Artis Real Estate Investment Trust

AX.UN-T

Analysis and Opinions about AX.UN-T

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
July 9, 2013

(A Top Pick April 4/13. Down 4.59%.) This has been one of the harder hit names. A diversified REIT. Have recently been talking about increasing their exposure in the US, up to 30%. Have brought down the leverage and their payout ratio but the market doesn’t seem to want to give them credit. Still likes. 7.2% dividend yield.

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(A Top Pick April 4/13. Down 4.59%.) This has been one of the harder hit names. A diversified REIT. Have recently been talking about increasing their exposure in the US, up to 30%. Have brought down the leverage and their payout ratio but the market doesn’t seem to want to give them credit. Still likes. 7.2% dividend yield.

BUY
BUY
July 2, 2013

Diversified REIT, focused out west, office, retail and industrial. Also, in Minnesota. They are good at finding cheap retain in the US. 7% yield, 90% payout. 13 times price to AFFO, which isn’t too extreme. Likes the properties and the management. Could get taken out some day. It probably goes up from here.

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Diversified REIT, focused out west, office, retail and industrial. Also, in Minnesota. They are good at finding cheap retain in the US. 7% yield, 90% payout. 13 times price to AFFO, which isn’t too extreme. Likes the properties and the management. Could get taken out some day. It probably goes up from here.

COMMENT
COMMENT
June 18, 2013

Cominar (CUF.UN-T) versus Artis (AX.UN-T)? REITs have come off 6%-7% and you are probably getting a 5%-7% yield. Although there is a lot of talk of interest rates going higher, he doesn’t see them going that high and this pull back in the REIT area gives you a really good buying opportunity.

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Cominar (CUF.UN-T) versus Artis (AX.UN-T)? REITs have come off 6%-7% and you are probably getting a 5%-7% yield. Although there is a lot of talk of interest rates going higher, he doesn’t see them going that high and this pull back in the REIT area gives you a really good buying opportunity.

TOP PICK
TOP PICK
June 17, 2013

Has pulled back and offers great value. 12 times earnings and should be 15. US exposure, western Canada, higher than average yield. Diversified asset base.

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Has pulled back and offers great value. 12 times earnings and should be 15. US exposure, western Canada, higher than average yield. Diversified asset base.

BUY
BUY
June 14, 2013

(Market Call Minute) Lots of room for rents and occupancy to go up. Deep value. Office buildings in Suburban space. Above average yield but more risk at stake.

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(Market Call Minute) Lots of room for rents and occupancy to go up. Deep value. Office buildings in Suburban space. Above average yield but more risk at stake.

Andy Nasr

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Price
$15.330
Owned
Unknown
BUY
BUY
June 12, 2013

(Market Call Minute.) Below market valuation right now. Still has growth from acquisitions.

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(Market Call Minute.) Below market valuation right now. Still has growth from acquisitions.

BUY
BUY
May 24, 2013

Still buying. Based out west, but US$ should appreciate giving some upward movement. In general he has been trimming REITs because they went up so much but in setting up a new one he adds this.

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Still buying. Based out west, but US$ should appreciate giving some upward movement. In general he has been trimming REITs because they went up so much but in setting up a new one he adds this.

BUY
BUY
May 15, 2013

50% office 25% industrial, 25% retail, 6.5 % yield

90% of their funds come from their operation.

Mentioned as an alternative to RIE.

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50% office 25% industrial, 25% retail, 6.5 % yield

90% of their funds come from their operation.

Mentioned as an alternative to RIE.

HOLD
HOLD
May 13, 2013

Not the highest quality portfolio, but as growth continues the type A properties will be filled up, then will spill over to B and C type properties, so this company will lag a bit.

They have been criticized for growing aggressively through acquisition, but in hindsight it looks like it was a good move.

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Not the highest quality portfolio, but as growth continues the type A properties will be filled up, then will spill over to B and C type properties, so this company will lag a bit.

They have been criticized for growing aggressively through acquisition, but in hindsight it looks like it was a good move.

BUY
BUY
May 6, 2013

(Market Call Minute) Consolidation play in western Canadian Real Estate.

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(Market Call Minute) Consolidation play in western Canadian Real Estate.

PAST TOP PICK
PAST TOP PICK

(A Top Pick April 3/12. Up 10.04%.)

BUY WEAKNESS
BUY WEAKNESS
April 10, 2013

A value stock. Trading at about $14.50 compared to the group of about $16.50. Just landed an investment grade rating which gives them access to a lot more funding, which should help them boost their acquisitions. Have just increased their exposure to the US by about 30%. In place rents are about 30% below market.

