Post by
SNAKEYBOY on Mar 27, 2023 10:51pm
Compare Artis to Slate Office (SOT.UN)
SOT tanked from $4.25 to $3.40 in March due to the office/bank route. It now trades at the same discount as Artis ~0.45 BV, while SOT.UN has a ~100% payout ratio, no developments, and GBV to debt 65%, a purely B class office REIT, no NCIB active, no insider buys. Artis is better and by a significant margin in every metric, however the market is appying the same FFO multiple and NAV discount. The question is....WHY? Surely FCR and D.UN (and cominar) making up 20% of the REIT is not the worst thing in the world
Comment by
EstevanOutsider on Mar 27, 2023 11:11pm
it's a high yielder. high yielders always have suckers willing to bid up a premium.
Comment by
HermannHaller on Mar 28, 2023 7:23am
George Armoyan has bought 15% of SOT.UN, plus a chunk of debentures, and has got a board seat. I think that's got to be worth something. But I agree both are extremely cheap.