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

RE:RE:RE:RE:RE:A lot to do about not so much!

[DZtrader]

Hey Bunny and thanks for the note, your comments are always taken in high regard. "Sitting on our hands" may be a bit overstated. While I won't argue your thesis being richly accretive to NAV, because yes it should be (although it hasn't shown up per say to this point). To me it just seems like perhaps more short term thinking. Sell what we need right now,  no questions to help overcome debt overhang. This in itself to me will move share price and close NAV gap as quickly as anything. To sell beyond that, how much long term benefit do we realize in particular at what might be deemed sub optimal values. Even if we get today's fair market value, how does that shake out to those same properties increasing 50 to 100% over time? While we may realize today's fair market on industrial why continue to sell your crown jewels, they won't be doing anything but increasing in value in time. To me reits are a long term play, fix what needs fixing now and let them come back into their own. In time, value goes up, share price goes up and NAV comes into line with where it should be.

As noted earlier, you and a few others here always have my ear and I value and respect your opinions. If I am well off base here I am always eager to hear back. Thanks again.

DZ