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

Updated Model

[Frankie10]

https://x.com/alphafortuna10/status/1790413257431265355?s=46
 

I've updated my implied cap rate model given the material nature of assets held for sale. TLDR I have the implied cap rate for Artis on a pre-tax basis of 10%+ *assuming* assets held for sale will be sold at book value, IRIS equity worth nil, and IRIS prefs are worth their face value. Q2 investments & buybacks not accounted for.

I've also provided the implied discount on the IFRS value, which I have then used to estimate the  implied cap rates for every individual asset class on a proportionate basis (may not be 100% appropriate - this is art not science despite the numbers)... the implied cap rates by asset type, compared to comparable implied caps for pure plays of the same asset type should be the real take away here. Value is relative and on a relative basis - the only thing more attractive than Artis, from a valuation perspective, appears to be H&R. Of course, imho.