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

Artis REIT Launches Strategic Review

Artis REIT has launched a strategic review to boot its unit value as interest rates weigh heavily on it.

Winnipeg-based Artis said its board has formed a special committee that will examine why units are trading at a material discount to their intrinsic value.

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.

The strategic review comes as Artis assets are performing well. In the second quarter of 2023, same property net return on investment increased 6.9% year-over-year. For the first six months of 2023, same property NOI climbed 7.7% from a year earlier.

Artis sold five Canadian retail properties, one U.S. land parcel and eight U.S. industrial assets for a combined C$279 million in the second quarter of 2023.


Inside The Story

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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