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

Equity Investments

[Frankie10]

Looking forward to seeing the composition of this line item on audited statements. No more hiding. Anybody thought of calling investor relations and asking for this information?

[Reece1986b]

I would be very curious to learn what is being bought. A large portion of it is not Dream Office and we are left to guess what portion is FCR and/or other unnamed investments. Considering that arguably some of the best assets Artis owns are being sold to fund these investments - I think we should really know what is being bought with the industrial asset sale proceeds.

[Frankie10]

I emailed investor relations. Will update you guys once I hear back. I asked for composition of equity investments as at sept 30.   

[Reece1986b]

Thank you Frankie10! I really do hope Artis provides us with an update. It has become quite a large amount of money for us to be guessing at what it is invested in.

[SNAKEYBOY]

Didnt they say the expplicitly dont want to tell....so they get lower price and retail investors dont bid it up. Pretty sure youre not getting that info

[Frankie10]

You're gonna make me look up the IFRS section on the matter... fml.... im pretty sure they have to disclose this in their audited financials.   

[impega]

Frankie, I don't think they have to disclose specific holdings until they reach a threshold for the reason Snakeyboy outined. I think the secrecy of it is what the analysts don't like and many investors too. We are forced to trust Manji and his team is investing prudently. Part of the reason AX trades at such a discount to NAV. Given that Manji has so much skin in the game you can bet he

[Frankie10]

I want to know what I own. We are the owners. Very grey that Manji knows the holdings and is buying - this is a knowledge imbalance that IFRS aims to resolve. I'll take a look at the disclosure requirements later... hopefully they are taking advantage of the soft quarterly reporting requirements are and required to disclose for audited financial purposes. I'll call tomorrow if I don't

[SNAKEYBOY]

I think they are doing the right thing.  Imagine they came out and said "we are buying Plaza REIT"....what do you think would happen if public knew they were accumulating 10% of a REIT.   It could move up on that speculation for a turn around of the board. They are targetting mismanaged reits so its not unheard of.  You can assume they are buying garbage/mispriced

[Frankie10]

Fair enough, yet they publicly disclosed they were buying dream office. These guys need to be redeeming $200M of preferred shares that will yield 6%+ upon renewal this year and paying down debt at the trust level and the sub level (iris). How can you not see this? At this point, transparency and prudent capital management is key... don't excuse sloopiness. Disclosing holding is one thing

[SNAKEYBOY]

Sandpiper and Artis ownershipof D.UN hit critical masss of 17% I think so they needed to as per security laws.  This is the threshold they will to announce.  Also we know they have FCR.   I agree artis better get its sh!t together, right now its a shady REIT, hopefully transparency comes Feb 28 and investors warm up to their capital allocation and future prospects!

[Reece1986b]

I think the lack of transparency is hurting the unit price. I really wish we received more transparency on both the public market investments and the Cominar/Iris assets. There has been almost not a whisper about the Iris assets. Are these eventually to be sold? 

[Frankie10]

nothing sold during q3 and only ~$90M in assets held for sale at end of q3, which only added to assets held for sale as at q2 which don't appear to have been sold. All while assets are being marked down.   

[Frankie10]

Exactly. Also, I want to know the composition as at sept 30 so that I have a baseline to better understand what was purchased in Q4. We already know based on subsequent events note that 20M+ was purchased in Q4. The fact there is no note, even to disclose how the investments are measured (fv, book, equity...) is kinda pathetic because they're leaning on the fact quarterly's don't have