RE:PIECES OF THE PUZZLEArtis is selling all retail, except 4 properties:
"includes all of Artis’ retail properties in Saskatchewan, Grande Prairie, Fort McMurray and Edmonton. It does not include its four holdings in Calgary, including Crowfoot Corner, Crowfoot Village, Sunridge Pointe and Sunridge Spectrum, all located in Calgary."
Those 4 properties excluded is approximately 300,000 square feet. Artis has a total of 1,800,000 square feet. This means they are selling about 1,500,000 square feet.
Artis entire retail portfolio is valued around $560 Million NAV(stated in financials), or $310 per foot. So 1,500,000 x $310 = $465,000,000. Very rough numbers.
So let's say ~$450 Million retail newly revealed plus $269 Million previously planned = around $720 Million.
Again, rough numbers. Pay down all variable debt, lock-in some fresh fixed mortgages, and run an SIB.
I doubt privatization is in play but who knows. SIB is likely at this point. End result with be higher AFFO and higher NAV. Keep selling office as we can at NAV and keep proving NAV. Assets are good, in high demand.
AX back to $10 is reasonable, which is a healthy discount to NAV in this environment. $7-$8 is not reasonable. Mr. Manji is proving NAV.
Cheers
garyreins wrote: Lets not forget the handy work investsmarter did for us a few months ago:
Quote:
"At September 30, 2023, the REIT had seven office properties, two industrial properties, one retail property, one parking lot and one parcel of development land located in Canada and four office properties located in the U.S. with an aggregate fair value of $269,372, classified as held for sale."
Now we learn big Canada western retail portfoio is for sale- another 200-300m comprising of 17 properties
By the time all the go unconditional and/or close could be end of 2024......is the strategic review outcome going to depend on just waiting until ~500m is crystalized? Or do they privatize it now while SP is very weak for $10, then have those asset sales mitigate risk so they own a heavily industrial reit?