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

TD comments

[incomedreamer11]

Q1 Expectation:

Our overall average Diversified sector AFFO/unit growth masks robust Retail and Residential sector performances that drive the +6% and +8% AFFO growth we expect for H&R REIT and Morguard REIT, respectively. Offsetting this is our forecast 27% AFFO/unit decline at Artis REIT (due to higher interest expense)
For Q1/23, we expect an average AFFO/unit decline of ~9% for our Office coverage, led by an 18% decline for D.un mainly due to higher interest costs. We expect Office REIT sector AFFO/unit growth to improve as the year progresses (FY2023E: -2%) before recovering in 2024 to +6% y/y growth.

[Frankie10]

Damn, a quarter of AFFO falling off because of higher interest expense... not sure this makes sense though... rates did not meaningfully increase during Q1 and the debt was already variable and unhedged... furthermore, Artis paid down hundreds of millions of debt in Q4 (I assume oppertunistically repaying the most expensive debt at the time). I'm sure the guys at TD spent much more time than

[Frankie10]

sorry i got some dates wrong, '24 instead of '23 and '23 instead of '22 - but im sure you all can track. anoying you can't edit. sorry for the typos - not in a proof reading mood today. have a good one guys.