Artis Real Estate Investment Trust (TSX:AX.PR.I.PFD)
C$ 21.53 -0.47 (-2.14%) Market Cap: - Enterprise Value: - PE Ratio: 0 PB Ratio: 0.56 GF Score: 72/100
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Q4 2024 Artis Real Estate Investment Trust Earnings Call Transcript

Mar 07, 2025 / 06:00PM GMT
Release Date Price: C$20.75 (-0.53%)

Key Points

Positve
  • Artis Real Estate Investment Trust (ARESF) significantly reduced its total debt to gross book value from 50.9% to 40.2% by the end of 2024.
  • The company successfully executed its disposition strategy, selling properties for an aggregate sale price of $972.9 million in 2024.
  • New three-year senior secured credit facilities totaling $520 million were finalized, enhancing financial flexibility.
  • The NCIB program was renewed, allowing the company to buy back units at a significant discount to net asset value, enhancing unit holder value.
  • Artis Real Estate Investment Trust (ARESF) is optimistic about future opportunities to produce above-average risk-adjusted returns and grow net asset value per unit.
Negative
  • The investment in Cominar has been negatively impacted by the interest rate environment, with ongoing structural challenges.
  • There is uncertainty regarding the resolution of the Cominar investment, which may affect future financial outcomes.
  • The company's strategy anticipates lumpy income, which may lead to variability in financial performance.
  • A significant portion of annual FFO is at risk due to the uncertain income from the Cominar investment.
  • Future income projections are uncertain, with no forward-looking information on additional lumpy income expected in 2025.
Operator

Good afternoon. My name is Joel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Artis Real Estate Investment Trust fourth quarter 2024 results conference call. (Operator Instructions)

Thank you, Heather Nikkel, Senior Vice President, Investor Relations and Sustainability. You may begin your conference.

Heather Nikkel
Artis Real Estate Investment Trust - Senior Vice President of Investor Relations and Sustainability

Thank you, operator. Good afternoon, everyone. Welcome and thank you for joining us for Artis REIT's fourth quarter 2024 results conference call. Our results were disseminated yesterday and are available on SEDAR and on our website. With me on today's call is Arti's President and CEO Samir Manji, CFO Jaclyn Koenig, and COO Kim Riley.

As we discuss our performance today, please note that the discussion may include forward-looking statements that involve known and unknown risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from

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