Artis Real Estate Investment Trust

AX.UN-T

Analysis and Opinions about AX.UN-T

Signal
Opinion
Expert
BUY
BUY
June 9, 2014

More of a growth by acquisition story. Management has done a good job digesting what they had. Recently did an acquisition to broaden their US exposure. Likes this because of the US exposure. Thinks you will see the benefit of a lower Cdn$ show up in the NAV. The US is a bit of an inflection point where you should see occupancy and rents go up, which will disproportionately benefit this company, being one of the larger caps in Canada that has US exposure. Trades at about a 10% discount to NAV.

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More of a growth by acquisition story. Management has done a good job digesting what they had. Recently did an acquisition to broaden their US exposure. Likes this because of the US exposure. Thinks you will see the benefit of a lower Cdn$ show up in the NAV. The US is a bit of an inflection point where you should see occupancy and rents go up, which will disproportionately benefit this company, being one of the larger caps in Canada that has US exposure. Trades at about a 10% discount to NAV.

HOLD
HOLD
June 4, 2014

A REIT that is basically 50% office building, 25% industrial building and 25% retail. Have about 23% of their cash flow coming from the US. Regarded as a well managed REIT. Yield is quite attractive.

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A REIT that is basically 50% office building, 25% industrial building and 25% retail. Have about 23% of their cash flow coming from the US. Regarded as a well managed REIT. Yield is quite attractive.

DON'T BUY
DON'T BUY
May 23, 2014

Not one of her preferred REITs. Tended to grow somewhat aggressively without a huge view in terms of strategy of what markets and products they were in, in terms of property classes and quality of the assets.

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Not one of her preferred REITs. Tended to grow somewhat aggressively without a huge view in terms of strategy of what markets and products they were in, in terms of property classes and quality of the assets.

PAST TOP PICK
PAST TOP PICK
April 29, 2014

(Top Pick Jun 17/13, Up 9.67%) It continued to do better after he sold. He was concerned about offices in Calgary. The market is constantly in flux and the average worker has much more space than in Toronto. Looking for a pullback to get back in.

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(Top Pick Jun 17/13, Up 9.67%) It continued to do better after he sold. He was concerned about offices in Calgary. The market is constantly in flux and the average worker has much more space than in Toronto. Looking for a pullback to get back in.

BUY
BUY
April 28, 2014

Likes it. Their debt does not require that they pay back much over the next 2-3 years.

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Likes it. Their debt does not require that they pay back much over the next 2-3 years.

PAST TOP PICK
PAST TOP PICK
March 19, 2014

(A Top Pick April 4/13. Up 5.04%.) Continues to like. Doesn’t feel they have gotten enough credit with respect to what they have done to the balance sheet and payout ratio. Management unfortunately has been faced with a “we’ll wait and see” from most investors. They are now starting to come into the name. It will re-rate to a higher multiple from his perspective. About 20% invested in the US.

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(A Top Pick April 4/13. Up 5.04%.) Continues to like. Doesn’t feel they have gotten enough credit with respect to what they have done to the balance sheet and payout ratio. Management unfortunately has been faced with a “we’ll wait and see” from most investors. They are now starting to come into the name. It will re-rate to a higher multiple from his perspective. About 20% invested in the US.

PAST TOP PICK
PAST TOP PICK
February 28, 2014

(Top Pick Feb 22/13, Up 5.63%) Most of assets are concentrated in the west. They bounced back. The geography is important. Well run, good dividend, good cash flow and low payout.

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(Top Pick Feb 22/13, Up 5.63%) Most of assets are concentrated in the west. They bounced back. The geography is important. Well run, good dividend, good cash flow and low payout.

PAST TOP PICK
PAST TOP PICK
February 26, 2014

(Top Pick Jun 17/13, Up 5.55%) He was worried about the development of office properties in Calgary. This is one he thinks he should have bought back at the bottom. The US properties have performed very well. Concern in Calgary is that he is not sure if the oil companies will use all the office space being built.

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(Top Pick Jun 17/13, Up 5.55%) He was worried about the development of office properties in Calgary. This is one he thinks he should have bought back at the bottom. The US properties have performed very well. Concern in Calgary is that he is not sure if the oil companies will use all the office space being built.

BUY
BUY
February 11, 2014

Likes this. It is diversified in a proper way. Focused out West and has office as well as having some rational exposure to the US. Very good operators. Trades at a bit of a discount compared to Northwest Healthcare Property REIT (NWH.UN-T).

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Likes this. It is diversified in a proper way. Focused out West and has office as well as having some rational exposure to the US. Very good operators. Trades at a bit of a discount compared to Northwest Healthcare Property REIT (NWH.UN-T).

