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

Huge Morguard Ottawa office sale today @ $500 psf

[EstevanOutsider]

should be a wake up call.

this is the second huge ottawa deal in the past year after H&R sold the elgin street property.

h&r's large toronto sale a couple months ago was another one overlooked by market.

but this ottawa deal is pretty big, in size and price paid PSF.

canadian office reits are crazy undervalued. artis' U.S. offices are even better:

https://www.morguard.com/news-knowledge/news/news-detail/?nid=123467

[garyreins]

Cant wait till DREAM OFFICE pulls this off.  Hopefully a1 15- 20% move up that day.  Turd is in the gutter at 7.5  big time! 

[EstevanOutsider]

Dream's building is guaranteed to go around $500 psf. I say low case $475 and high case $525. If it doesn't go up 15-20% that day I will take the opportunity to buy more if permitted.   Honestly thought the H&R deal earlier this year was going to be a wake up call.  

[garyreins]

The issue is somewhat it doesnt matter what a building sells for....because these REITS arent going to liquidate everything and return $ to shareholders.  Its about the dividend and dividend growth really

[EstevanOutsider]

doesn't matter. cooper can run another sib or at least try to. in any case if the sales amount is applied to mortgages it will improve the multiple. third guess wlil be he uses some of the funds for residential developments although in the past he said he would raise liquidity from forming joint ventures. so we'll see. in any case the biggest bagholder in dream office is mike cooper / drm

[babybunny]

You hit the nail on the head, Snakey.  DREAM Office is another trd that won't float. Baby Bunny

[BlueJay2020]

This should be  viewed as a significant transaction. The buyer basically had a call option. Why exercise it now and not lster? Ostensibly, because the buyer feels they woukd have to oay materially more in future  Despite this, they were willing to pay $500 per sq ft, well above where most office REITs ate trading (arguably "at market") ...so imagine what conparable properties

[rad10]

Thanks bluejay - a voice of reason.  I seem to recall recent significant insider buying in morguard.  I don't have a position though.

[EstevanOutsider]

bluejay, agree with you but think we'll see a major deal on dream office in the coming month(s) for the 438 university avenue property. taht should serve as a major catalyst for the stock, especially if it goes around $500 psf which it easily could. the last time i checked, dream's implied d/t core value was around low $300s psf and overall portfolio was at $200. definetely added more