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A value stock. Trading at about $14.50 compared to the group of about $16.50. Just landed an investment grade rating which gives them access to a lot more funding, which should help them boost their acquisitions. Have just increased their exposure to the US by about 30%. In place rents are about 30% below market.

TOP PICK
TOP PICK
April 4, 2013

Owned for quite some time. Management team does not get enough credit. Brought down payout ratio below 100%. 6.75% yield. 20% of assets are in the US and have likely appreciated. Talking about increasing US assets to 30% or portfolio.

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Owned for quite some time. Management team does not get enough credit. Brought down payout ratio below 100%. 6.75% yield. 20% of assets are in the US and have likely appreciated. Talking about increasing US assets to 30% or portfolio.

TOP PICK
TOP PICK
February 22, 2013

REITs are being purchased by pension funds and private equity funds because they want the cash flow. This company has a great portfolio and might get acquired. Yield of 6.7%.

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REITs are being purchased by pension funds and private equity funds because they want the cash flow. This company has a great portfolio and might get acquired. Yield of 6.7%.

HOLD
HOLD
February 15, 2013

Pays a pretty good dividend and is why you would be holding it. Has had periods of time when it sold off and it tends to recover. It is trying to break out but has not yet. No major danger. Hold it and collect your dividend.

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Pays a pretty good dividend and is why you would be holding it. Has had periods of time when it sold off and it tends to recover. It is trying to break out but has not yet. No major danger. Hold it and collect your dividend.

BUY
BUY
January 31, 2013

Trades at a discount to NAV. Owns a lot of office properties outside of central business districts. Usually, in an economic recovery, occupancy CBD office space moves up first, followed by a big increase in CBD rents that will eventually spill over into suburban rents. Hasn’t happened yet for this company so there is still some juice in the portfolio. You should get the benefit of those higher rental rates and a bit of uplift in rental occupancy. Should do well in the next 12 months. A bit of a higher risk proposition.

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Trades at a discount to NAV. Owns a lot of office properties outside of central business districts. Usually, in an economic recovery, occupancy CBD office space moves up first, followed by a big increase in CBD rents that will eventually spill over into suburban rents. Hasn’t happened yet for this company so there is still some juice in the portfolio. You should get the benefit of those higher rental rates and a bit of uplift in rental occupancy. Should do well in the next 12 months. A bit of a higher risk proposition.

BUY
BUY
January 22, 2013

Just bought recently for one of his clients’. Great company. Good yield which is safe. Great complement to his client’s holdings in H&R Real Estate (HR.UN-T) and Chartwell (CSH.UN-T).

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Just bought recently for one of his clients’. Great company. Good yield which is safe. Great complement to his client’s holdings in H&R Real Estate (HR.UN-T) and Chartwell (CSH.UN-T).

BUY
BUY
January 10, 2013

7%. Sustainable distribution. Diversified. 20% in US. Fan of US strategy. They know those markets well. Doesn’t expect a distribution increase. Thinks people are waiting to see the ratio and leverage come down. He feels they are focused on this and will execute. 14% upside in price.

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7%. Sustainable distribution. Diversified. 20% in US. Fan of US strategy. They know those markets well. Doesn’t expect a distribution increase. Thinks people are waiting to see the ratio and leverage come down. He feels they are focused on this and will execute. 14% upside in price.

HOLD
HOLD
December 12, 2012

Management team does a very decent job. Own a good deal of properties down in Minneapolis as well as in Phoenix. Feels this will be an area of growth for them.

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Management team does a very decent job. Own a good deal of properties down in Minneapolis as well as in Phoenix. Feels this will be an area of growth for them.

BUY
BUY
November 27, 2012

Focused mainly in the Midwest. Very good executer. Likes management. Feels the dividend is safe and that there is some growth potential. Relatively cheap compared to their peer group. Good management.

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Focused mainly in the Midwest. Very good executer. Likes management. Feels the dividend is safe and that there is some growth potential. Relatively cheap compared to their peer group. Good management.

HOLD
HOLD
November 15, 2012

You are just starting to see a markup in their rents. Decent quality REIT but some of the things they own will lag. Payout is close to 100% and hopefully will come down by 2013. It should be safe. There are better REITs but you are ok holding this.

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You are just starting to see a markup in their rents. Decent quality REIT but some of the things they own will lag. Payout is close to 100% and hopefully will come down by 2013. It should be safe. There are better REITs but you are ok holding this.

