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

Any more lower and....

[SNAKEYBOY]

I'm not sure it makes sense for artis to go much lower regardless of what AFFO is based on the math of the market cap relative to asset base.

Lets say it tanksto $6.00.

• $6.00 x 75 million shares  = $450 million market cap.
• Public securities = $300 million

At $6 even its basically implying unit holder equity value of the REIT is only $150 million.  That all 120+ properties and Cominar is full on debt.

Bear in mind the Industrial asset value = $700 million which probably can fetch NAV now if needed.

The remaining 7 million shares of the NCIB in the $6's would not be that bad for long term holders.

[InvestSmarter]

We told you in a previous post units oustanding is not 75M. Its 116M less buybacks since Q4 ended. Know what you or buying. Scary stuff.     But yes, even at 116M outstanding, Investment Grade Credit Artis is at crazy low valuations.

[SNAKEYBOY]

I saw the NCIB memo where it stated 78 million shares...I forget they have shares not traded on the TSX.  I guess at 116 million shares its not so impressive. Damn

[Reece1986b]

That is the rationale behind my investment in Artis. Regardless of what AFFO is, the unencumbered public market investments in Dream Office and First Capital are rather easy to value. Likewise, the industrial assets are imo rather easy to sell. The question is merely what kind of discount to NAV would be required to bring that about. At $6/unit, ~40% of the value of Artis (114 million units times

[SNAKEYBOY]

Nice explanation  reecey....and if FCR or D take off sometime  this year that they have a nice 10-20% capital gain and worth ~350 million it would be  nice