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

Alternate Symbol(s):  T.AX.UN | ARESF | T.AX.PR.I

Real Estate REIT - Diversified
Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and select markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin. The properties are divided into three categories: office, retail, and industrial. The industrial properties account for most of the portfolio, followed by the office properties and the retail properties.


TSX:AX.PR.E - Post by User

Artis Real Estate Investment Pref Shs Series E > Hmmm..
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Comment by EstevanOutsideron Feb 29, 2024 8:27pm
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Post# 35908078

RE:RE:Hmmm..

RE:RE:Hmmm..what covenant is connected to the interest coverage ratio for artis? i can see it for the investment grade credit rating as they are out of line on that. but does it matter if they are liquidating asset and just killing debt? they had no trouble rolling it over into YE on credit facility side - obviously keeping max flexibility when it comes to dispositions.

i would assume these metrics could improve as artis killed $350 million of floating rate debt in 2023 and rates are expected to fall in 2H 2024 which will be a tailwind for variable exposure. also the ability to lock in mortgages on encumbered assets could help in that regard. assume they aren't doing it now as they expect rates to fall and want to keep max flexibility for continued asset sales. thoughts?
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