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Alberta & Prairies  + Canada + Cross Border News  + Finance  |  September 11, 2023
Artis REIT has hired BMO Nesbitt Burns to help a special committee oversee a strategic review process to determine why units are undervalued.
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By: Monte Stewart

Artis Hires BMO Nesbitt Burns to Assist Review

Artis REIT has hired BMO Nesbitt Burns to help a special committee conduct a strategic review process to determine why units are undervalued.

Winnipeg-based Artis announced Monday that Toronto-based BMO Nesbitt Burns will provide advisory services to the REIT and special committee in conjunction with the review process. Artis recently formed the special committee to examine why units are trading at a material discount to their intrinsic value.

No transactions are assured of happening as a result of the review, said Artis. Neither the board nor the special committee has set a deadline for the review’s completion.

The current interest-rate environment and shorter-duration debt exposure significantly impacted funds from operations and adjusted funds from operations on a per-unit basis in the second quarter, said Samir Manji, Artis’ president and CEO in a news release accompanying the REIT’s latest quarterly report.

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Artis REITMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.
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