TSX:AX.PR.E - Post by User
Post by
SNAKEYBOYon Sep 25, 2023 9:41pm
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Post# 35653724
Manjis track record
Manjis track recordI hear he sold a couple off REITS before at a good price. He didnt built artis from the ground up, like HR and Cooper on D. He has been here 2 years, wanted to turn it into sandpipers money machine, he failed, the environment turned hostile. Not only is unit price in the hole but the dividend is questionably at jeopardy. AFFO under <=0.14 will look very very bad for optics. I think he is legimately looking to sell if off either full or portfolio based and there's no doubt he can achieve asset sales at significant scale given some strong NOI growth across the asset base. Probably has a minimum price set in his mind, lets call it $11.25.
Other theories in the elite REIT forum I follow suggest sandpiper may take it private, but I dont think that makes sense. For one, there's no indicaiton sandpiper has been accumulating this year, second, manji would not be able to participate in the decision making on the board as its a conflict of interest.
I dont see why artis cant be sold with office cap rate 9%, and industrial/retail 6.8%, that's still around $13.20 NAV. decent deal for a big player like BROOKFIELD