Artis REIT [TSX:AX/UN] (ARESF) has provided a 35% total return since my December article (link). Strong 3Q19 operating results were led by a 19% yoy increase in NOI from US industrial properties. The company has aggressively executed its unit buyback plan and is on a pace to complete $800mm of asset sales.
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) and retained cash flow (about $1/unit).
A significant risk has been