BUY
BUY
January 24, 2014

(Market Call Minute.) Represents some pretty good value. Trading at a substantial discount to NAV. They don’t get enough credit for some of the acquisitions they made in the US.

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(Market Call Minute.) Represents some pretty good value. Trading at a substantial discount to NAV. They don’t get enough credit for some of the acquisitions they made in the US.

PAST TOP PICK
PAST TOP PICK
January 24, 2014

(A top pick Feb 22/13. Up 0.66%.) Really likes their properties and where they are located. Good management. Good cash flow. Feels this could outperform by increasing earnings going forward. Still recommending this for his income oriented people.

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(A top pick Feb 22/13. Up 0.66%.) Really likes their properties and where they are located. Good management. Good cash flow. Feels this could outperform by increasing earnings going forward. Still recommending this for his income oriented people.

PAST TOP PICK
PAST TOP PICK
January 17, 2014

(A Top Pick June 17/13. Up 0.62%.) Sold his holdings. Their US holdings are doing very well and you are getting the currency benefit. He is a little suspicious of their exposure to the Calgary office market. If you own, be patient and you’ll be fine.

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(A Top Pick June 17/13. Up 0.62%.) Sold his holdings. Their US holdings are doing very well and you are getting the currency benefit. He is a little suspicious of their exposure to the Calgary office market. If you own, be patient and you’ll be fine.

BUY
BUY
December 30, 2013

Likes it and the yield. Broad based business. There will be pressure down if interest rates go up. They can increase dividends which would offset an increase in bond yield. Thinks they are okay.

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Likes it and the yield. Broad based business. There will be pressure down if interest rates go up. They can increase dividends which would offset an increase in bond yield. Thinks they are okay.

COMMENT
COMMENT
December 20, 2013

His favourite Canadian REIT because they have a lot more properties out West, including Alberta, Manitoba and Minnesota.

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His favourite Canadian REIT because they have a lot more properties out West, including Alberta, Manitoba and Minnesota.

BUY
BUY
December 17, 2013

(Market Call Minute) Been beat up too much and some good upside now.

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(Market Call Minute) Been beat up too much and some good upside now.

HOLD
HOLD
December 16, 2013

(Market Call Minute) Hold for dividend only.

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(Market Call Minute) Hold for dividend only.

COMMENT
COMMENT
December 13, 2013

High quality diversified REIT with a pretty good yield of 7.5%. Suffered with all the REITs since spring. Question is going to be what the cash flow is worth to people. Thinks the dividend is sustainable. Growth is going to be harder to find than it has been in the last 2 years. Had been trading at very high multiples that allowed them to buy properties, bring them in and get a lift.

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High quality diversified REIT with a pretty good yield of 7.5%. Suffered with all the REITs since spring. Question is going to be what the cash flow is worth to people. Thinks the dividend is sustainable. Growth is going to be harder to find than it has been in the last 2 years. Had been trading at very high multiples that allowed them to buy properties, bring them in and get a lift.

TOP PICK
TOP PICK
November 26, 2013

Western Canada is growing faster than the East. Fell into hard times with the taper talk. It trades fairly cheaply. Doesn’t see a problem with maintaining the dividend. US exposure as well and growing. Currency should help them too. They want to grow at 30%.

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Western Canada is growing faster than the East. Fell into hard times with the taper talk. It trades fairly cheaply. Doesn’t see a problem with maintaining the dividend. US exposure as well and growing. Currency should help them too. They want to grow at 30%.

COMMENT
COMMENT
November 20, 2013

Diversified REIT with most of its assets in Canada, but about 20% of its assets in the US. Have done a very good job of acquiring assets, bringing down leverage and, most importantly, bringing down payout ratios. They haven’t got enough credit for this. Still trading at a below average multiple. 7.5% distribution.

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Diversified REIT with most of its assets in Canada, but about 20% of its assets in the US. Have done a very good job of acquiring assets, bringing down leverage and, most importantly, bringing down payout ratios. They haven’t got enough credit for this. Still trading at a below average multiple. 7.5% distribution.

BUY
BUY
November 13, 2013

Has this been stymied because of the floods in Calgary earlier this year? Doesn’t feel this was affected in any significant way. He has been a little concerned with the Calgary portfolio in their office exposure. This has suburban offices, which he feels is more at risk to the amount of development that is going on. Has been out of this for some time but this is reaching a price point that is very attractive and they are showing very nice internal growth numbers, especially from the US portfolios. He is warming to this one.

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Has this been stymied because of the floods in Calgary earlier this year? Doesn’t feel this was affected in any significant way. He has been a little concerned with the Calgary portfolio in their office exposure. This has suburban offices, which he feels is more at risk to the amount of development that is going on. Has been out of this for some time but this is reaching a price point that is very attractive and they are showing very nice internal growth numbers, especially from the US portfolios. He is warming to this one.

