Artis REIT (ARESF, TSX:AX/UN) has provided a 37% total return since my December article. Strong 2Q19 operating results featured 13% yoy increases in FFO and AFFO led by growth from US industrial properties. The company has aggressively executed its unit buyback plan and is on pace to sell about $600 million of non-core property this year out of a 3-year goal of $800-$1000 million.
Artis’ projection of Year 3 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),