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Artis Real Estate Investment Trust

Artis Real Estate Investment Trust

AX-UN.TO
Artis Real Estate Investment TrustCA flagToronto Stock Exchange
8.82
CAD
-0.38
- -
846.42MMarket Cap
Artis Real Estate Investment Trust
AX-UN.TO
(Toronto Stock Exchange)

Recent

price

8.82

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
9.35
10.91
10.64
11.36
11.33
11.68
11.37
10.29
10.05
10.99
10.11
9.71
9.48
9.05
8.58
- -
7.33
Revenue per Share
1.75
12.07
9.63
4.34
4.08
-4.23
2.02
4.3
2.68
2.17
0.09
8.61
-0.54
-9.3
-1.72
- -
-5.13
Basic EPS, GAAP
-17.15
2.87
4.26
4.81
4.61
4.79
5.2
4.17
4.18
4.18
3.88
4.62
3.58
2.15
2.28
- -
2.04
Free Cash Flow per Basic Share
2.45
3.23
3.33
3.57
3.65
3.65
3.69
3.68
3.55
2.06
2.15
2.27
4.47
2.51
2.98
- -
2.57
Dividend per Share
-10.77
47.59
53.81
40.15
51.94
43.65
43.1
42.49
41.21
41.45
40.65
45.22
42.71
30.99
25.38
- -
17.41
Book Value per Share
44.96
47.7
54.2
52.9
54.39
48.88
47.65
45.42
46.28
45.84
44.98
50.18
51.47
41.1
40.12
- -
33.03
Tangible Book Value per Share
19
27
35
41
44
46
48
50
51
47
45
43
39
37
35
- -
33
Basic Weighted Avg Shares
178
291
372
463
501
536
549
516
513
522
459
419
373
336
300
240
240
Sales/Revenue/Turnover
61.01
59.12
61.32
61.97
60.45
59.91
58.78
57.61
56.52
56.63
56.02
53.7
54.31
52.71
40.88
-12.41
-12.88
Operating Margin (%)
- -
- -
- -
1
1
1
1
1
1
1
1
1
1
1
1
2
1
Depreciation Expense
33
321
340
191
198
-176
116
234
159
123
22
389
-5
-332
-47
-156
-156
Net Income, GAAP
0.89
- -
- -
- -
- -
- -
0.59
- -
0.33
1.46
3.29
0.33
158.43
- -
- -
- -
2.17
Effective Tax Rate (%)
18.7
110.59
91.37
41.25
39.53
-32.81
21.11
45.4
30.93
23.53
4.69
92.77
-1.42
-98.88
-15.79
-64.78
-64.78
Profit Margin (%)
23
-114
-148
-291
-415
-614
-815
-720
-270
-397
-704
-614
-945
-325
-324
-160
-160
Working Capital
1,251
1,664
2,043
2,188
2,258
2,112
1,839
1,689
2,245
2,141
1,646
1,164
963
1,042
631
606
606
LT Debt
854
1,270
2,050
2,484
2,729
2,568
2,627
2,605
2,738
2,471
2,334
2,455
2,229
1,716
1,581
1,254
1,254
Total Equity
6.58
- -
6.16
6.2
5.85
- -
5.96
- -
5.39
5.38
4.99
4.9
-2.66
- -
- -
- -
- -
Return on Invested Capital (%)
9.32
- -
11.75
6.73
6.31
- -
4.33
- -
4.98
4.39
2.14
10.44
-1.35
- -
- -
- -
5.09
Return on Capital (%)
- -
- -
21.41
10.06
9.16
-9.04
4.77
10.25
6.45
5.05
0.22
19.58
-1.16
-24.4
-5.93
-23.06
-23.06
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
424
445
378
LT Borrowings
655
661
606
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
173
173
171
Shares Outstanding
32
32
32
Market Capitalization
257
207
263

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
279
394
292
Cash, Cash Equivalents & STI
17
27
26
Accounts Receivable, Net
5
4
4
Inventories
233
310
248
Total Current Liabilities
494
522
451
Payables & Accruals
51
58
43
ST Debt
424
445
378
Deferred Revenue
20
20
18

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-6.43%
-11.11%
-20.65%
Free Cash Flow
-9.43%
-15.15%
-16.18%
Net Income, GAAP
771.91%
1,584.05%
228.3%
Sales/Revenue/Turnover
-7.46%
-12.04%
-20%
Total Cash Common Dividend
0.03%
8.28%
-21.83%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
90
84
80
81
336
2024
80
85
66
69
300
2025
62
59
60
59
240

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
-0.67
-2.34
-3.86
- -
-9.3
2024
-0.29
-0.07
-0.43
- -
-1.72
2025
0.25
-0.81
-1.14
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.77
0.53
0.54
- -
2.51
2024
0.55
0.72
0.54
- -
2.98
2025
0.55
0.55
0.55
- -
- -
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Business
Artis Real Estate Investment Trust is a diversified Canadian real estate investment trust focused on acquiring and managing a portfolio of industrial, office, retail, and residential properties primarily in Canada and select markets in the United States. Its portfolio consists of core asset categories including office properties (approximately 60.8%), industrial properties (about 24.9%), and retail properties (around 14.3%). The company operates in key regions such as Alberta, Manitoba, and Minnesota, targeting primary and growing secondary markets in Western Canada. Founded in 1996 and headquartered in Winnipeg, Manitoba, Artis REIT is fully internalized, managing its own asset and property management operations. The REIT delivers stable and growing cash distributions to its unitholders and emphasizes value investing within its real estate segments. Recently, Artis Real Estate Investment Trust entered into a significant strategic transaction with Toronto-based RFA Capital Holdings Inc., agreeing to combine through a reverse merger to form a new public financial services entity called RFA Financial. This merger creates a growth-oriented platform centered around a Schedule I bank and includes operational integration with RFA Bank of Canada, RFA Mortgage Corporation, and TM Investment Management Corp. The transaction aims to monetize parts of Artis's real estate holdings and redeploy capital into diverse financial service opportunities, representing a major strategic shift from pure real estate investment toward broader financial services. Additional major developments include the REIT's continued participation in consortium acquisitions such as the 2022 investment in Cominar Real Estate Investment Trust, where Artis acquired a significant ownership stake through Iris Acquisition II LP. The trust has also actively pursued disposition exercises to reduce leverage and strengthen its balance sheet, selling nearly $973 million of real estate assets as of recent financial reports. Artis trades on the Toronto Stock Exchange under the symbol AX.UN and maintains a focus on generating stable monthly cash distributions for its unitholders while expanding its asset management capabilities and financial services footprint through the RFA Financial combination. Overall, Artis Real Estate Investment Trust presents a diversified portfolio across multiple property types and geographies, structured for ongoing cash flow stability, and is undergoing transformative strategic growth through its merger with RFA Capital to broaden its business beyond traditional real estate investment. The company continues to evolve its service offerings and operational scope within Canadian and select U.S. markets.