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

RE:Be realistic

[Reece1986b]

It just doesn't make sense to sell the REIT now in my opinion. Who here would want to pay good money for the Cominar stake? How many here are happy with the amount of office exposure Artis has? Who wants the level of exposure to the Winnipeg market that Artis has? Artis needs a lot more work to make it attractive to a buyer in my opinion unless we are going for a $10 firesale. I think we can do better than that but it will require time and strategy in how we go about selling the assets and I do not think what is best for unitholders is to sell everything right now to one buyer. We can probably find a buyer for all the remaining U.S. industrial, maybe even a buyer for all the Canadian industrial. We will obtain more money selling Artis off this way. We could sell the properties at some discount to IFRS value which encourages large purchases but is a smaller NAV discount than would be obtained selling the entirety of Artis to one buyer.