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

RE:Remember this.

[EstevanOutsider]

If you listen to other conference call comments you might be able to apply them to Samir Manji's current logic. In my view Manji has done an incredible job at selling some assets in a very challenging atmosphere despite. H&R just said there will be no further asset sales until interest rates come down and buyer liquidity pool improves. They know we are close and they are going to get a better price by waitnig. Michael Cooper at Dream is pretty much the same. If someone comes knocking at his door and willing to pay FULL price now he can deal but he is not going to sell at a discount. Plaza's Michael Zakuta made comparable comments.

Manji is playing the long game and is a major investor who was buying at much higher prices than I was and hopefully others on here were. Doubt he'd be happy with $10 as that is rather simple to achieve as all he would have to do is liquidate the industrial assets and some private securities plus the Cominar preferred share and he'd get that. 

If he waits a couple years on the office, sentiment will improve and rates will fall. Artis' office doesn't have much for expirations in the coming couple years and is considered high class in decent market, mostly not impacted by the daily headlines out of places like Chicago and San Fransisco. With no new builds, office will at some point be back in style. Until then it's a major cash flow generator for Artis which they can use to buyback units as long as they remain at a discount