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Artis Real Estate Investment Trust

OTCPK:ARES.F
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ARES.F
OTCPK
CA$2B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial properties. The last earnings update was 14 days ago. More info.


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ARES.F Share Price and Events
7 Day Returns
0.5%
OTCPK:ARES.F
-0.3%
US REITs
0.2%
US Market
1 Year Returns
-17%
OTCPK:ARES.F
13.3%
US REITs
2.9%
US Market
ARES.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Artis Real Estate Investment Trust (ARES.F) 0.5% 11.4% 7.3% -17% -16.2% -40%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • ARES.F underperformed the REITs industry which returned 13.3% over the past year.
  • ARES.F underperformed the Market in United States of America which returned 2.9% over the past year.

Value

 Is Artis Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Artis Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Artis Real Estate Investment Trust.

OTCPK:ARES.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:ARES.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 26.5%) (173.5%))
1.137
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.137 * 5.96%)
9.51%

Discounted Cash Flow Calculation for OTCPK:ARES.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Artis Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Artis Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:ARES.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 9.51%)
2019 142.31 Analyst x3 129.95
2020 138.87 Analyst x3 115.80
2021 144.24 Est @ 3.87% 109.85
2022 149.34 Est @ 3.53% 103.85
2023 154.25 Est @ 3.29% 97.96
2024 159.07 Est @ 3.12% 92.25
2025 163.84 Est @ 3% 86.77
2026 168.63 Est @ 2.92% 81.55
2027 173.46 Est @ 2.86% 76.61
2028 178.36 Est @ 2.82% 71.93
Present value of next 10 years cash flows CA$966.53
OTCPK:ARES.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$178.36 × (1 + 2.73%) ÷ (9.51% – 2.73%)
CA$2,704.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$2,704.23 ÷ (1 + 9.51%)10
CA$1,090.63
OTCPK:ARES.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$966.53 + CA$1,090.63
CA$2,057.16
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$2,057.16 / 142.18
CA$14.41
OTCPK:ARES.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:ARES.F represents 0.74212x of TSX:AX.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74212x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 14.41 x 0.74212
$10.69
Value per share (USD) From above. $10.69
Current discount Discount to share price of $8.71
= -1 x ($8.71 - $10.69) / $10.69
18.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Artis Real Estate Investment Trust is available for.
Intrinsic value
19%
Share price is $8.71 vs Future cash flow value of $10.69
Current Discount Checks
For Artis Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Artis Real Estate Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Artis Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Artis Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Artis Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:ARES.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.73
TSX:AX.UN Share Price ** TSX (2019-05-22) in CAD CA$11.73
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Artis Real Estate Investment Trust.

OTCPK:ARES.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:AX.UN Share Price ÷ EPS (both in CAD)

= 11.73 ÷ 0.73

15.98x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Artis Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • Artis Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Artis Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:ARES.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
5.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Artis Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Artis Real Estate Investment Trust's assets?
Raw Data
OTCPK:ARES.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$15.72
TSX:AX.UN Share Price * TSX (2019-05-22) in CAD CA$11.73
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
OTCPK:ARES.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:AX.UN Share Price ÷ Book Value per Share (both in CAD)

= 11.73 ÷ 15.72

0.75x

* Primary Listing of Artis Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Artis Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Artis Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Artis Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Artis Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

  • No analysts cover Artis Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Artis Real Estate Investment Trust expected to grow at an attractive rate?
  • Artis Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Artis Real Estate Investment Trust's earnings growth is positive but not above the United States of America market average.
  • Artis Real Estate Investment Trust's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:ARES.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:ARES.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 5.9%
OTCPK:ARES.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -4.6%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:ARES.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:ARES.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 494 213 3
2019-12-31 529 214 3
OTCPK:ARES.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 526 223 112
2018-12-31 518 214 137
2018-09-30 513 214 184
2018-06-30 512 210 224
2018-03-31 517 221 188
2017-12-31 525 214 216
2017-09-30 538 231 132
2017-06-30 554 235 144
2017-03-31 557 241 136
2016-12-31 557 252 98
2016-09-30 554 230 -68
2016-06-30 546 228 -168

