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

Don't worry about Q1

[HermannHaller]

A REIT business is fairly predictable, I am sure they knew what the quarter looked like mid month when the NCIB was active. Rent gets paid monthly, it's not like a manufacturing business that was trying to get a couple of large sales signed and out the door before quarter end.

I think it is far more likely that there is some other pending news which they had to restrict themselves for. Maybe an asset sale, debt refinancing, or some new joint venture. Hopefully something is announced in next few days.

GLTA

[SNAKEYBOY]

You realize Artis lost 20% since Q4 announcement mid February? Sure the FFO swings arent wild but they could be limping on other fronts and see better opportunity to buy back in after AND LOWER. 

[HermannHaller]

Sure there is potential for there to be something disappointing in the Q1 report, I just don't believe there would be something new about the quarter on say March 28, that they couldn't have predicted when they were buying back on March 21. If the NCIB didn't buy at all in March, then I would be scared.

[SNAKEYBOY]

Maybe their financing discussions went south or they actually saw the hard numbers their finance team put together as the quarter wrapped up and decided it looked  "disappointing" as you said... I generally agree that there should have been no material developments this past week for Manji to change course, but that is exaclty what happened first week of January....NCIB stopped

[EstevanOutsider]

They held off due to index deletion. Picked up units on the cheap. Smart and tactical. Now likely under blackout considering potential material news.

[SNAKEYBOY]

Jan 6 the NCIB stopped, and Jan 13 was the last Manji purchase.   They didnt know about index deletion at the time as that was announced post earnings around Feb 20 I think.   Maybe the earnings blackout period does start around last week, but as i indicated they could have side-stepped insider purchases by setting up automated criteria.   Thats what every other REIT

[EstevanOutsider]

Well i reviewed the ncib and they did indicate using a broker for automated purchases during blackout periods. Technically they have a week to file so very well could have been active last week regardless. Either way doesn't say anything given how they've done massive ncib buying this year.