Artis REIT units have risen 24.1% 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 1Q19 results featured aggressive unit 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 in value creation) retained cash flow (about $1.50/unit) and share buyback (accretion of about $1/unit).
A significant risk has been that the company