The plan:
"At March 31, 2023, the REIT had one office property, five retail properties and one parcel of development land located in Canada and 12 industrial properties, two office properties and one parcel of development land located in the U.S. with an aggregate fair value of $377,904, classified as held for sale. These properties were actively marketed for sale or under unconditional or conditional sale agreements at March 31, 2023."
What we sold:
"Since March 31, 2023, Artis has closed on the sale of four retail properties in Canada for an aggregate sale price of $79.6 million and one industrial property in the U.S for a sale price of US$28.9 million. Further, Artis has unconditional sale agreements in place for one retail property in Canada and seven industrial properties and one parcel of land in the U.S."
Conclusion:
- we sold all 5 Canadian retail properties
- one office building and parcel left to sell in Canada
- sold 8/12 industrial properties in US
- 4 industrial and two office properties left to sell in US
No office dispositions YTD... I expect further office writedowns in Q2, assuming we are struggling to sell these assets... this is becoming an office play. Majority of NOI will now come from office, even before considering Dream Office (office) and Iris/Cominar (office+retail), which only adds to the office exposure as a % of total underlying assets.