CASH MONEY MANJI. How much does he got?
$286 sold or under unconditional sale
$37 million from dream office disposition (still own 14$)
$186.7 re-financing linked to 300 Main (likely a competetive rate)
* multiple proceeds from cominar dispositions ?
potential liquidity sources:
FCR: $249 million (8% ownership?)
Dream Office $82 million
Cominar pref 18% = $100 million; Cominar equity = $100 million (low side?)
Recent deal in the US last week for a major industrial portfolio went down at $220 sq ft. Using $200 sq foot to value Artis' US industrial portfolio would be it at around C$1.1 billion
Overall I see substantial sources of liquidity to retire a significant number of Artis' near term and beyond debt maturities depending on how Manji decides to execute. Manji could immediate retire around 50% of all Artis debt w/ at-hand liquidity levers should he wish to/forced to use them.
Not sure why the market is so fearful or why this REIT is so shorted?