Hey there,
Artis is a decent REIT, however it is worth noting that the company is currently undergoing a transition. The company announced its 100-day review back in November and released additional details this past March. It intends to transition away from a diversified REIT to one that is focused on a few key aspects of which one is value investing - focusing on properties that are misunderstood and under priced. Along with this transition, it announced changes to its management team and an increase to the distribution.
Post-transition announcement, it detailed plans to unload its Greater Toronto Area (GTA) industrial portfolio, comprising 28 properties totaling over 2.5 million square feet of leasable area, for $750 million. It intends to use the capital to pay down debt and further its strategy.
While the strategy sounds good, it is important to note that the transition plan is expected to take 2-3 years to complete. Many things can go right (or wrong) with the strategy. In other words, there will be lots of uncertainty here and there is no guarantee that management can execute on its plan. It also makes current and historical financial data somewhat irrelevant given the shift in strategy. This will make valuing the company pretty difficult over the next couple of years - especially in the initial stages of its transformation.
I'd suggest reading up on its transformation to know exactly what it will entail: https://www.artisreit.com/wp-content/uploads/2021/03/Artis-REIT-Business-Transformation-Plan.pdf
Mat