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Artis Real Estate Investment Trust's earnings are expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
  • Artis Real Estate Investment Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:ARES.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Artis Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ARES.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:ARES.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 0.73
2018-12-31 0.89
2018-09-30 1.21
2018-06-30 1.48
2018-03-31 1.25
2017-12-31 1.43
2017-09-30 0.88
2017-06-30 0.96
2017-03-31 0.92
2016-12-31 0.67
2016-09-30 -0.48
2016-06-30 -1.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Artis Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Artis Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Artis Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Artis Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Artis Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Artis Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Artis Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Artis Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Artis Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Artis Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ARES.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 525.94 111.81 12.25
2018-12-31 518.50 136.69 11.04
2018-09-30 512.94 184.35 12.19
2018-06-30 512.31 224.17 12.94
2018-03-31 516.73 188.43 12.91
2017-12-31 524.55 216.02 13.78
2017-09-30 538.44 131.66 13.68
2017-06-30 554.44 143.67 13.28
2017-03-31 557.35 135.71 13.47
2016-12-31 557.18 97.50 13.32
2016-09-30 553.75 -68.14 13.18
2016-06-30 546.10 -168.49 12.98
2016-03-31 544.04 -142.29 12.29
2015-12-31 542.15 -194.13 11.51
2015-09-30 535.82 58.59 11.10
2015-06-30 524.70 139.07 10.84
2015-03-31 512.96 135.98 10.59
2014-12-31 503.93 180.22 10.26
2014-09-30 494.79 117.01 10.28
2014-06-30 490.11 109.56 10.14
2014-03-31 480.49 128.41 9.91
2013-12-31 464.98 177.15 9.71
2013-09-30 446.61 284.83 9.89
2013-06-30 423.44 326.55 10.18
2013-03-31 399.12 336.92 10.88
2012-12-31 372.47 337.36 11.99
2012-09-30 352.95 307.49 12.20
2012-06-30 332.91 284.32 12.03

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Artis Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Artis Real Estate Investment Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Artis Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Artis Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Artis Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Artis Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Artis Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Artis Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Artis Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Artis Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Artis Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:ARES.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,648.91 2,893.69 51.17
2018-12-31 2,738.05 2,857.08 66.14
2018-09-30 2,723.93 2,586.12 33.80
2018-06-30 2,768.68 2,648.43 164.84
2018-03-31 2,712.02 2,593.83 41.15
2017-12-31 2,605.21 2,498.19 35.83
2017-09-30 2,586.74 2,510.01 48.48
2017-06-30 2,611.96 2,601.37 43.12
2017-03-31 2,648.51 2,639.45 77.49
2016-12-31 2,627.37 2,736.74 50.73
2016-09-30 2,670.99 2,927.84 52.91
2016-06-30 2,619.98 2,955.72 150.49
2016-03-31 2,510.56 2,814.46 88.60
2015-12-31 2,567.76 2,832.09 66.45
2015-09-30 2,770.85 2,785.94 70.57
2015-06-30 2,762.52 2,678.11 57.97
2015-03-31 2,753.86 2,775.59 102.33
2014-12-31 2,729.01 2,658.31 49.98
2014-09-30 2,681.35 2,629.39 124.46
2014-06-30 2,625.52 2,576.07 124.19
2014-03-31 2,506.06 2,607.36 155.95
2013-12-31 2,484.25 2,475.26 52.50
2013-09-30 2,507.95 2,468.69 86.65
2013-06-30 2,421.86 2,417.70 42.67
2013-03-31 2,201.19 2,300.99 100.45
2012-12-31 2,049.86 2,260.13 54.49
2012-09-30 1,909.56 2,186.27 119.25
2012-06-30 1,689.36 2,103.17 52.30
  • Artis Real Estate Investment Trust's level of debt (109.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (104% vs 109.2% today).
  • Debt is not well covered by operating cash flow (7.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Artis Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Artis Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Artis Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.6%
Current annual income from Artis Real Estate Investment Trust dividends. Estimated to be 4.6% next year.
If you bought $2,000 of Artis Real Estate Investment Trust shares you are expected to receive $92 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Artis Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Artis Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Upcoming dividend payment

