ARESF - Artis REIT: Break-Up Will Deliver Value But Who Will Wield The Hammer?

• Artis delivered strong 3Q20 operating results with high rent collection and rising FFO.
• COVID impact has been limited due to portfolio of industrial assets, secondary office markets, and essential retail.
• Activist Sandpiper Group launched a proxy fight to replace 5 of the 7 directors.
• The proposed Retail spinoff was postponed.
• Out-of-favor diversified business model has suppressed the market value. Break-up or sale would deliver the full NAV/unit to investors.

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