Artis REIT (ARESF) units have risen 19.6% in 2019, but are still slightly below where they traded prior to the 11/1/18 announcement of “New Initiatives To Deliver Improved Value to Shareholders." The company's satisfactory 4Q18 results featured aggressive share repurchases and marketing of assets for divestiture.
The company’s projection of Year3 Net Asset Value of $17.50 can be easily achieved and likely exceeded through development projects (long-term company target of $3.80/unit), retained cash flow (about $1.50/unit) and accretive share buyback (about $1/unit).
A significant risk is that the company could continue to trade at a