Artis Real Estate Investment (OTC:ARESF) Trust (REIT)公布了其2024年第二季度业绩，强调了其在面对房地产行业持续挑战时加强资产负债表和增强流动性的战略重点。尽管加拿大央行下调了利率，但该公司仍在继续其处置计划，出售了大量房地产，并预计未来几个月将进一步出售。

雅士房地产投资信托亦有效管理其债务，债务与帐面总值比率显著下降，并预期杠杆率将降至45%以下。营运表现保持稳定，入住率超过90%，续租后加权平均租金继续上升。

关键的外卖

• 在房地产行业逆风的情况下，Artis REIT关注的是资产负债表的实力和流动性。
• 第二季度销售房产总额为2.924亿美元，2024年销售额为6.516亿美元。
• 预计资产出售将使整体杠杆率降至45%以下。
• 入住率保持在90%以上，续租率增长3.1%。
• 雅士房地产投资信托的董事会正在寻求战略替代方案，以释放和最大化单位持有人的价值。

公司前景

• Artis REIT计划加入继续降债降杠杆，力争将杠杆率控制在45%以下。
• 公司将专注于增长机会，以增加单位净资产价值。
• 雅士房地产投资信托基金预计300 Main的租赁和增加的投资回报率将产生积极影响。

悲观的亮点

• 尽管利率下调，但房地产行业近期仍面临挑战。
• 雅士房地产投资信托基金招致额外费用与特别委员会战略审查有关的所有费用。

乐观的亮点

• 雅士房地产投资信托的物业配置计划是成功的，显示其房地产投资组合的高品质。
• 公司的债务管理策略是有效的，债务占账面价值的比例有所下降。
• 投资者对雅士房地产投资信托基金的资产销售兴趣浓厚，表明市场需求强劲。

错过

• 财报电话会议中没有披露具体的财务业绩缺失。

问答集锦

• 特别委员会的战略审查进程正在进行中，并不断更新他预计在未来一到两个季度。
• 与发展倡议有关的奖励费将在今后几个季度得到充分确认。
• 雅士房地产投资信托澄清，认可的奖励费与物业层面的投资回报是分开的。

雅士房地产投资信托基金(股票代码:AX.UN)专注于保持强劲的资产负债表和流动性，通过积极管理其房地产投资组合和债务到期日，在当前的经济环境中取得了成功。公司的战略举措旨在为单位持有人释放和最大化价值，这反映在物业的成功出售和杠杆的降低上。董事会致力于探索战略选择，这表明在市场挑战中，我们采取了积极主动的方式来提高股东价值。随着雅达房地产投资信托基金继续执行其战略计划，投资者和利益相关者将期待有关战略审查过程和公司在房地产行业增长轨迹的进一步更新。

InvestingPro见解

正如最近的收益报告所强调的那样，Artis房地产投资信托公司已经证明了保持强劲的资产负债表和管理债务的承诺。这些努力反映在InvestingPro数据中，显示出适度的债务水平和一贯的股息回报股东的策略。

InvestingPro Tips for Artis REIT显示股息支付历史悠久，公司连续21年保持股息分配。这种一致性对于寻求稳定收入的投资者来说是一个积极的信号，尤其是在波动的房地产市场中。此外，雅士房地产投资信托基金高达9.09%的股息收益率对关注收益的投资者来说是一个引人注目的特点。对于那些有兴趣深入了解雅士房地产投资信托的财务状况和战略定位的人，InvestingPro在他们的平台上提供了额外的提示。

从估值的角度来看，-2.21的市盈率表明，截至2024年第一季度，Artis REIT在过去12个月里没有盈利。这一指标与糟糕的自由现金流收益率相结合，表明人们对该公司目前的盈利能力和现金生成能力存在潜在担忧。然而，随着时间的推移，公司的战略配置和对降低杠杆率的关注旨在改善这些财务指标。

Artis REIT的主要投资数据包括:

• 市值5.0611亿美元，反映了公司在房地产投资信托市场的规模。

• 过去12个月的收入增长率为13.38%截至2024年第一季度，这表明尽管市场逆风，但仍有能力增加收益。

• 同期营业收入为7936万美元，这对e来说意义重大评估公司的核心业务最终的效率。

投资者可于http://k1.fpubli.cc/file/upload/202408/12/4lkku0ek2hg.F浏览InvestingPro为Artis REIT提供的综合建议，其中包括对公司财务表现和市场定位的进一步了解。

全反式Artis REIT (ARESF) 2024年第二季度:

接线员:下午好。我叫Julie，今天我是您的会议接线员。在这个时候，我想欢迎大家参加Artis房地产投资信托第二季度2024业绩电话会议。所有线路都调成静音，以防止任何背景噪音。发言人发言后，将有问答环节。[操作说明]谢谢。我现在把会议交给希瑟·尼克尔。你可以开始开会了。

