TSX:AX.PR.E - Post by User
Post by
garyreinson Oct 10, 2024 10:40pm
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Post# 36262105
THE REASON
THE REASONIn my view that Artis does have more upside but likely will never be a $12-13 REIT again is simply due to the fact that a significant portion of retail and industrial has been sold with an increased position in D.UN. And office can come back a bit but wont be as popular as it was before the covid when 95% of people went to the office everyday 4-5 days a week.
Before artis was like 40% office, 30% industrial, 20% retail and 10% other (iris, main, public securities)
all retail and mostly industrial will be sold as he alluded to...which leaves a 60-70% office reit
manji needed to sell the good assets to address the wobbly balance sheet and stabalize risk and unit price.
the valuation will be inline with other office reits and a worse multiple. so Im looking at $9 to recalibrate my holdings
now if I see office sales pick up at NAV or better I may rethink it