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

Please disregard this post........

[DZtrader]

I hesitate to make this post, must have too much time on my hands today. I am going to go full conspiracy here (or as full as I get). I of course have been following the price action here of Artis as we all do. We have beaten this whole interest rate move to death, we all get it, we all get the whole commercial real estate (office) pending doom scenario, we all get the whole variable rate route Artis gambled (and lost) on, and yes we all get the lets play hedgie and buy other reits while ours is in the sh%$#er. While we are not the only reit struggling here, I think it fair to say we have taken it on the chin as much or more of any reit in our class. Today just seems a little outsized again, compared to others. What puzzles/concerns me is, all the above should more than adequately be priced in here. And here comes the conspiracy. The review is long enough down the road to know what the score is by now. Surely don't have to be done yet but they well enough know where we are at with this and what avenue (if any) will be taken. I think they could be in helping prop this up right now. Fives don't look nor feel too good (and I have a small speculative position). It's not lost on me that this group could well be looking to make their own move with their own consortium. At these prices it is starting to defy logic. Not wining, just seems a bit unlikely down here. This may sound counter intuitive but at these prices an outside deal just seems more and more unlikely. If this was their intention all along would they actually have endured all the pain of higher buys for show? OR..............was there a realization/reckoning/lightbulb moment once we breached  $7...............then six and now in the fives that hey, we can take this thing out for beyond a steal ourselves. Sorry, just thinking outloud here. Unless there is a problem we are not aware of, we are really trading poorly here, even given all the above reasons. Is it tempting here, ya probably but at this point, I need to see quarterly results and conference call. Not sure if something is up, or quarter is bad and loose lips or we are in for a face ripper of a rally if magic happens. I just have never got that warm and fuzzy feeling I like from this group. I guess time will tell, never a dull moment. Have a great long weekend guys.......and Bunny!

Stay good,

DZ