BUY
BUY
October 28, 2013

(Market Call Minute.) All REITs have been whacked 10%-15% because interest rates went up. If interest rates are not going up, this is now a fairly reasonable time to get in.

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(Market Call Minute.) All REITs have been whacked 10%-15% because interest rates went up. If interest rates are not going up, this is now a fairly reasonable time to get in.

BUY
BUY
October 25, 2013

Because of the size and potential overall consolidation in this space, it could be a candidate for a takeout. Pretty good company and has good assets. For income it is great, but make sure you don’t have 40% of your portfolio in REITs. Feels the 5.7% yield is secure.

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Because of the size and potential overall consolidation in this space, it could be a candidate for a takeout. Pretty good company and has good assets. For income it is great, but make sure you don’t have 40% of your portfolio in REITs. Feels the 5.7% yield is secure.

BUY
BUY
September 24, 2013

Recently has moved into the US and likes their payout ratio on the US side. For example, they have moved into Arizona and Denver, which are very fine moves. He is a little more concerned about the Canadian side as it has a lot of tenant exposure. The move into the US will provide limited risks as well as new income sources going forward. 7.51% yield.

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Recently has moved into the US and likes their payout ratio on the US side. For example, they have moved into Arizona and Denver, which are very fine moves. He is a little more concerned about the Canadian side as it has a lot of tenant exposure. The move into the US will provide limited risks as well as new income sources going forward. 7.51% yield.

BUY
BUY
September 19, 2013

REITs. He has been selling REITs over the last year and is adding back right now. You can nibble away here but they will not go up to new highs here. If you can get 6% from yield and 4% from growth you will do well here.

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REITs. He has been selling REITs over the last year and is adding back right now. You can nibble away here but they will not go up to new highs here. If you can get 6% from yield and 4% from growth you will do well here.

HOLD
HOLD
August 30, 2013

It represents pretty good value. He was always critical of the high payout. But now they have a low multiple and good US exposure. Lower quality portfolio, however. Occupancy rates go up later in the cycle and it has not materialized for them yet.

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It represents pretty good value. He was always critical of the high payout. But now they have a low multiple and good US exposure. Lower quality portfolio, however. Occupancy rates go up later in the cycle and it has not materialized for them yet.

Andy Nasr

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Price
$13.550
Owned
Unknown
BUY
BUY
August 16, 2013

Likes that their payout ratio is about 77%. His company has it as an outperform. Yield of 7.8%.

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Likes that their payout ratio is about 77%. His company has it as an outperform. Yield of 7.8%.

HOLD
HOLD
August 7, 2013

(Market Call Minute.) Has come off, but there is a chance they could get taken out or the numbers will turn better.

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(Market Call Minute.) Has come off, but there is a chance they could get taken out or the numbers will turn better.

COMMENT
COMMENT
August 2, 2013

A diversified REIT. Entered into the US. A couple of headwinds have impacted this company. Moved a material amount of their balance sheet into variable rate debt so as the 10 year backed up on both sides of the border, people have expressed concern about what that means for their cost of capital. Have also been very, very acquisitive so they issued a lot of equity in the last couple of years. Probably worth $18-$19. 7.5% yield.

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A diversified REIT. Entered into the US. A couple of headwinds have impacted this company. Moved a material amount of their balance sheet into variable rate debt so as the 10 year backed up on both sides of the border, people have expressed concern about what that means for their cost of capital. Have also been very, very acquisitive so they issued a lot of equity in the last couple of years. Probably worth $18-$19. 7.5% yield.

PAST TOP PICK
PAST TOP PICK
July 31, 2013

(A top pick June 17/13. Down 5.21%.) You are looking at secondary assets in general. These are assets that he thinks may have a little bit more difficulty since you are focusing on the Canadian market. Feels there are some leasing risks while waiting for the US economy to spill into the Canadian economy. Would prefer it at $13-$13.50.

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(A top pick June 17/13. Down 5.21%.) You are looking at secondary assets in general. These are assets that he thinks may have a little bit more difficulty since you are focusing on the Canadian market. Feels there are some leasing risks while waiting for the US economy to spill into the Canadian economy. Would prefer it at $13-$13.50.

HOLD
HOLD
July 24, 2013

Not his favourite REIT but if you are using this as a source of income, you will be fine. In the office market, as the economy does well, owners in central business districts increase their rents substantially, which ultimately spills over into suburban office space. 7.2% dividend yield.

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Not his favourite REIT but if you are using this as a source of income, you will be fine. In the office market, as the economy does well, owners in central business districts increase their rents substantially, which ultimately spills over into suburban office space. 7.2% dividend yield.

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