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

Would be interesting to see

[SNAKEYBOY]

A list of canadian reits and their multiples.   Its looking like Artis is the bottom of the rung, and at a significant margin at that!!!!!!!!!!!! Dream Office is even beating is 100% unloved office space, Slate Office too!

[CatchTheDip]

Dream office is like 30-40% dream industrial at this market cap.

[Frankie10]

It's a cash flow machine. Pay down the debt and send it to the moon. I personally like the Dream Office ownership interest - downtown Toronto towers. Office construction will grind to a halt and existing properties will be converted into multi res until supply and demand adjust for the post-Covid world - downtown Toronto core will always be disirerable imho.

[CatchTheDip]

Pretty much every Toronto Building they own is fully renovated as well. I may sell some of my well performing reits and double down on Dream Office. 

[CatchTheDip]

Sorry, wrong group.

[Reece1986b]

I like to use this site to review cheap Canadian REITs: https://alreits.com/screener  You can sort it by "Price/Earnings" which will give you the FFO/AFFO multiple at which the REITs trade. Most Canadian REITs trade at higher FFO multiples than Artis trades AFFO multiple.

[SNAKEYBOY]

Thanks Reece

[Reece1986b]

Not a problem! Thanks for all the stuff you've kindly shared and continue to share with everyone on these boards. Artis is green so far this morning. Only by a little so far but it's a welcomed change.

[SNAKEYBOY]

It can move up 10% in a week on a good Q4 report.  Though the NCIB stopped has me worried they are going to release a ugly report than the manji/sandpiper and ncib will grab cheap shares...I hope I'm wrong cause I want to liquidate my margin sooner rather than later and have almsot 450k in artis...

[babybunny]

The market is already discounting a shitty Q4 report and piss-poor governance ... so we are already scraping the bottom IMO.   All we need is some scrap of good news to drive the unit price to $11 in an instant:  a resumption of the NCIB, or an explanation of their recent investments in other REITs.  

[SNAKEYBOY]

I agree babybunny..the fact that they renewed 1 tranche of credit facility, sold 400 million at NAV didnt even make it budge. Thats insane!

[Frankie10]

it was variable debt renewed at the same variable terms, no? doesn't seem like news to me, unless i am mistaken. not only is the debt maturity an issue - the lack of hedging has left this REIT far more exposed to higher interest rates than peers - which still haven't been fully realized in earnings (even in annualized quarterly figures). take a look at the % of debt not fixed here vs. H

[SNAKEYBOY]

Like you said FrankieBoy, high rates aren't here to stay very long...maybe 1-2 years.  It all be good