TSX:AX.PR.E - Post by User
Post by
Reece1986bon Mar 02, 2023 5:30pm
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Post# 35316221
Unencumbered REIT Ownership
Unencumbered REIT OwnershipUnencumbered equity securities listed as $316,768,000 at Dec 31, 2022. [Page 40 of Artis MD&A]
Page 59 of Artis MD&A says $19,477,000 was subsequently sold.
So there is: $297,291,000 of unencumbered public market REIT investments.
I believe Artis/Sandpiper own ~14% of Dream Office together. Market cap on Dream Office is about $744.3 million which makes the Dream Office stake worth around $104 million. Even if Sandpiper owned 0% of this Dream Office investment and Artis owned the full $104 million, that would mean there is at minimum $193 million worth of public market REIT investments excluding Dream Office which are owned by Artis. I don't know what the Artis/Sandpiper ownership breakdown is however any percentage owned by Sandpiper just means Artis owns an even larger amount of public market REITs than the $193 million I've suggested above. Has Artis put that kind of money ($193+ million) into FCR itself? Please correct me if I've made an error here.