The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jonathan Kelcher - TD Cowan - Analyst
: Thanks. First question. I guess, just on, and I think you touched on it a little bit at the end there, Samir on the lumpy income strategy, payout ratios
were a little high this quarter. Is your, under this strategy, are you comfortable that you guys can cover the dividend with full year AFFO, maybe
not this year, but going forward.
Question: Jonathan Kelcher - TD Cowan - Analyst
: Okay, and then switching gears to, this positions, did slow a lot in, well, I guess Q2, only $5 million bucks so far. But is your balance sheet like some
40% leverage? Are you kind of comfortable where you're where you're at and we could expect a disposition program to slow down?
Question: Jonathan Kelcher - TD Cowan - Analyst
: Okay, sorry, I misspoke. I meant net dispositions. So, and so I guess the second part of that is when might we see you start to do some acquisitions
or do you want to get the leverage down to mid-30s first?
Question: Jonathan Kelcher - TD Cowan - Analyst
: Okay, and would you be looking more Canada or the or the US?
Question: Jonathan Kelcher - TD Cowan - Analyst
: Okay, and would you look at any of the common our assets?
Question: Jonathan Kelcher - TD Cowan - Analyst
: Okay. Thanks I'll turn it back.
Question: Mario Saric - Scotiabank - Analyst
: Mayor, if, in an ideal scenario, how much, additional assets do you think you can sell in the next 12 months or would be interested in selling in the
next 12 months?
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
MAY 09, 2025 / 5:00PM, AX_u.TO - Q1 2025 Artis Real Estate Investment Trust Earnings Call
Question: Mario Saric - Scotiabank - Analyst
: And then, you have the benefit of being active in both Canada and in the US. There's been a lot of discussion, broadly speaking in the commercial
real estate markets about the bid ask spread widening or the volatility associated with the liberation day announcement and potential tariffs in
terms of transaction volumes perhaps slowing relative to previous expectations.
Can you maybe talk about how much of an impact you're hearing, the tariff uncertainty is having on transaction discussions and whether it's
differentiated between Canadian product and US product.
Question: Mario Saric - Scotiabank - Analyst
: Okay. And then just maybe coming back to the payout ratio and the recycling of capital. Is there like is there a target? A full yield differential on
the stuff that you're selling versus the stuff that you may ultimately end up buying, that you're targeting?
Is that how we should think about the recycling of capital? Is that -- does have in mind kind of the flow that you're losing on dispositions relative
to the AFFO that you're ultimately gaining on acquisitions and how do you think about that?
Question: Mario Saric - Scotiabank - Analyst
: Okay, my last question is just a broader question. You've been selling assets, paying down debt, buying back a lot of units, over the past, couple
of years, you've gone into a strategic review, you've exited the strategic review.
The stock still, notwithstanding all of that, trades at a very significant discount to your IFRS fair value. So, when you look out ahead, what are some
factors? What you think about that may suggest, maybe it's time to pivot to something different, like how much patience, I guess does the
organization have to continue on doing what it's been doing and the public markets haven't necessarily recognized it yet?
Question: Mario Saric - Scotiabank - Analyst
: Okay. That's it for me. Thank you.
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
MAY 09, 2025 / 5:00PM, AX_u.TO - Q1 2025 Artis Real Estate Investment Trust Earnings Call
| 
