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

RE:Office sale

[REITman]

Ouch!  Apparently Artis paid $20.5 million for 50% of the complex ten years ago, then later exercised an option to purchase the other half (presumably for the same amount or more), then sank a ton of money into renovations.  With the sale price in the $30 million range, this looks like a terrible ending to a really sad story.

The decision to purchase the complex happened before Samir came aboard, so I am not blaming him for the writedowns.  In fact he may be playing this crappy hand as best he can.  But what a regrettable waste of capital!