Combine Dream Office and Artis If unit price is the only consideration, I think the easiest solution by far is simply combining Artis and Dream (deal to be done via units, no cash). Combined entity would be added back to the index and the downward price pressure we saw not too long ago would flip into reverse. Furthermore, the market would value the size and scale of the combined entity. Combined entity makes sense imho - Toronto office fits into Artis' framework as a diversified REIT and another equity investment would just mean the combined entity would now hold FCR and DIR.
Discounts to NAV for each entity are similar so whether you price the enties at market values or use internal FMVs (NAV) you should end up in an similar position with respect to ownership of the new combined entity.
With respect to timing, I would announce the plan once both entities exhaust their NCIBs.
It would truly be a masterclass.
Snakey, please don't spam 5 posts immediately after this to allow others a chance to read and discuss.