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

Alternate Symbol(s): ARESF | T.AX.UN | T.AX.PR.I

Real Estate REIT - Diversified

Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and select markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin. The properties are divided into three categories: office, retail, and industrial. The industrial properties account for most of the portfolio, followed by the office properties and the retail properties.

TSX:AX.PR.E - Post by User

Artis Real Estate Investment Pref Shs Series E > RBC Q3 Preview this AM 43% upside

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Comment by Frankie10on Oct 23, 2023 10:37am

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Post# 35696184

RE:RBC Q3 Preview this AM 43% upside

I'd like to point out... My implied cap rate model eliminates all equity in connection with Iris, thus is more conservative than the banks and better inline with the reality that Cominar is dead money (my opinion for over a year now). At best the prefs are worth book value. Worst case is the equity is a write-off and we need to take a haircut on the prefs.

Even if you account for latent taxes at the Artis level, in addition to Iris equity write-off, and end up with an implied cap rate of around 9%... it's still wild to think you can buy this for a 9% cap rate, while risk free rate is at 5% and the majority of the assets here are US industrial and CAN retail.

Hope you all had a nice weekend.

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