Let's see, internalized management, investment grade rated company, 8% yield, strong growth, shrewd management, and 81% payout ratio based on AFFO. I'm happy with this reit and its growth profile. Who says there aren't long term investments in the reit sector?
ARTIS RELEASES THIRD QUARTER RESULTS: REPORTS STRONG FFO PER UNIT GROWTH OF 11.4% PAYOUT RATIO IMPROVES TO 71.1% - We generated strong Same Property NOI growth of 5.5% and FFO per unit growth of 11.4%, compared to the same period last year", said Armin Martens, CEO of Artis. "With over $1 billion of unencumbered assets, significant cash on hand and a focus on seeking opportunities to recycle capital, we are well positioned to further diversify and improve our operating results in the years ahead." THIRD QUARTER HIGHLIGHTS Entered into a joint venture arrangement for a 75% interest in the Graham Portfolio, comprising of eight industrial properties located in various cities in British Columbia, Alberta and Saskatchewan, for a purchase price of $74.0 million, reaching a gross book value ("GBV") of $5.7 billion at September 30, 2015. Reported Same Property NOI growth of 5.5% in Canadian dollars for the total portfolio compared to the same quarter of last year. Achieved an increase of 3.0% in the weighted-average rental rate on renewals that commenced during the three months ended September 30, 2015. FFO per unit increased by 11.4% to $0.39 (FFO per unit after adjustments increased by 8.6% to $0.38) compared to the same quarter of last year. AFFO per unit increased by 9.7% to $0.34 (AFFO per unit after adjustments increased by 6.5% to $0.33) compared to the same quarter of last year. Improved FFO payout ratio after adjustments for the quarter to 71.1%, compared to 77.1% for the same quarter of last year. Improved AFFO payout ratio after adjustments for the quarter to 81.8%, compared to 87.1% for the same quarter of last year. Decreased secured mortgages and loans to GBV to 38.8% from 41.3% at December 31, 2014. Increased unencumbered pool of assets to $1.0 billion from $664.8 million at December 31, 2014. Improved interest rate coverage ratio to 2.94 times for the three months ended September 30, 2015 and decreased the weighted-average effective mortgage interest rate to 3.98% at September 30, 2015 from 4.18% at December 31, 2014.