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

Alternate Symbol(s): ARESF | T.AX.UN | T.AX.PR.I

Real Estate REIT - Diversified

Artis Real Estate Investment Trust is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States. The Company’s portfolio comprises more than 100 commercial properties. Its properties include Bower Centre; Maynard Technology Centre; McCall Lake Industrial; Pepco Building; Alex Building; 1093 Sherwin Road; 1681-1703 Dublin Avenue; Keewatin Distribution Centre; 360 Main & Shops of Winnipeg Square; Hamilton Building; Bell MTS Building II; Grande Prairie Power Centre; Northern Lights Shopping Centre I; 2190 McGillivray Boulevard; 1431 Church Avenue; Prudential Business Park 1; 951-977 Powell Avenue & 1326 Border Street, 100 Omands Creek Boulevard, Hudson's Bay Centre, and others.

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Artis Real Estate Investment Pref Shs Series E > What exactly is the benefit of cancelling preferreds?

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Comment by Frankie10on Feb 10, 2023 7:51pm

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Post# 35280942

RE:What exactly is the benefit of cancelling preferreds?

Discount? You have no idea what you're talking about. You own equity. Prefs are above you in the cap table and act more like debt than equity. The yield on both of these classes of prefs reset this year and both will be greater than 6%. Furthermore, these prefs can only be redeemed every 5 year anniversary - meaning if they don't redeem them this year upon renewal, these will be stuck on the books at the locked in rates for another 5 years. Debt can be restructured - these prefs cannot. I imagine Manji wants to get these off the books, which will bring him one step closer to taking this private. Just my thoughts.

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