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

Alternate Symbol(s): ARESF | T.AX.UN | T.AX.PR.I

Real Estate REIT - Diversified

Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and select markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin. The properties are divided into three categories: office, retail, and industrial. The industrial properties account for most of the portfolio, followed by the office properties and the retail properties.

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Artis Real Estate Investment Pref Shs Series E > Keep selling assets Artis!

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Comment by Frankie10on Jun 10, 2023 9:15am

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Post# 35489836

RE:RE:RE:RE:RE:RE:RE:RE:Keep selling assets Artis!

Happy to be of assistance. Part of the excerise will be comparing the balance sheet as well to isolate Iris' assets and liabilities, the way you did income and expenses - a reverse consolidation, if you will. I wanted to isolate the pref debt to a) explain how much of the amount you are confused about relates to this b) understand how much of the prefs Artis owns as a % of the prefs.

b) is very important because the yield is so high. If we own less than a third - that would be horrible and explain the miserable performance. If we owned more than a third which I doubt, that would be good.

there is also management fees paid to another corporation which Artis also owns a part of.

after that I would dig into the notes and see what other details I could strip out.

I've been really busy lately and regardless of what my analysis would yield, I wouldn't buy or sell here, so it's really not worth the time until Q2 comes out - given the significant dispositions in Cominar. Once I do my analysis I will of course share my findings as I always do. H&R is simply too attractive from a valuation standpoint for me to allocate any capital here. Nor would I sell here given I already think this deal is an absolute disaster. In my valuation, I have prefs worth par and equity worth NIL.

have a good weekend.