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

PMZ AND HR TRADE AT ~14.5x AFFO MULTIPLE

[SNAKEYBOY]

ARTIS AT 11.64x.  APPLYING THE SAME MULTIPLE WE GET $10.90 FOR ARTIS.

Bottom line is Artis is discounted 20%+ so taking some steps in the right direction could easily get it back to $10.00

[Reece1986b]

I already have all the Artis I want however I'd be quite happy to pick up a couple thousand more units if the Artis delisting gets us a nice little dip nearer $8. There may very well be better investments out there however I don't think someone is likely to lose a lot of money buying from these levels. That's good enough for me.

[Frankie10]

Cash flow relative to market cap would be more than compelling in the low $8s... if you believe NAV, at $8 P to NAV is 0.46. I will be a buyer. Happy to make this a longterm hold to realize value.

[SNAKEYBOY]

I thought it was compelling at $11....then $10...then $9.....depends on if their FFO/AFFO continues to decline which could be the case with higher interest expense and asset sales. They need to start looking under the cushion for savings and use the NCIB to add value of declining metrics

[Frankie10]

Free cashflow has since deteriorated. The risk of rising rates was heightened at the time due to the % of variable debt and % of debt coming due within a year or two. Using Q4 metrics, I believe the NAV is realistic and the cash flow is relatively sustainable. Using Q4 metrics, at $8-$9 Artis is a good risk adjusted for ME. 

[CatchTheDip]

HR is higher quality. PMZ is not diversified. AX has a debt problem and no clarity of their focus. If they dump FCR and focus on their initiatives, such as Dream Office and Buybacks, the market will like it. The market does not like this mess of FCR, D, 300M in assets held for sale, debt coming due, and lack of buybacks. Clean it up Mr. MANJI. 

[Frankie10]

400 mil of assets held for sale including Cominar & equity accounted investments, I believe.

[jmkOttawa]

Amen..!! Nothing more to be said.