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

RE:LISTENED TO ANNUAL MEETING Q & A

[Reece1986b]

I think there are clearly some things which are not presently listed for sale by Artis which would in my opinion make a lot of sense to consider selling such as some of the Manitoba industrial properties which represents ~60% of Artis Canadian industrial GLA and some more of the Alberta retail properties where Alberta continues to be overrepresented among Artis Canadian retail exposure. 

Sentiment is presently so low surrounding REITs with significant office exposure that Artis will probably have to force the unit price higher with a SIB like Dream Office has done if it wants the unit price to meaningfully appreciate. We clearly don't have the liquidity at present to contemplate such a thing however putting more assets up for sale could certainly help in getting us there. Much better option than trying to find a buyer for the REIT which is sure to be at a massive discount to NAV in the present environment.

SNAKEYBOY wrote: Nothing particularly special with the questions, though someone  did comment on his letter to shareholders and his statement about "closing the gap and  not letting unitholders down"

He said the board  would convene and  typically REITS review strategic alternatives.  Said he was hoping Artis and   the reit market rebounds before then.   Sounds reluctant to want to go that route.