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

I am rooting for Manji and Artis

[SNAKEYBOY]

But Manji with his "3 year plan" deadline approaching needs to come to terms with investors.  He spoke in his annual letter about "Dream office having DIR units and that Mr.  Cooper had levers to pull".  I thought these levers were really about closing the gap to $30 via incremental actions like a SIB and further asset sales.  The lever , in hindsight, was providing exit liquidity to Artis and DAM at $15.5....for a measely $30 million after a barrage of asset sales?  Manji was able to see the debt mountain renewal awhile ago, but he decided to chase public securities in free-fall. 

FCR control was a flop, demonstrating it will likely not be easy for Manji to obtain control in any REIT that isn't a small cap  and not terribly mismanaged (which only leaves candidates like Slate office etc lol)

Even when artis rebounds nicely and has a solid balance sheet, then goes after more public reits, so investors are going to find out that they own $200 million of TNT (office reit) or some other reit.

I feel his strategy is adding a substantial discount to Artis, rather than helping it "close the gap".

People who call me a  disparger just are not open to constructive dialogue. So immature!

[EstevanOutsider]

always brilliant to look at things in hindsight. but as noted, artis fell harder than the public securities and manji is buying back units at a substantial discount. i don't see it as a loss as you do. the fact he's able to execute the ncib cancels out whatever value was lost from those public securities. overall out of all the reits in canada, i most prefer artis' as i love the idea

[SNAKEYBOY]

I think the narrative of selling assets at full value and buying back units is a deceiving statement, and I say this by looking at Dream Offce has the gold standard.  I owned it back in 2015 or so when oil crashed, and Cooper announced his plan.  They sold the farm, basically all non TO properties, did a big SIB before covid, ncib every year....and 8 years later it's half off.