Purchase Artis Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:ARES.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:ARES.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.54 6.00
2019-12-31 0.54 6.00
OTCPK:ARES.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-15 0.540 4.611
2019-04-15 0.540 5.037
2019-03-15 0.540 4.905
2019-02-15 0.540 4.967
2019-01-15 0.540 5.207
2018-12-17 0.540 5.752
2018-11-15 0.540 5.560
2018-10-15 1.080 9.962
2018-09-17 1.080 9.154
2018-08-15 1.080 8.688
2018-07-16 1.080 8.461
2018-06-15 1.080 8.160
2018-05-15 1.080 8.024
2018-04-16 1.080 7.968
2018-03-15 1.080 7.938
2018-02-15 1.080 7.890
2018-01-15 1.080 7.753
2017-12-15 1.080 7.677
2017-11-15 1.080 7.650
2017-10-16 1.080 7.734
2017-09-15 1.080 8.080
2017-08-15 1.080 8.198
2017-07-17 1.080 8.229
2017-06-14 1.080 8.237
2017-05-15 1.080 8.226
2017-04-18 1.080 8.019
2017-03-15 1.080 8.096
2017-02-15 1.080 8.372
2017-01-13 1.080 8.672
2016-12-15 1.080 8.625
2016-11-15 1.080 9.106
2016-10-17 1.080 9.119
2016-09-15 1.080 8.711
2016-08-15 1.080 8.422
2016-07-15 1.080 8.031
2016-06-15 1.080 8.100
2016-05-16 1.080 8.085
2016-04-15 1.080 8.105
2016-02-16 1.080 8.637
2016-01-15 1.080 9.504
2015-12-14 1.080 8.695
2015-11-16 1.080 8.299
2015-10-15 1.080 8.046
2015-09-15 1.080 8.460
2015-08-17 1.080 8.721
2015-07-15 1.080 8.109
2015-06-15 1.080 7.832
2015-05-14 1.080 7.670
2015-04-15 1.080 7.329
2015-03-16 1.080 7.270
2015-02-17 1.080 7.162
2015-01-15 1.080 6.988
2014-12-15 1.080 7.424
2014-11-17 1.080 7.091
2014-10-15 1.080 6.909
2014-09-16 1.080 7.037
2014-08-18 1.080 6.794
2014-07-15 1.080 6.848
2014-06-16 1.080 6.899
2014-05-15 1.080 6.857
2014-04-15 1.080 6.716
2014-03-17 1.080 6.832
2014-02-14 1.080 6.924
2014-01-16 1.080 7.125
2013-12-17 1.080 7.282
2013-11-18 1.080 7.541
2013-10-17 1.080 7.489
2013-09-13 1.080 7.643
2013-08-14 1.080 7.890
2013-07-11 1.080 7.330
2013-06-13 1.080 7.140
2013-05-14 1.080 6.691
2013-04-10 1.080 6.518
2013-03-12 1.080 6.727
2013-02-13 1.080 6.746
2013-01-10 1.080 6.808
2012-12-11 1.080 6.902
2012-11-13 1.080 6.920
2012-10-11 1.080 6.707
2012-09-14 1.080 6.661
2012-08-13 1.080 6.487
2012-07-11 1.080 6.389
2012-06-14 1.080 6.569
2012-05-15 1.080 6.720
2012-04-16 1.080 6.525
2012-03-15 1.080 6.700
2012-02-10 1.080 6.763
2012-01-13 1.080 7.086
2011-12-16 1.080 7.580
2011-11-16 1.080 7.846
2011-10-14 1.080 8.168
2011-09-15 1.080 8.634
2011-08-16 1.080 8.148
2011-07-13 1.080 7.956
2011-06-13 1.080 7.729
2011-05-12 1.080 7.619
2011-04-14 1.080 7.835
2011-03-15 1.080 7.887
2011-02-10 1.080 8.017
2011-01-17 1.080 8.036
2010-12-13 1.080 8.100
2010-11-16 1.080 8.550
2010-10-13 1.080 8.213
2010-09-14 1.080 7.986
2010-08-17 1.080 8.561
2010-07-14 1.080 9.213
2010-06-14 1.080 9.838
2010-05-18 1.080 9.606
2010-04-15 1.080 9.366
2010-03-15 1.080 9.322
2010-02-11 1.080 9.474
2009-12-08 1.080 9.633
2009-11-13 1.080 10.875
2009-10-20 1.080 11.071
2009-09-15 1.080 11.681
2009-08-17 1.080 11.992
2009-07-14 1.080 13.514
2009-06-15 1.080 13.677

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Artis Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Artis Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Artis Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Artis Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Artis Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Armin Martens
COMPENSATION CA$3,093,948
AGE 63
TENURE AS CEO 14.3 years
CEO Bio

