Investment Thesis
Artis REIT (ARESF) delivered poor fiscal 2018 result as the company continues to execute its strategy to restore investor confidence and improve liquidity. Nevertheless, its outlook should improve in 2019 thanks to strong industry fundamental in industrial properties, its execution of selling non-core assets, and the completion of several properties under development. The company is currently trading at a discount to its peers and offers investors a 4.9%-yielding dividend. However, we expect some short-term volatility in its rental revenues due to the timing of some non-core asset sales. Therefore, it is