Artis Real Estate Investment Pref Shs Series E T.AX.P.E

RE:RE:Mongoose

[Frankie10]

Respectfully, I do not view my investments that way. This is not a bond proxy like Snakey believes - I own equity - admitidley, the distribution is meaningful to most unitholders, but this is not a metric I care for - I care about cash flow - I use AFFO as a proxy (before tax).

I borrow at 6% to 7.2%. The AFFO return on my current cost base for H&R, Artis, and Allied are ~8%, 8% and 10.5%, respectively. I think that leverage model works.

at current prices - AFFO return TTM and most recent quarter annualized:

H&R 10.8% 11.2% (exluding sale of option)

Artis 10.8% 9.7% (lower q annualized has already accounted for interest rate increase)

Allied 10.4% 10.5%

I think a leverage model works here in this environment - personally.