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

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

[babybunny]

Thanks for explaining what you are waiting for and why, Frankie.   

I shudder to think that $51 million per quarter is related to preferreds, but it is possible.  This would mean Koch received about $42.5 million in preferred dividends in Q1, while Artis received $8.446 million (the latter figure is reported in Q1 financials).  So at end of Q1 2023, Koch would hold about $617 million and Artis $113.63 million; Artis would own just 15.55% of the outstanding preferred. 

Stepping away from the balance sheet and looking at the strategic picture, I just can't believe the IRIS equity is worthless.  If that were the case, why on earth would Canderel, Front Four, and Sandpiper have put real money into IRIS common equity without any of the precious preferred equity?  It is possible all these players and Artis were suckered by Koch Industries, but I suspect it is not so simple. 

All this being said, I agree with you that the proportion of preferred equity is important.  If Artis holds a third or more, we will at least avoid a withering loss on the overall Cominar play.  But if Artis holds just one sixth of the preferreds, and a preferred payoff is all we get out of this, Mr. Manji's stewardship of Artis should be called into question.