio is around 80%. Only about 25% of its net operating income comes from Western Canada.

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Owns a little and is looking to add to it. This is a Western Canadian exposed REIT, so it has declined a lot. Trading at over a 30% discount to NAV. The nice thing about this is that you are getting about a 10% yield. Payout ratio is around 80%. Only about 25% of its net operating income comes from Western Canada.

COMMENT
COMMENT
February 3, 2016

What the market doesn’t appreciate about this company sometimes, is that they have a significant US portfolio which has done very well. Their retail component, even in Western Canada, has been very stable. There are rumours that they are putting a lot of their Calgary offices up for sale. He is sitting on the sidelines to see how the whole process works. The dividend is sustainable at this level. Dividend yield of 9.3%.

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What the market doesn’t appreciate about this company sometimes, is that they have a significant US portfolio which has done very well. Their retail component, even in Western Canada, has been very stable. There are rumours that they are putting a lot of their Calgary offices up for sale. He is sitting on the sidelines to see how the whole process works. The dividend is sustainable at this level. Dividend yield of 9.3%.

PAST TOP PICK
PAST TOP PICK
December 24, 2015

(Top Pick Jan 9/15, Down 10.64%) It is painted with a brush having Western Canada exposure even though it is less than 30%. Payout is below 80%. They are looking at getting rid of some of the Western Canadian holdings. This is a name you can buy and get the yield. You can benefit from the recovery.

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(Top Pick Jan 9/15, Down 10.64%) It is painted with a brush having Western Canada exposure even though it is less than 30%. Payout is below 80%. They are looking at getting rid of some of the Western Canadian holdings. This is a name you can buy and get the yield. You can benefit from the recovery.

COMMENT
COMMENT
December 18, 2015

Has a lot of Calgary office exposure, and there is uncertainty about the value of their properties. However, their retail and US portfolios have been performing quite well. This is the beauty of a diversified vehicle. If one party isn’t working, the other is. He is concerned about everything in Alberta, but is watching this because of its US exposure.

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Has a lot of Calgary office exposure, and there is uncertainty about the value of their properties. However, their retail and US portfolios have been performing quite well. This is the beauty of a diversified vehicle. If one party isn’t working, the other is. He is concerned about everything in Alberta, but is watching this because of its US exposure.

HOLD
HOLD
December 3, 2015

A lot of their performance has been affected by being associated with Alberta. They are not getting any credit for work or acquisitions done south of the boarder. They will continue to diversify away from their Alberta holdings. Hold or add to it here.

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A lot of their performance has been affected by being associated with Alberta. They are not getting any credit for work or acquisitions done south of the boarder. They will continue to diversify away from their Alberta holdings. Hold or add to it here.

Ben Cheng

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Price
$13.090
Owned
Unknown
HOLD
HOLD
November 12, 2015

He is still on the sidelines. They have done well purchasing assets. Their US investments have equaled out their Calgary exposure. He is looking for the opportunity to get in in the numbers. You get your income and then a swing up when Calgary comes back.

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He is still on the sidelines. They have done well purchasing assets. Their US investments have equaled out their Calgary exposure. He is looking for the opportunity to get in in the numbers. You get your income and then a swing up when Calgary comes back.

COMMENT
COMMENT
October 16, 2015

Has always held this in high regards. Likes the management. Doesn’t own currently, but is one that he would buy back again. His company has this as a Sector Perform with a $15 target. His only concern is that a lot of their properties are out west in Alberta. They also have a US presence. If you are looking for a good REIT, this is one he would recommend.

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Has always held this in high regards. Likes the management. Doesn’t own currently, but is one that he would buy back again. His company has this as a Sector Perform with a $15 target. His only concern is that a lot of their properties are out west in Alberta. They also have a US presence. If you are looking for a good REIT, this is one he would recommend.

BUY
BUY
October 7, 2015

Real estate has underperformed and this one was hit because of western assets. It has never been cheaper. It is reasonable now. It is overdone and the properties are good properties.

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Real estate has underperformed and this one was hit because of western assets. It has never been cheaper. It is reasonable now. It is overdone and the properties are good properties.

BUY
BUY
October 2, 2015

He sees only a 1% growth rate. Their dividend seems sustainable. Balance sheet is fair. US business mitigates their risk in Canada.

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He sees only a 1% growth rate. Their dividend seems sustainable. Balance sheet is fair. US business mitigates their risk in Canada.

WEAK BUY
WEAK BUY
September 21, 2015

The exposure to Calgary is larger than their US exposure and so is dominating the name. As you see stabilization, it could do better. There is an overcapacity of buildings there and it will take time to go through it.

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The exposure to Calgary is larger than their US exposure and so is dominating the name. As you see stabilization, it could do better. There is an overcapacity of buildings there and it will take time to go through it.

COMMENT
COMMENT
September 11, 2015

This has a momentum shift against it because of the Calgary exposure. However, their US portfolio has been doing very well. Have some interesting industrial in Minneapolis and an office in Arizona. If you are looking for a diversified name and high income, and you are able to wait, this is a fine entry point.

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This has a momentum shift against it because of the Calgary exposure. However, their US portfolio has been doing very well. Have some interesting industrial in Minneapolis and an office in Arizona. If you are looking for a diversified name and high income, and you are able to wait, this is a fine entry point.

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