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

RE:RE:RE:RE:RE:RE:RE:THINGS HEAD SOUTH ON POWELL

[DZtrader]

Yes I did. At the time the risk reward seemed right, in particular given the circumstances of an announced NCIB plus the fact that the market had more or less priced in what I considered a questionable new vision. I actually came out and suggested it was a small investment as part of my "speculative" portion of portfolio, and was for a short term trade (or so I thought). Absolutely not part of a core holding nor even contemplated as a long term hold. Since then, our fearless leaders have made a host of questionable calls that have cost them greatly and thus here we are as you say. I guess the biggest difference is Artis does appear to be a core holding of yours and you are by all accounts well overweight not only Artis but also reits in general. Actually by the sounds of it, reits may actually form the entirety of your portfolio, that being the case, you have a bit of a wait on your hands.

We will see what this strategic review brings. I think most people wrongfully assess what this actually means though. Doesn't necessarily have to mean the reit is up for sale. It is to determine the best route forward. Should they deliver a message that the best route is "stay the course" you will quickly get some real price discovery and it may not be too pretty short term. While I believe they would sell for the right price, I personally am doubtful this happens beyone piece meal here. Buying time in my opinion for what its worth. I think most sense the turn is coming and they need to hold out for a bit longer yet. IF, and its a big IF there is a buyer out there for the whole enchillada, these guys are smart enough (at least they better be) to make a buyer pay for the opportunity value that lies ahead.