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

RE:Insider purchases

[Reece1986b]

Artis still has a horrifying amount of debt with much of it being variable and it is mostly 1-3 years from maturity. I don't think this makes it particularly attractive as a buyout candidate. It is hard enough in this market to sell one office property and Artis derives 47% of their NOI from office. 

It will be much more attractive if/when Cominar is liquidated and if they can pull out $200+ million there and if it sold $500+ million more worth of assets. Dump the FCR units for $200 million more of 7% debt repayment. Compare the Investor Presentations of Artis and Dream Office to see how badly Artis has managed its debt situation.

I like Artis but I think they have a lot of work to do if they want someone to buy them. We would of course never have the opportunity to buy Artis at $7.xx if all of the above was not true.

SNAKEYBOY wrote: When I reviewed sedi to count the ncib awhile ago I was reminded how manji spammed the buy side every day almost in the fall and in Jan and Feb as well, with a few weeks breather around blackout. Mostly for salamat investments which could be a third party.  We know he owns a lot but I was thinking how odd it is that there's been no buys since March, considering how much he binged and his lowest price was mid 7s. Especially since he is correcting his mistakes by reducing leverage and asset sales ahead of schedule.  I mean just one buy given his fat salary or deep pockets of salamat investments seems reasonable to accumulate. Any possibility a deal is being struck up in the background?