RE:Dream / ArtisWe will be cancelling 12.5 million units courtesy of this SIB. FFO/unit will be increased when we get our Q2 results and the FFO payout ratio will be improved from both the increase in FFO/unit and the money saved on not having to pay distributions to the cancelled Dream Office units which makes distributions to us remaining Dream Office unitholders more secure.
If Artis/Sandpiper does not tender, then Artis/Sandpiper/Manji/DAM/Cooper will still collectively own over 50% of Dream Office. The public float on this entire REIT is less than what Groupe Mach recently paid for one single (admittedly nice) office building in Ottawa.
Samir could buy Dream Office merely by swapping the Artis FCR investment for an investment in Dream Office. It would be a very NAV accretive decision too and it looks like he could probably acquire the units for $15.50 or less given what we just saw tendered to the SIB.