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

RE:"I expect the strongest financials we have published in YEAR

[EstevanOutsider]

Here are my thoughts on Artis Q2:

- organic US industrial growth projects coming online, all of which are sold out to my knowledge and first class properties which will fetch good rents.

- major organic residential condo coming online, a huge asset to artis and a winnipeg landmark

- surprises on the deleveraging front, at least to some people

* likely a good rate on the $187 million refinancing linked to 300 main to retire debentuer?
* $38 million cash-in-hand from Dream Office sales w/ 14% ownership remaining
* does he sell more FCR here? I hope not unless he had to.
* up to $282 million in asset sales referencing release from last month

so in total: that is $507 million in liquidity, not including the cominar dispositions which to my understanding should be passed to iris (artis) and are going well in Quebec.

artis still has:

$248 million in FCR equity
$80 million in dream office equity
$100 million cominar pref @ 18%; say $100 million minimum in cominar equity
likely around $1 billion dollar of US industrial assets minimum

potential bad news:

AT&T vacancy which is already known; the potential is that Artis has secured more tenants. They cited on the CC they were doing extensive renovations on this Denver property to accomodate additional tenants over a single party. Said to be a prized asset in the Colorado industrial park with light rail access which is "Trophy Class A" rated.

more good news:

the massive amount of buybacks artis has completed will surely enhance per unit metrics; not including the number of widely discounted prefs they were able to purchase w/ NCIB.

overall:

i am increasingly confidence with my investment and added a ton of 2025 itm calls for a small spread to my large common unit holding. i do not see how artis remains at current trading valuation given "in your face" liquidity sourecs and deleveraging options, still extremely strong occupancy across the board including their mostly class A office portfolio. i will be looking for artis to indicate how they plan to correct the nav to unit price and maybe alude whether more asset sales or even a potential SIB is in store. artis still has 6% short interest so the squeeze could be absolutely epic and very rewarding to unitholders.