希瑟·尼克尔:谢谢，接线员。大家下午好。欢迎，并感谢您加入我们Artis REIT 2024年第二季度业绩电话会议。我们的结果已于昨天发布，可在SEDAR和我们的网站上查阅。今天和我通话的是Artis总裁兼首席执行官萨米尔·曼吉;首席财务官Jaclyn Koenig;首席运营官金·莱利;美国地区执行副总裁Phil Martens。在我们今天讨论我们的业绩时，我们要承认，讨论可能包括涉及已知和未知风险和不确定性的前瞻性陈述。这些风险和不确定性可能导致实际结果与今天明示或暗示的结果存在重大差异。我们已在向证券监管机构提交的公开文件中确定了这些因素，我们建议您查看这些文件。此外，我们可能会参考非公认会计准则和补充财务指标，这些指标未在国际财务报告准则下定义，也不打算代表该期间的财务业绩、财务状况或现金流量，这些指标也不应被视为净收入、经营现金流量或根据国际财务报告准则计算的其他财务业绩指标的替代方案。在整个讨论过程中，请注意，除非另有说明，否则所有数字将以加元表示。在我们继续之前，我想指出，这次电话会议的重播将在9月9日之前提供。你可按昨天新闻稿所提供的电话号码及密码登入。此外，录音将在我们的网站上提供。我现在把电话交给萨米尔讨论阿蒂斯第二季度的业绩。

Samir Manji: Thank you, Heather. Hello, everyone, and thank you for joining Artis' second quarter earnings call. During the second quarter, we continued to focus on our key objectives, strengthening our balance sheet, and enhancing liquidity. While the Bank of Canada has cut its key policy rate twice in the past two months, the real estate sector continues to face some near-term challenges. We remain dedicated to delivering maximum value for our unitholders, and focusing on factors within our control. Reducing leverage and increasing liquidity to bolster our balance sheet is critical, to ensuring we are positioned to navigate current market conditions that, are impacting the broader real estate sector. In pursuit of achieving our internal leverage and liquidity targets, we continue to use the tools available to us as appropriate in the context of the current economic environment, including asset sales, refinancing existing mortgages and obtaining new mortgage financing. In the second quarter of 2024, we sold two office properties in the United States and three office properties, six retail properties, and a partial development land in Canada for an aggregate sale price of $292.4 million. To-date, we have sold $651.6 million of real estate in 2024, and have unconditional sale agreements scheduled to close in the coming months, for an additional approximately $371.2 million. These numbers include two significant portfolio sales. Park 8Ninety, a portfolio of industrial properties in the Greater Houston area that closed in July, and the Arizona and Minnesota industrial portfolio comprising nine properties that is unconditional, and expected to close in the third quarter. We are also in active discussions with potential buyers regarding additional asset sales. As we have communicated in the past, the liquidity generated from these sales will be primarily directed towards reducing our debt. We consider the ongoing success of our disposition plan to be a strong indication, of the high quality of our real estate portfolio, and we expect this trend to continue throughout the rest of 2024 and into 2025. Given the interest rate environment over the last two years, mortgage maturities have been a key area of focus for Artis. During this time, we have been working closely with our lenders to manage our debt maturities. We have $184.8 million of mortgage debt maturing during the remainder of 2024, 35% of which will be paid out upon disposition of the relevant investment properties. We have extension options in place for 41%, and we anticipate no difficulty in managing the remaining 24% of maturities in the normal course. Artis' $150 million non-revolving credit facility, and the first tranche of its revolving credit facilities mature this year, and we are in active discussions with lenders with respect to these maturities. Looking ahead, with a substantial pool of unencumbered assets in our portfolio, securing new mortgage financing and refinancing existing mortgages will remain vital tools for us. Our normal course issuer bid is a compelling tool available to enhance unitholder value. During the second quarter, we utilized our NCIB to purchase 2,212,000 common units at an average price of $6.43 per unit. Under the current NCIB term, we have acquired a total of 3,344,824 common units, representing nearly 50% of the maximum units permitted to be purchased through the NCIB term. The weighted average price for these units was $6.32 per unit, a significant discount to our net asset value per unit of $14.11 per unit at June 30. With respect to our equity securities investments and value investing strategy, during the quarter, we announced that our ownership position in Dream Office REIT, together with our joint actor, increased to 20.75%. We are exploring all options available with respect to this investment. In terms of our Cominar investment, we, alongside our partners continue to make progress towards additional sales of noncore properties within the portfolio, and the densification underway on a number of core assets in the Greater Montreal area. To-date, we have finalized several additional asset sales with further dispositions in the pipeline. Through our efforts over the last several quarters, including asset sales and other capital management strategies, our debt to gross book value decreased to 49.8% at June 30, from 50.9% at December 31. We are committed to sustaining this momentum in the quarters ahead. And with anticipated proceeds from unconditional sales over the next several months used to continue to reduce debt, we expect overall leverage will drop below 45%. With leverage in our near-term debt maturities looked after, we will now pursue growth opportunities that align with our key long-term goal of growing net asset value per unit. Operationally, our portfolio continued to demonstrate stable performance throughout the quarter. Occupancy rates, including commitments remained over 90% this quarter. Additionally, lease renewals that commenced in Q2 were negotiated at a weighted average rate increase of 3.1%, continuing a 14-quarter streak of growth in weighted average rental rates secured upon renewal. During the quarter, 456,510 square feet of new leases and renewals were negotiated. Further, as the lease-up of our latest development, 300 Main, continues and NOI at the property increases, we expect a positive impact on our adjacent office and retail tenants and parkades, creating greater vibrancy in downtown Winnipeg, and an opportunity for individuals to work and live at one of Winnipeg's most prominent intersections. Lastly, as many of you are aware, on August 2, 2023, Artis' Board formed a special committee to initiate a strategic review process to consider and evaluate alternatives that may be available to the REIT to unlock and maximize value for our unitholders. Since the announcement of the strategic review, we have completed, or entered into unconditional agreements for $180 million of office assets, $219.3 million of retail assets and $651.7 million of industrial assets, at values and on terms that were acceptable to the REIT. This equates to over $1 billion of asset sales in line with the REIT's IFRS values, including unconditional transactions since the inception of the Special Committee. The work undertaken over the past year has enabled us to properly assess the current environment and the Board remains committed to pursuing strategic alternatives that may be available to the REIT to unlock and maximize value for unitholders including pursuing near-term opportunities available to enhance and grow net asset value per unit. We look forward to providing further updates on the strategic review process in due course. I will now turn it back over to the operator to moderate the question-and-answer session.