Mr. Armin Martens, P.Eng., M.B.A., has been the Chief Executive Officer and President at Artis Real Estate Investment Trust since 2005 and serves as its Trustee since November 8, 2004 and was re-appointed on June 19, 2014. Mr. Martens has been actively involved in the construction, development and management of commercial real estate for over 25 years. Prior to this, he served as the President and Chief Executive Officer of Marwest Development Corp. since 1994. Mr. Martens served as President of the Manitoba chapter of the German Canadian Congress for six years and was its national President for five years. In that capacity as National President, he served as a Member of the Board of President of Canadian Ethnocultural Council, based in Ottawa. Mr. Martens started his career in the construction and real estate development industry and became a member of the Association of Professional Engineers of Manitoba in 1979. He served as a Founding Director of Consolidated Properties Ltd., a publicly traded corporation listed under the symbol "COP" on the Toronto Stock Exchange. During his overseas tenure, Mr. Martens was able to complete a variety of consulting projects, including one on the subject of international countertrade. He has been Trustee of Westfield Real Estate Investment Trust since November 8, 2004. served as a Director of All in West! Capital Corp. since August 30, 2005. Mr. Martens served as Director of Fortress Paper Ltd. from February 23, 2007 to August 2010 and also served as its Lead Director until August 2010. He served as a Director of Bank of Canada from December 2002 to 2005. He is a registered professional engineer. Mr. Martens holds an M.B.A. degree at the International Institute for Management Development at University of Geneva. He graduated from the University of Manitoba with a Bachelor of Science degree in Civil Engineering in 1977.

CEO Compensation
  • Armin's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Armin's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Artis Real Estate Investment Trust management team in years:

11.8
Average Tenure
  • The average tenure for the Artis Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Armin Martens

TITLE
President
COMPENSATION
CA$3M
AGE
63
TENURE
14.3 yrs

Jim Green

TITLE
Chief Financial Officer
COMPENSATION
CA$1M
AGE
60
TENURE
14.5 yrs

Frank Sherlock

TITLE
Executive Vice President of Property Management
COMPENSATION
CA$413K
TENURE
11.8 yrs

Philip Martens

TITLE
Executive Vice President of U.S. Region
COMPENSATION
CA$387K
TENURE
2.7 yrs

Jaclyn Koenig

TITLE
Vice President of Corporate Accounting

Heather Nikkel

TITLE
Vice President

Kara Watson

TITLE
Vice President of Legal

Dave Johnson

TITLE
Executive Vice President of Asset Management - Central Region
COMPENSATION
CA$292K
TENURE
7.3 yrs

Brad Goerzen

TITLE
Senior Vice President of Leasing - Central Region

Kim Riley

TITLE
Senior Vice President of Investment & Development
Board of Directors Tenure

Average tenure and age of the Artis Real Estate Investment Trust board of directors in years:

9.4
Average Tenure
62.5
Average Age
  • The tenure for the Artis Real Estate Investment Trust board of directors is about average.
Board of Directors

