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

RE:RE:Artis continues to sell and newly list office buildings

[EstevanOutsider]

I actually talked to Mr Manji today and asked about this office potentially for sale in Denver, while he wouldn't disclose any specific details on properties he indicated the building is worth less than what Artis paid but it was also reflected in recent IFRS valuations. 

I also asked about Cominar's preferred units and he indicated that the intention was to preserve liquidity until better times more or less, given where interest rates were. Felt Iris was retaining the higher quality properties. There is a US senior lender ahead of the junior prefs.

He is also clearly frustrated where the trading price is on Artis' units. Thinks there are some headwinds ahead but beyond that sounded optimistic. I asked about the Artis NCIB and whether they had an intention to renew and he indicated it would be his recommendation to the board in December.

It was nice of him to take time to call me. I wasn't expecting the CEO to reply when I e-mailed IR.