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

Debt

[Frankie10]

In a world where it looks like we are going to remain at these rates (or higher) for longer than anyone anticipated -- it shouldn't go ignored that Artis has absorbed ~all the negative impact from rolling debt at higher rates. I don't think there is a single CDN REIT that can make this claim. All other REITs to varying degrees have debt maturities looming over their heads where their debt will roll at much higher rates - bringing down AFFO and FFO, as evidenced here in a meaningful way the past 2 years. That said, we have not cut the distribution and assuming Samir buys back common and pref units in a meaningful way, where it is accretive - the underlying FCF per unit should hopefully strengthen quarter over quarter from here on out -- barring any additional rate hikes.

And my hope remains consistent as it has for a long time now -- all I hope for Q1 results is more asset dispositions. Step 1 is liquidity, step 2 is arbitrage.