Artis REIT- Q1-2019 Earnings, Price Target Update
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Artis REIT(AX.UN) is a diversified Canadian REIT investing in office, retail and industrial properties located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States. As of Mar-31-2019 the portfolio was comprised of 235 properties totalling 25.1M sq. ft. This compares to 237 properties with 24.8M sq. ft. as at Dec-31-2017. The strategy has been to reduce their exposure to Alberta properties and shift towards holding US real estate.
During Q1-2019 net operating income by asset class, including Artis' proportionate share of properties held in joint venture arrangements, was 53% office, 20% retail and 27% industrial. Property NOI by geographical region, including Artis' proportionate share of properties held in joint venture arrangements was 46% US, 19% Alberta, 12% Ontario, and 23% in the rest of Canada. The US properties, mainly industrial are weighted to the Twin Cities area of Minnesota. Retail properties are primarily located in Alberta, Saskatchewan and Manitoba.
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