接线员:谢谢。你的第一个问题来自TD Cowen的Jonathan Kelcher。请继续。

Jonathan Kelcher:谢谢。下午好。第一个问题，我想我不会得到太多的回应。但是在战略上，或者特别委员会的战略审查上，萨米尔，本季度的成本又增加了50万美元左右。这个委员会还会存在多久?

Samir Manji:是的。谢谢,乔纳森。审计委员会正在继续评估是否有必要继续设立特别委员会，是否有必要继续进行战略审查。我预计我们将在未来一两个季度内提供进一步的更新。

Jonathan Kelcher:好的。现在，如果我回想一年前，在我看来，你们的策略和你们在特别委员会成立后所做的并没有什么不同。我的理解对吗?

萨米尔·曼吉:是的，是的，乔纳森，这是一个公平的评论。事后诸葛亮是一件美妙的事情。我认为，当时这项工作的最初方向是一个非常，我想说，广阔而开放的领域，可以看到任何机会。时间和我们所做的实际工作，包括我们的财务顾问指出了一些具体的可行的途径，我们在刚才的叙述中提到了。但是，我认为重要的是要承认，当我们开始这项工作时，我们没有不愿意放弃的东西来看看我们有什么选择和机会，即使现在是事后诸葛亮之时。很明显，正如你所说，我们最终降落的地方是一条让我们回到起点的道路。

Jonathan Kelcher:好的。有道理，我同意。后见之明肯定不是2020年，也不是2020年。接下来是奖励费，我不知道具体数额是多少，但看起来大概在600万美元左右。你能给我们解释一下这和什么有关吗?我想，第二，关于这一点，你们的资产负债表上还有类似的机会吗?

Samir Manji:是的。谢谢,乔纳森。我认为，在我们进入这个项目的细节之前，这里有一个重要的起点，我们已经有很长一段时间了——事实上，自2021年我们为房地产投资信托基金制定了新的战略和愿景以来，我们明确表示，在中长期内，我们预计会看到不同形式的收入形式，无论是与直接房地产和开发机会有关，还是与公共证券投资方面有关。这可能是第一个有意义的“不稳定”收入的例子。它与我们已经成功执行的开发计划有关，该计划为Artis提供了赚取额外费用的机会，我们选择将其作为本季度的一部分。我们相信这笔费用甚至会比已经确认的还要高，但我们希望采取保守的方法来决定本季度的收入。

Jonathan Kelcher:好的。所以当资产在本季度或第四季度关闭时，无论何时关闭，我们都会得到全额?

萨米尔·曼吉:是的，没错。有一些机制可以让我们完全确认并收到应付给Artis的总费用，我们希望在接下来的一到两个季度中看到结果。

Jonathan Kelcher:好的。即使这是NOI，也不能算作相同的NOI，对吧?

萨米尔·曼吉:不。这与属性级别NOI是分开的。

Jonathan Kelcher:好的，谢谢。我会把它转回去的。

Samir Manji:好的。谢谢,乔纳森。

接线员:[接线员说明]现在没有其他问题了。我将把电话交给希瑟做结束语。

希瑟·尼克尔:谢谢，接线员。Artis第二季度业绩电话会议就此结束。感谢您今天抽出时间参加我们的节目。周末愉快。

接线员:女士们，先生们，今天的电话会议到此结束。您现在可以断开线路了。谢谢你！

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