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

Asset Sales Underway

[babybunny]

Perhaps I am misreading the news release and MD&A, but as I understand it there are quite a few new committed asset sales in addition to the (8) retail properties that we had already been told of:  (4) Canadian office; (1) Canadian industrial;  (1) Canadian retail;  and (1) USA industrial.   This would represent terrific progress imo, especially since Samir is bemoaning the current selling climate.

The total value of all the committed-sale properties including the (8) retail properties we already knew of is $445M Canadian.  This means the newly committed dispositions are worth $223M.  

If this is true, I consider it news, especially when combined with holding distributions steady and recommitting to buybacks.  But this seems too good to be true, so perhaps I just read this wrong.

Baby Bunny

[garyreins]

I assume this means up till right now: "Since the announcement of the strategic review, Artis has completed or entered into unconditional agreements for $161.9 million of office sales at values and on terms that were acceptable to the REIT, and will continue to consider further office dispositions. In addition, Artis has completed or entered into unconditional sale agreements for

[jmkOttawa]

I read it the same way Baby Bunny. I think he is being disciplined and making excellent progress. He is not prepared to give away Class A office and thankfully so. today's sell-off was not deserved. Would have loved to have been a buyer....

[babybunny]

jmk, I just HAD to be a buyer today amidst the madness, picking up over 8000 units at $5.70.    But to do it, I had to sell off some Kelt shares.  Baby Bunny 

[jmkOttawa]

You rock Baby Bunny! I wanted to so badly.......

[EstevanOutsider]

He sold $112.7 million in Q3 (including the colorado office) as they were announced in Q3 after the strategic review in septemeber, plus the $222 million retail assets. so there is definetely some more that we don't know about it seems? anyways my mind is a bit dopey right now but i think it loks good. i'm sure we'll get more details tomorrow on the call.

[EstevanOutsider]

to babybunny's query, it seems manji did certainly sell more properties since the large retail asset sale: RECENT DEVELOPMENTS The following is a summary of certain recent developments involving Artis since December 31, 2023. PORTFOLIO ACTIVITY Artis sold one industrial property, one office property and one retail property, all located in Winnipeg, Manitoba for an aggregate sale price of $38

[garyreins]

You forgot this: "and has an additional 12 properties under unconditional sale agreements"- do we know what these are?

[babybunny]

As of 12/31/2023 there were (15) properties with unconditional sales agreements.  As announced, three of these (the Winnipeg properties) have sinced closed, bringing the number of properties with unconditional sales agreements to (12) as of 2/29/2024. The closing of the (3) Winnipeg properties is not really news; it simply monetizes $39M of the proceeds from the announced sales.  Expect