Artis Real Estate Investment Trust
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Artis Real Estate Investment Trust
Artis Real Estate Investment Trust engages in the ownership, management, leasing, and development of commercial properties. The company is headquartered in Winnipeg, Manitoba and currently employs 188 full-time employees. The company went IPO on 2004-02-16. The firm is focused on growth in net asset value per unit and distributions through value investing in real estate. The firm owns, manages, leases and develops primarily industrial, office and retail properties in Canada and the United States. The REIT’s portfolio comprised approximately 207 commercial properties totaling approximately 22.5 million square feet of gross leasable area. The firm's Canadian portfolio includes approximately 45 industries, 23 offices and 33 retails properties. The Company’s United States portfolio includes approximately 39 industries and 31 offices properties.
Artis Real Estate Investment Trust engages in the ownership, management, leasing, and development of commercial properties. The company is headquartered in Winnipeg, Manitoba and currently employs 188 full-time employees. The company went IPO on 2004-02-16. The firm is focused on growth in net asset value per unit and distributions through value investing in real estate. The firm owns, manages, leases and develops primarily industrial, office and retail properties in Canada and the United States. The REIT’s portfolio comprised approximately 207 commercial properties totaling approximately 22.5 million square feet of gross leasable area. The firm's Canadian portfolio includes approximately 45 industries, 23 offices and 33 retails properties. The Company’s United States portfolio includes approximately 39 industries and 31 offices properties.
Occupancy Up: Portfolio occupancy improved to 87.8% from 87.1% last quarter, supported by new leases in the U.S. industrial segment.
Leverage Focus: Artis REIT remains focused on reducing leverage and fortifying its balance sheet, with continued property dispositions.
Asset Sales: Only one retail property was sold in Q2 for $4.8 million, with further sales planned and a $11.3 million (USD) land sale agreed post-quarter.
Debt Profile: Debt to gross book value rose to 41.1%, up from 40.2% at year-end, but management described it as conservative.
Unit Repurchases: 1.77 million common units bought back in Q2 at an average price of $7.28, reflecting confidence in the REIT's value.
Cominar Update: Management expects a resolution regarding the Cominar portfolio by year-end.
Stable Quarter: The quarter was described as stable and strategically productive, though payout ratios were elevated.
