Artis REIT (TSX: AX.UN)

One of the longer-established diversified REITs, Winnipeg based Artis has been aggressively recycling its portfolio since CEO Samir Manji and his Sandpiper Group took control in 2021. New management disposed of its industrial assets in the GTA in the third quarter of 2021 for $755 million, a substantial premium to NAV. They then recycled $132 million of the proceeds into joining a consortium that bought the Quebec-based diversified Cominar REIT at a 22% discount to its NAV. Another $295 million went into buying 14% of Dream Office REIT with partners, as well as 9% of First Capital REIT. The timing has proved unfortunate, but Mr. Manji has been active in raising capital from the US industrial and office portfolio as well as non-core Canadian assets.