TSX:SOT.DB - Post by User
Post by
Malpeque2on Oct 23, 2022 1:49pm
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Post# 35042091
Artis/Snakeyboy
Artis/SnakeyboySpecifically to Artis, they took on a bunch of debt in the Cominar JV if you look at the books, and have a high yield preferred, AND roughly at the same time they went in and bought all that Dream Office paper.
IF they had not done these two deals as the prices of their own shares has dropped, then they would be sitting pretty to retire a wack of stock. As it is the NCIB for 10% has been completed. They are stalled in the buyback, and time may still be their friend. Cominar was a wack of number of smaller and diversified properties through out Quebec. Maybe they can get sales here and there and pay down the debt to a reasonable level in the JV.
Dream Office has to be a one way street at this point so Artis exits thru a Sale of the whole by Cooper, or a sale of a large part of Dream Office portfolio to generate a SIB for Dream Office where Artis can exit. We will see.