Ed Warkentin

TITLE
Chairman of the Board
COMPENSATION
CA$234K
AGE
68
TENURE
13.6 yrs

Armin Martens

TITLE
President
COMPENSATION
CA$3M
AGE
63
TENURE
14.5 yrs

Wayne Townsend

TITLE
Independent Trustee
COMPENSATION
CA$142K
AGE
62
TENURE
14.5 yrs

Bruce William Jack

TITLE
Independent Trustee
COMPENSATION
CA$181K
AGE
65
TENURE
2.2 yrs

Victor Thielmann

TITLE
Independent Trustee
COMPENSATION
CA$119K
AGE
63
TENURE
14.5 yrs

Cornelius Martens

TITLE
COMPENSATION
CA$89K
AGE
74
TENURE
14.5 yrs

Ron Rimer

TITLE
Independent Trustee
COMPENSATION
CA$120K
AGE
57
TENURE
5.3 yrs

Steven Joyce

TITLE
Independent Trustee
COMPENSATION
CA$75K
AGE
50
TENURE
1.2 yrs

Lauren Zucker

TITLE
Independent Trustee
COMPENSATION
CA$72K
AGE
48
TENURE
0.9 yrs

Ida Albo

TITLE
Independent Trustee
COMPENSATION
CA$72K
AGE
58
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Artis Real Estate Investment Trust insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. May 19 Buy Ida Albo Individual 13. May 19 13. May 19 4,765 $8.48 $40,391
17. Jan 19 Buy Ida Albo Individual 16. Jan 19 16. Jan 19 10,000 $7.63 $76,283
07. Jan 19 Buy Ida Albo Individual 02. Jan 19 02. Jan 19 180 $6.75 $1,215
21. Dec 18 Buy Armin Martens Individual 21. Dec 18 21. Dec 18 5,000 $6.64 $33,205
20. Dec 18 Buy Armin Martens Individual 20. Dec 18 20. Dec 18 5,000 $6.76 $33,785
19. Dec 18 Buy Armin Martens Individual 19. Dec 18 19. Dec 18 5,000 $6.91 $34,550
18. Dec 18 Buy Ronald Rimer Individual 18. Dec 18 18. Dec 18 10,000 $6.89 $68,935
18. Dec 18 Buy James Green Individual 18. Dec 18 18. Dec 18 3,000 $6.91 $20,737
18. Dec 18 Buy Armin Martens Individual 18. Dec 18 18. Dec 18 5,000 $6.89 $34,467
17. Dec 18 Buy Armin Martens Individual 17. Dec 18 17. Dec 18 5,000 $7.09 $35,431
14. Dec 18 Buy Armin Martens Individual 14. Dec 18 14. Dec 18 5,000 $7.02 $35,079
13. Dec 18 Buy Armin Martens Individual 13. Dec 18 13. Dec 18 5,000 $7.04 $35,188
12. Dec 18 Buy Armin Martens Individual 12. Dec 18 12. Dec 18 5,000 $7.18 $35,921
30. Nov 18 Buy Ronald Joyce Individual 29. Nov 18 30. Nov 18 400,000 $7.45 $2,969,467
27. Nov 18 Buy Ida Albo Individual 26. Nov 18 26. Nov 18 3,600 $7.33 $26,382
22. Nov 18 Buy James Green Individual 22. Nov 18 22. Nov 18 3,000 $7.46 $22,367
14. Jul 18 Buy Ronald Joyce Individual 12. Jul 18 12. Jul 18 200,000 $10.02 $2,003,341
14. Nov 18 Buy Bruce William Jack Individual 14. Nov 18 14. Nov 18 2,000 $7.74 $15,472
14. Nov 18 Buy James Green Individual 14. Nov 18 14. Nov 18 3,000 $7.68 $23,044
12. Nov 18 Buy Philip Martens Individual 16. Aug 18 16. Aug 18 830 $9.66 $8,015
09. Nov 18 Buy Armin Martens Individual 09. Nov 18 09. Nov 18 10,000 $7.79 $77,854
08. Nov 18 Buy Minnesota Enterprises Inc. Company 08. Nov 18 08. Nov 18 5,000 $7.82 $39,113
08. Nov 18 Buy Armin Martens Individual 08. Nov 18 08. Nov 18 15,000 $7.82 $117,229
06. Nov 18 Buy Minnesota Enterprises Inc. Company 05. Nov 18 06. Nov 18 10,000 $7.86 $78,157
06. Nov 18 Buy Armin Martens Individual 05. Nov 18 06. Nov 18 25,000 $7.88 $196,123
05. Nov 18 Buy Philip Martens Individual 05. Nov 18 05. Nov 18 1,250 $7.91 $9,888
05. Nov 18 Buy Minnesota Enterprises Inc. Company 05. Nov 18 05. Nov 18 5,000 $7.78 $38,916
05. Nov 18 Buy James Green Individual 05. Nov 18 05. Nov 18 2,000 $7.84 $15,680
05. Nov 18 Buy Armin Martens Individual 05. Nov 18 05. Nov 18 10,000 $7.86 $78,630
05. Nov 18 Buy Lauren Zucker Individual 05. Nov 18 05. Nov 18 45,600 $7.87 $359,054
21. Jun 18 Buy Lauren Zucker Individual 19. Jun 18 19. Jun 18 30,000 $10.10 $303,111
X
Management checks
We assess Artis Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Artis Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial properties. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States. As of March 31, 2019, Artis' commercial property comprises approximately 25.1 million square feet of leasable area.

Details
Name: Artis Real Estate Investment Trust
ARES.F
Exchange: OTCPK
Founded: 2003
CA$1,243,003,046
142,181,322
Website: http://www.artisreit.com
Address: Artis Real Estate Investment Trust
600 – 220 Portage Avenue,
Winnipeg,
Manitoba, R3C 0A5,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX AX.UN Trust Units The Toronto Stock Exchange CA CAD 17. Feb 2004
OTCPK ARES.F Trust Units Pink Sheets LLC US USD 17. Feb 2004
TSX AX.PRG PFD UNIT SER G The Toronto Stock Exchange CA CAD 29. Jul 2013
TSX AX.PRI PREF SHS I The Toronto Stock Exchange CA CAD 31. Jan 2018
Number of employees
Current staff
Staff numbers
0
Artis Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 06:08
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.