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

RE:Business Transformation Plan

[Reece1986b]

I don't think the REIT can realistically be sold for $11+ at this time so that Sandpiper would be in a position to breakeven. I think Frankie is right. Most important right now is preserving liquidity. A SIB might increase the Artis unit price (at least temporarily) however it would only make a bad Artis liquidity situation even worse and involve using money to repurchase units which could have otherwise been used to pay down debt. Nobody knows what the future has in store. Artis needs to make sure it can weather a more difficult economic environment should that occur. I think some of us here (not Frankie but certainly me) sometimes think more like traders instead of business owners. Artis has to make sure it doesn't end up like Slate Office because it gets a little too ambitious trying to goose its unit price in a difficult economic environment.

SNAKEYBOY wrote: If Manji ultimately realized that his business plan execution is challenging in this environment and really unconfident he can execute NAV or FFO increase in a reasonable period, do you think he would explore strategic options such as a sale of the REIT  so himself  and sandpiper can walk away with a break even or small profit payday?