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

Iris preferred payment to Artis

[EstevanOutsider]

Did anybody ever find out why Iris is paying Artis in more junior pref units rather than cash.

It says the decision is made by management and Samir sits on the board

Pref due March 1 2025 in full now valued at $128,000,000 w/ $4.5 million of quarterly payments?

Iris equity at $117,000,00.

Seems if we could get $4.5 million extra in cash per quarter from Iris it would be wonderful.

Would appreciate if anybody has an answer here.

[babybunny]

Some important background first   When asked point blank, Artis has refused to divulge how many IRIS preferred shares exist.  We know how many Artis holds, but crucially, we have no idea how many Koch holds.  The fear is that Artis holds just a small sliver, and that there are so many IRIS preferreds outstanding that common equity is worthless and even the preferreds may not be

[EstevanOutsider]

Thanks. This Cominar thing is really important now with rising rates. $4.5 million per month in income paid to Artis each quarter would be a game changer. I know Cominar was busy selling assets in 2H so perhaps it improves their situation. It would be extremely useful to have more transparency here.

[Frankie10]

Iris is a black box beyond what is in Artis' financial statements. Don't overthink it... Artis' interest in Iris prefs are more or less worth par, and the equity is worth nil. I believe Iris is paying down third-party debt before paying interest on prefs in cash. I pray we (Artis) owns atleast a third of the prefs. The sales activity in Cominar during the past two quarters has

[EstevanOutsider]

So looking ahead into Q3/Q4, we have: - large chunks of floating rate debt retired with asset sales lowering interest payments - fully leased Blaine 35 coming online - addition of 300 Main adding revenue  - possibility more insight into Cominar sales - debenture retired, unknown if using credit facility/cash or asset sales. Not a bad place to be. If Iris can start paying Artis cash for the

[DJ441c]

I suspect 300  Main  revenue to be underewhelming.   I suspect losing money here for at least a year  Poor location for residential.    Downtown winnipeg is undesirable to live

[garyreins]

Perhaps Artis intends to sell IRIS fully for a price as part of strategic review.