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

RE:RE:RE:RE:Earnings

[babybunny]

I assume that IRIS's  "Other expenses and income, net" reported under Note 5 to the Artis quarterly financial statement is almost entirely preferred share interest.  What else could it be?  This amounts to about $24 million per quarter, or $96 million per annum, implying that the face value of the preferred equity is $96 million / 18% or $533 million at the end of Q3.  About $133 million  of this we know belongs to Artis, so the remaining ~$400 million must belong to Koch.  This would imply that Artis owns about 25% of the preferred equity.  I know when I ran this a few quarters ago, it implied Artis owned less than 20%; so either there is something else fairly significant creating noise in the "Other expenses and income, net" figure, or else Koch has been receiving its preferred dividends in cash.    

I know I am not working with clean, pure numbers, but I am drawing whatever weak and rough conclusions I can from the crappy disclosures we have to work with. 

It is rather exasperating that we have to do such sleuthing to divine answers that should be disclosed directly, but this is where we find ourselves.

Baby Bunny