Monthly Dividend Stock In Focus: Artis Real Estate Investment Trust

Published on January 14th, 2026 by Bob Ciura

Monthly dividend stocks have instant appeal for many income investors. Stocks that pay their dividends each month offer more frequent payouts than traditional quarterly or semi-annual dividend payers.

For this reason, we created a full list of over 100 monthly dividend stocks.

You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter like dividend yields and payout ratios) by clicking on the link below:

Monthly Dividend Stock In Focus: Artis Real Estate Investment Trust

Artis Real Estate Investment Trust (ARESF) is a monthly dividend stock based in Canada. This potentially makes the stock more attractive for income investors looking for more frequent dividend payouts.

This article will analyze Artis Real Estate Investment Trust in greater detail.

Business Overview

Artis Real Estate Investment Trust is a diversified commercial REIT owning a portfolio of 83 income-producing properties totaling 9.7 million square feet across Canada and the U.S., with a focus on office, industrial, and retail assets, plus one mixed-use residential/commercial property in Winnipeg.

As of September 30th 2025, the portfolio is 52% U.S. and 48% Canada by GLA, and office-heavy (about 55% of GLA), with industrial ~34% and retail ~11%.

Artis’s strategy is explicitly value-oriented, centered on capital recycling through dispositions, aggressive unit buybacks, selective development and redevelopment (notably the 300 Main residential tower), and balance-sheet repair, rather than portfolio expansion, as it seeks to grow NAV per unit and simplify the platform ahead of its proposed combination with RFA Capital.

Artis reports its financials in USD. All figures in this report have been converted to USD unless otherwise noted.

On November 14th, 2025, Artis REIT posted its Q3 results for the period ending September 30th, 2025. Revenue declined 10.3% year over year to $46.2 million, reflecting the impact of property dispositions completed in 2024 and 2025, while net operating income decreased 11.7% year over year to $23.3 million.

FFO fell 47.4% year over year to $13.2 million, or $0.13 per diluted unit, driven primarily by lower NOI, reduced interest and other income, and lower distributions from equity securities, partially offset by lower interest expense.

Artis reported a net loss of approximately $25.9 million, or $0.29 per unit, compared with a net loss in the prior year period, largely due to corporate strategy expenses, lower other income, and changes in fair value and expected credit losses on preferred investments. NAV per unit declined to $9.81 at quarter-end from $13.75 at the end of 2024.

Growth Prospects

Artis’ FFO per share has been under pressure over the past decade. In the years from 2015 to 2017, FFO per unit was broadly stable, with year-to-year movements driven mainly by acquisitions and dispositions, foreign exchange, and leasing-related items.

The portfolio was actively recycled during this period, and changes in the income base from asset sales and purchases, along with FX, explain the modest fluctuations in per-unit results.

The decline in 2018 reflects the impact of a smaller portfolio following a heavy period of dispositions, which reduced NOI and FFO, only partly offset by acquisitions and completed developments.

The rebound in 2019 came as results stabilized after this reset and per-unit metrics benefited from normalization and capital allocation actions, even as Artis continued to simplify and reposition the portfolio.

From 2020 through 2024, FFO per unit was affected by portfolio downsizing, a rise in interest expense, and changes in capital structure. COVID had a limited net impact in 2020, as lower interest expense, FX, and unit buybacks offset asset sales and operating pressure.

However, in subsequent years, continued dispositions and rising interest rates weighed on.

FFO, partially offset by repurchases and income from the preferred investment that it received as part of Cominar’s 2022 privatization, with 2023 marking the trough before a modest stabilization in 2024.

Moving forward, we believe Artis can grow its FFO per share at ~2% per year, supported by continued unit repurchases, stabilization of interest expense as the balance sheet is simplified, and a more stable earnings base following the bulk of its portfolio dispositions.

Dividend & Valuation Analysis

With an annualized dividend payout of $0.44 per share, compared with expected 2025 FFO-per-share of $0.58, ARESF has an expected payout ratio of 76%.

While this is a high payout ratio, it is not unusual for a REIT, which typically distribute the majority of FFO as dividends to shareholders.

Artis’ performance is anchored by a portfolio of institutional-quality commercial assets and a capital allocation strategy focused on simplification and per-unit value creation rather than growth.

Following several years of dispositions and balance-sheet work, leverage now sits at the mid-40% range of gross book value, which is materially improved but still elevated relative to best-in-class peers, meaning financial risk is lower than in prior years but not yet fully normalized.

The REIT has shown it can protect per-unit results through disposals and buybacks, but the remaining office exposure and still-meaningful leverage mean earnings remain sensitive to a market downturn.

Shares are currently trading for a 2025 P/FFO ratio of 10.7, which is above our fair value estimate of 9.0. Therefore, shares appear overvalued right now.

Combined with 2% expected FFO-per-share growth each year and the 8% dividend yield, total returns are estimated at 8% per year over the next five years.

Final Thoughts

Artis is a simplifying, value-focused REIT with improving balance sheet quality and strong capital discipline. However, the lack of above-average growth prospects doesn’t leave us too interested in it.

We see annualized returns of 8% through 2030 to be powered mainly by the dividend and soft growth expectations, offset by the possibility of a modest valuation headwind.

Regardless, we rate the stock a sell due to the lack of dividend growth.