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1 Undervalued REIT to Snag Today Artis REIT (TSX:AX.UN) is a Winnipeg-based real estate investment trust (REIT) that owns and operates industrial and office properties in Canada and the United States. Shares of this REIT have dropped 21% in 2023 as of close on April 24. The stock is down 45% year over year.
This REIT released its fourth quarter and full year fiscal 2022 earnings on February 28. In Q4 2022, revenue fell 3.6% from the previous year to $94.1 million. Meanwhile, it reported adjusted funds from operations (AFFO) of $22.0 million or $0.19 per unit – down 21% and 13%, respectively, compared to the prior year. However, net operating income (NOI) fell 5% to $52.3 million.
For the full year, revenue slipped 11% from fiscal 2021 to $372 million. Moreover, NOI also dropped 11% from the previous year to $209 million. Artis REIT delivered AFFO of $112 million or $0.95 per share – down 9.6% and 1%, respectively, compared to fiscal 2021.
In the fourth quarter of fiscal 2022, adjusted EBITDA rose to $66.8 million compared to $59.7 million in Q4 FY2021. Meanwhile, adjusted EBITDA rose to $259 million for the full year – up from $255 million in the prior year.
Shares of this REIT last had a Relative Strength Index (RSI) of 22, which puts Artis in technically oversold territory at the time of this writing. This REIT offers a monthly distribution of $0.05 per share. That represents a monster 8.4% yield.
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