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

RE:Artis' 335 million assets held for sale

[Reece1986b]

These kind of discounts unfortunately apply to many difficult to understand businesses such as Morguard, Dream Unlimited, and clearly Artis. 

Artis just has too many parts. Imagine being a typical retail investor and having both a full time job and maybe $20K you would like to invest in one or two REITs outside of an ETF. How many hours does it actually take to wrap one's head around what Artis is? There are investments in Cominar, Dream Office, First Capital, there are properties under development that are jointly owned, there is office and industrial real estate in both Canada and the U.S. spread across multiple different locations and retail properties strictly in Canada. There is a bunch of variable rate debt with some of it revolving and some of it not and there is uncertainty about bank willingness to lend to commercial real estate and at what rate on Artis debt which will soon require refinancing. Much simpler to just buy something else which requires opinions on how far fewer things will play out because they have so many fewer parts.

Artis needs to sell assets and simplify things imo.  

SNAKEYBOY wrote: represent about 60% of the market cap of the reit...

and yet they own 120+ other properties, cominar, dream/fcr

manji selling most or all at FMV this year to get rid of some bad debt and max out the NCIB should bode well for a recovery.

thats the million dollar question