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

RE:Debt to GBV of 39%

[mikoola72]

Thanks Frankie10 for the link to your analysis..greatly appreciate it.

I also think that Samir will sell properties opportunistically however I'm still trying to figure out what the best path forward is to grow this reit..grow but grow smartly and for that we need more properties or buy a deeply discounted reit with great upside, recycle those properties that don't fit and capture market value over and above the discounted price we paid for it. I remember when I first purchased Artis in 2009 there was equity raises and property purchases every few months it seemed and in hindsight buying properties everywhere just for the sake of buying properties with no strategic direction other then just accumulate properties,which most analysts thought most properties were B class with an affo payout ratio over 100%..yes it was different times but from what I recall at least there was a sense of excitement and the unit price almost hit $16-$17. Today we have a better balance sheet and a sub 8 unit price..and I realize it's a different time. Just hope Samir will grow this business smartly and keep the balance sheet in great shape and we can can be rewarded for patience. I think we are in better shape then in any time since I've owned units since 09 and I truly think we have tailwinds to propell use into the future. I do like the thoughtful discussion posts just wish there were more of it. GLTA