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

Remember this.

[garyreins]

Manji already "conceded" that the AFFO was in trouble citing the high floating debt would make it volatile next few quarters and his timeline was up.  If he could have have turned the boat around in 1-2 quarters with some asset sales maybe he didn't need the strategic review.  The strategic review was predicated on that the management team beleved interest rates would be elevated for another year and possibly worst.  Hence when faced with a tough decision to cut dividend and/or let unit price continue to go into free-fall he decided to see if it can be sold and come out with $3-5 higher.  

He also knew at the time office would be difficult to sell.

I also believe the committee put in place is not really a broad-based team with external parties (other than the conventional bmo capital markets + lawyer) and I figure this as he knew what he wanted to already.   He is a seasoned private equity guy that booted out the old artis management team because they had strong views on how it should be run- why would he let others dictate.

Now the question is what is this grand plan.   SIB is still a rather weak approach, now can be executed at $7 bucks half off nav...definitely not achieving any goal he set out to do.

The stakes are high and we cant connect the dots here.

One thing is certain- failure will not be tolerated by this very hostile REIT market, and sentiment continues to get worse by the week.