Artis REIT [TSX:AX/UN] (ARESF) units have fallen 35% in 2018 and are down 20% since the 11/1/18 announcement of "New Initiatives To Deliver Improved Value to Shareholders". Investors reacted more strongly to the dividend cut than the long-term value creation potential from asset sales, development projects, and accretive share buybacks.
The company's projection of year 3 net asset value of $17.50 could be easily achieved and likely exceeded through development projects ($3.80/unit), retained cash flows (about $1.50/unit), and accretive share buybacks (about $1/unit).
A significant risk is that the company could