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

Alternate Symbol(s): ARESF | T.AX.UN | T.AX.PR.I

Real Estate REIT - Diversified

Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and select markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin. The properties are divided into three categories: office, retail, and industrial. The industrial properties account for most of the portfolio, followed by the office properties and the retail properties.

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Artis Real Estate Investment Pref Shs Series E > My takeaway

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Comment by EstevanOutsideron Nov 08, 2024 7:00am

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Post# 36302581

RE:My takeaway

My guess:

1) Artis could have went up alot today if Manji didn't note his growth ambitions in the first paragraph of the release.

2) NAV growth isn't going to get respect unless he starts selling US offices, even at current cap rates

3) He will get asked alot about his next steps and that will make or break the momentum.

Conclusion:

Artis is much less risky now. I think the narrative is turning on offices. Interest rates are falling and Artis had alot of bad rate sensitivity already priced in so tailwinds from here. Yield is safer which could attract income seekers. Cominar uncertainity remains, if Artis can get the pref redeemed in cash rather then PIk that would be a huge catalyst in my view.

Overall Manji has done some incredible work over the past year.

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