Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

Alternate Symbol(s): ARESF | T.AX.UN | T.AX.PR.I

Real Estate REIT - Diversified

Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and select markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin. The properties are divided into three categories: office, retail, and industrial. The industrial properties account for most of the portfolio, followed by the office properties and the retail properties.

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Artis Real Estate Investment Pref Shs Series E

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Post by bopaon Aug 04, 2017 12:07pm

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Post# 26547946

Scotia view on earnings

Artis REIT (AX.UN-T; C$13.21; SP) AX Q2 Initial Glance: In-Line Results Reflect a Stable QOQ Operating Environment

OUR TAKE: Recurring Q2/17 FFOPU was $0.36 vs. $0.365 YOY and $0.355 QOQ, in line with our $0.36 and $0.37 consensus (range = $0.35-$0.38). Q2/17 sameproperty (SP) NOI was +0.4% YOY (Q1/17 =-1.6%, 2016 = -0.6%), but down 1.1% in local currency (-0.1%); the U.S. and Canada were -0.1% and -1.2% in local currency (Q1/17 = -3%/+1%). We're glad to see some QOQ stability in the U.S. ops given it is a differentiating part of the AX story. SP occupancy was -230bp YOY, with declines across all asset classes. That said, QOQ occupancy was +20bp to 91.3%, with U.S. industrial improvement (+140bp) offset by Canadian industrial decline (-240bp). Modest progress was made on development initiatives, while dispositions started again post quarter. Floating rate debt exposure is +30bp QOQ to 17.9% of total debt. Full update post conference call on Friday, August 4, at 12:00 p.m. EST (#888-390-0546

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