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

RE:RE:Desperate for an artis liquidity event

[Frankie10]

So much desperation. If you want it... it's not going to happen.

Artis per my calculations is ~44% office (based on IFRS and market values)... not sure that's a deal that anyone is going to make.

Artis implied cap is 9% where H&R is 7.6%, yet because H&R's biggest component is residential and Artis' is office... when I break down the implied cap rates by asset types - Artis isn't actually THAT much more attractive...

Implied cap rates by asset type:

Residential - HR and Artis (6.2% each)
Office - HR (9.1%); Artis (9.9%)
Industrial - HR (7.3%); Artis (8.3%)
Retail - HR (8.8%); Artis (9.4%)

At a $10 valuation for Artis, with H&R where it is, the total implied cap rate drops to 8%, yet each of the implied cap rates by asset type for Artis drops below H&R (again because of H&R's heavy allocation to the lowest cap rate asset class being residential, while Arti's heavy allocation is to the highest cap rate asset class being office)... if there is someone out there with a billion dollars thinking about buying this for $10 per unit - please hire me, so I can save you from this deal.