Artis REIT - Q2-2018 Earnings & Price Target Update
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Artis REIT is a diversified Canadian real estate investment trust investing in office, retail and industrial properties located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States. As of Jun-30-2018 the portfolio was comprised of 233 properties totalling 24.5M sq. ft. This compares to Sept-30- 2017, when the property portfolio was comprised 243 properties(25.4M sq. ft.) a decrease from 261 properties(27.2M sq. ft.) at Dec-31-2017. They continue to reduce their exposure to Alberta real estate, and shift towards holding US real estate.
By net operating income office properties contributed 53%, Industrial 26%, and Retail 21%. US properties contribute 43% of net operating income, Alberta -22%, Ontario and Manitoba – 12% each with the balance from Saskatchewan and BC. The US properties, mainly industrial are almost all located in the Twin Cities area of Minnesota. Retail properties are primarily located in Alberta, Saskatchewan and Manitoba.
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