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

Let's talk Artis organic growth potential

[EstevanOutsider]

I just went thru the details of their organic growth coming online in 2023 and did some counting.

We have:

Blaine 35 (317,000 sq ft)

Park8Ninety (675,000 sq ft)

Park Lucero East extension 10% (561,000 sq ft)

Should bring in around $8.3 million assuming it was 100% occupied.

Between beginning & Q1 2023 Artis will have reduced distribution payments by $6.4 million

The Colorado AT&T vacancy if not filled will result in 10 lost months of rent at $4.2 million

Already in 2023, Artis will have reduced distribution by $1.4 million (not including prefs) from NCIB

Would love to hear from people smarter than me here.

[EstevanOutsider]

Just to add, that doesn't include the 300 Main project or the first 20 floors Artis plans to bring online. Anybody know how many condos are in this building or how much operating income it will bring?

[Reece1986b]

There seem to be ~400 apartments at 300 Main however we are only dealing with the first 20 floors at present so I presume that means ~200 apartments.  300main.ca website says: 1 bedroom lists starting at $1595/month 2 bedroom starting at $2285/month There are 50x 1BR and 23x 2BR available at this time on what I presume are the first 20 floors only - see: https://300main.ca/apartments/ 

[DJ441c]

see post  re  apartment building under construcion a bandoned      dont expect profit from 300  Main for 2 years   maybe

[EstevanOutsider]

Not sure that is relevant to Artis as it is widely known costs have soared for new construction. They overran costs by 50% and it was in a very warly stage of development. Also a poorly capitalized company face default. Link: https://www.cbc.ca/news/canada/manitoba/downtown-winnipeg-construction-high-rise-1.6826528

[SNAKEYBOY]

I think they intend on selling their developments particularly the industrial one and the lease up is not known. In any case its great they have these being complete this year and hopefully offsets any lease terminations