Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

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

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

Artis Real Estate Investment Trust is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States. The Company’s portfolio comprises more than 100 commercial properties. Its properties include Bower Centre; Maynard Technology Centre; McCall Lake Industrial; Pepco Building; Alex Building; 1093 Sherwin Road; 1681-1703 Dublin Avenue; Keewatin Distribution Centre; 360 Main & Shops of Winnipeg Square; Hamilton Building; Bell MTS Building II; Grande Prairie Power Centre; Northern Lights Shopping Centre I; 2190 McGillivray Boulevard; 1431 Church Avenue; Prudential Business Park 1; 951-977 Powell Avenue & 1326 Border Street, 100 Omands Creek Boulevard, Hudson's Bay Centre, and others.


TSX:AX.PR.E - Post by User

Post by MARKOPOLISon Mar 01, 2024 7:56am
311 Views
Post# 35908573

TD COMMENYS ON ARTIS ER

TD COMMENYS ON ARTIS ERArtis REIT (AX.UN-T) C$5.61 Q4/23 First Look: Results in Line; +9.2% SPNOI Growth Jonathan Kelcher, CFA Golden Nguyen-Halfyard, (Associate) Event Q4/23 Results. Conference call at 1:00 PM ET today (416-764-8688). Impact: NEUTRAL Our take: Artis' portfolio continues to produce solid results, highlighted by strong 9.2% SPNOI growth in Q4 and 7.6% in 2023. Management continued to make good progress on dispositions, having sold/announced nearly $500mm in assets since the commencement of its strategic review in August, including $222mm announced in December (link). While the strategic review remains ongoing, management does not anticipate a sale of the entire REIT, but does expect to continue to sell individual assets (focused on industrial/retail). FFO/unit (f.d.) of $0.251 was -18% y/y and largely in line with our $0.256 estimate (consensus: $0.267). AFFO/unit (our calculation) of $0.14 was -5% versus our estimate. Operating Highlights Q4/23 Portfolio SPNOI was +9.2% (Q3/23: +6.0%) and +9.0% in functional currency. Canada was +9.0%, while the U.S. increased +9.1% (+9.4% in CAD). Office was +4.3%, Industrial +17.6% (+350bps in y/y occupancy gains), and Retail +12.4%. In-place occupancy increased 20bps q/q to 90.1% with increases in Industrial (+70bps to 97.7%) and Retail (+20bps to 87.3%) partially offset by a decline in Office (-30bps to 83.9%). Renewal rental rates were healthy at +5.8% (Q3/23: +3.5%) on 261,889sf, marking the twelfth consecutive quarter of positive renewal spreads. Acquisitions/Dispositions Post Q4, closed on the sale of three Winnipeg assets (one industrial, office, and retail) for $38mm, and acquired the remaining 5% interest in Park 8Ninety V for US$9mm. Equity securities. Post Q4, sold ~$27mm in equity securities and purchased $1.7mm. 2023 and YTD 2024 sales total ~$152mm. Balance Sheet De-consolidated leverage (D/GBV) increased 120bps q/q to 56.7% (our calc), largely on IFRS write-downs. We expect Artis to remain active on the disposition front, with the goal of reducing leverage. Artis recorded a $120mm (excluding JVs) IFRS FV loss in Q4 largely on q/q increases in cap rates. Industrial was +13bps to 6.32%, Office was +29bps to 7.67% and Retail was +9bps at 6.96%. IFRS NAV/unit fell 8.5% q/q to $13.96 (Q3/23: $15.26). Artis completed its NCIB in Q4 and subsequently renewed the program in December.
<< Previous
Bullboard Posts
Next >>