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

RE:RE:RE:RE:You want fries with that?

[DZtrader]

Hey Este, great to hear from you. With regards to your last comment, to be honest, and I could be terribly wrong here, but I don't think it was entirely interest rates that did this sector in. The massive debt wall, which was something I missed entirely (feel a bit like a dupe as far as risk assessment) I think proved to be the back breaker. Now to be fair, not entirely sure prior debt schedules had necessarily been something that had shown to be something to watch out for in the past. It did however become very evident when coupled with break neck speed rate increases combined with major red flags cropping up in the regional banking system with potential properties not getting refinancing. Combine this of course with the significant write down in values of office buildings thrown in at the same time and it kind of created the perfect storm for this sector. I guess the icing on the cake also was for the first time in decade or so that bonds, MM and cash became beautiful risk free alternatives. Talk about massive head winds! In any event, it just feels considerably better going forward. Nice to hear from you, take care.

DZ