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.

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