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

Dream Offfice...

[SNAKEYBOY]

In hindsight, I feel I should have plowed more money into Dream at $15ish, right now Artis is about 5x my Dream Offfice position.  The yield is about the same at D - $15/, AX - $9 and it seems Dream will have an easier time closing the gap after the Bay Office building and DIR stake sales, and is smaller market cap and doesn't have the debt issues Artis is facing. 

If lady luck is on my side D.UN will go back to $15.00 and if Artis rallies hovers to $9+ I will look for the trade to even them out. Anyone else agree?

[Reece1986b]

Dream Office has a lot of ways to monetize their portfolio which it took me a long time to appreciate. I think the land value on many of the smaller Dream Office Toronto buildings is probably worth more to the right buyer than the building which sits on it. Replacement cost is also far higher than the existing buildings. 

[jmkOttawa]

Hindsight is 20-20 bro. They are both hugely undervalued and with patience should deliver handsomely. As you discovered swapping from PMZ to HR, sometimes the more you trade- the less your returns. We have all had that experience.... Artis is more undervalued than it seems on the surface. With total Assets of just over 4.5B and net debt of more or less 2.3B, there is about 2.2 billion of equity

[CatchTheDip]

D has higher quality office assets, and Eglinton in a hidden monster of value in the portfolio. Take Ds NAV at $31, remove $8 for DIR holdings = $23. (Rough numbers not exact). Then take the $16 unit price, and remove the $6.80 (the mark to market value of DIR in D) = around $9.20. So today we get $23 NAV of D for $9.20. Now add in the extra $2/unit for Eglinton they expect to write it up after

[Frankie10]

The upside of office is rezoning to multi res - the H&R team discussed this on their last call. I see Dream is doing this as well - huge positive in my eyes. You almost want a cheap, old office building with no tenants - rip it down and build a 40 floor master piece. Keep the office with 10+ year leases with solid tenants.

[CatchTheDip]

Dream Office's Financial District Toronto Assets are fully renovated and command a very high rent (and still rising). However, they have 3 mega projects.   Eglinton is a monster. 2.7Million Sq feet of new space, and keep existing office.   212 to 220 King is a 1.1M Sq foot development.   250 Dundas is a 500k Sq foot development (this is most likely the next one