Bullboard - Stock Discussion Forum Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

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

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... see more

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Artis Real Estate Investment Pref Shs Series E > Let's talk Artis organic growth potential

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Post by EstevanOutsider on Apr 28, 2023 11:36pm

Let's talk Artis organic growth potential

I just went thru the details of their organic growth coming online in 2023 and did some counting.

We have:

Blaine 35 (317,000 sq ft)

Park8Ninety (675,000 sq ft)

Park Lucero East extension 10% (561,000 sq ft)

Should bring in around $8.3 million assuming it was 100% occupied.

Between beginning & Q1 2023 Artis will have reduced distribution payments by $6.4 million

The Colorado AT&T vacancy if not filled will result in 10 lost months of rent at $4.2 million

Already in 2023, Artis will have reduced distribution by $1.4 million (not including prefs) from NCIB

Would love to hear from people smarter than me here.

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Comment by EstevanOutsider on Apr 28, 2023 11:38pm

Just to add, that doesn't include the 300 Main project or the first 20 floors Artis plans to bring online. Anybody know how many condos are in this building or how much operating income it will bring?

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Comment by Reece1986b on Apr 29, 2023 12:04am

There seem to be ~400 apartments at 300 Main however we are only dealing with the first 20 floors at present so I presume that means ~200 apartments. 300main.ca website says: 1 bedroom lists starting at $1595/month 2 bedroom starting at $2285/month There are 50x 1BR and 23x 2BR available at this time on what I presume are the first 20 floors only - see: https://300main.ca/apartments/ ...more

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Comment by DJ441c on Apr 29, 2023 4:10pm

see post re apartment building under construcion a bandoned dont expect profit from 300 Main for 2 years maybe

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Comment by EstevanOutsider on Apr 29, 2023 4:31pm

Not sure that is relevant to Artis as it is widely known costs have soared for new construction. They overran costs by 50% and it was in a very warly stage of development. Also a poorly capitalized company face default. Link: https://www.cbc.ca/news/canada/manitoba/downtown-winnipeg-construction-high-rise-1.6826528

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Comment by SNAKEYBOY on Apr 29, 2023 11:23am

I think they intend on selling their developments particularly the industrial one and the lease up is not known. In any case its great they have these being complete this year and hopefully offsets any lease terminations

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Artis Real Estate Investment Pref Shs Series E