Andy Nasr

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Price
$15.120
Owned
Unknown
BUY
BUY
November 6, 2012

REITs have obviously had their big moves up but you can still get a good combination of capital appreciation and income. This is a good name. Has a comp annual growth rate of around 7% which exceeds the diversified peer average of around 4% but trades at a small discount. 55% of their portfolio is in the office market out West, which is a good place to be. Balance sheet is steadily improving. Target of $17.50.

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REITs have obviously had their big moves up but you can still get a good combination of capital appreciation and income. This is a good name. Has a comp annual growth rate of around 7% which exceeds the diversified peer average of around 4% but trades at a small discount. 55% of their portfolio is in the office market out West, which is a good place to be. Balance sheet is steadily improving. Target of $17.50.

BUY
BUY
October 29, 2012

Management keeps on surprising everyone. Has added to his positions recently. Payout ratio have been a little bit high, as has debt but they have worked them down. He is not worried about the distribution coming down.

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Management keeps on surprising everyone. Has added to his positions recently. Payout ratio have been a little bit high, as has debt but they have worked them down. He is not worried about the distribution coming down.

COMMENT
COMMENT
October 5, 2012

Uptrend has been broken with the little bit of a possible topping formation taking place. You don’t want to see it breaking the neckline of around $16. If you own, you can Hold but you don’t want to see the neckline broken.

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Uptrend has been broken with the little bit of a possible topping formation taking place. You don’t want to see it breaking the neckline of around $16. If you own, you can Hold but you don’t want to see the neckline broken.

BUY
BUY
October 1, 2012

Would buy near this level. Thinks he would like it around $15.98, maybe at the 200 day moving average. Have an annual compounded growth rate of near 7%, which exceeds their diversified peers and yet it trades at a multiple slightly below market. 14X versus 16.5X for the market. Have more of a focus on Western Canada with 60% of their portfolio being mainly office. Have had rental growth of about 6.6%.

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Would buy near this level. Thinks he would like it around $15.98, maybe at the 200 day moving average. Have an annual compounded growth rate of near 7%, which exceeds their diversified peers and yet it trades at a multiple slightly below market. 14X versus 16.5X for the market. Have more of a focus on Western Canada with 60% of their portfolio being mainly office. Have had rental growth of about 6.6%.

BUY
BUY
September 24, 2012

Has 2 REITs and if he were going to have a 3rd, it would be this one. Given the interest rate outlook for 2-3 years, while REITs are fully priced, people that are looking for yields will go to a REIT like this. Well diversified. Have done a pretty good job of matching their mortgage debt with the term of their leases. 6.6% yield.

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Has 2 REITs and if he were going to have a 3rd, it would be this one. Given the interest rate outlook for 2-3 years, while REITs are fully priced, people that are looking for yields will go to a REIT like this. Well diversified. Have done a pretty good job of matching their mortgage debt with the term of their leases. 6.6% yield.

BUY
BUY
September 17, 2012

Interest rates won't increase for a year. REITs can refinance debt at lower rates and benefit. Real Estate is a good hedge against inflation also. Inflation allows you to increase rents. So the infusion of capital into the system should not be bad for REITs. In Western Canada you have above average wage and population growth and AX should be able to raise rents significantly over the next 12 months.

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Interest rates won't increase for a year. REITs can refinance debt at lower rates and benefit. Real Estate is a good hedge against inflation also. Inflation allows you to increase rents. So the infusion of capital into the system should not be bad for REITs. In Western Canada you have above average wage and population growth and AX should be able to raise rents significantly over the next 12 months.

Andy Nasr

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Price
$16.310
Owned
Unknown
SELL
SELL
September 6, 2012

Has liked this one for a long time. Good diversification of the underlying portfolio over the last few years. Because of the valuation it currently commands, he would recommend getting out of this. On a 10%-15% pullback, it looks interesting.

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Has liked this one for a long time. Good diversification of the underlying portfolio over the last few years. Because of the valuation it currently commands, he would recommend getting out of this. On a 10%-15% pullback, it looks interesting.

SELL
SELL
August 23, 2012

Not aware of any proposed change to structure. Caller said it was becoming closed end. He thinks it is at the lower end of the quality end of the space. Issued a lot of equity over the last year or so. Would prefer a Canadian REIT. Better than the growth-by-acquisition model.

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Not aware of any proposed change to structure. Caller said it was becoming closed end. He thinks it is at the lower end of the quality end of the space. Issued a lot of equity over the last year or so. Would prefer a Canadian REIT. Better than the growth-by-acquisition model.

HOLD
HOLD
August 20, 2012

(Market Call Minute.) Buy at around $16.50 or so.

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(Market Call Minute.) Buy at around $16.50 or so.

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