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

UPTREND IN TACT

[SNAKEYBOY]

Looks like we are inthe process of a short covering rally.....AX  getting more expensive than  HR on a AFFO multiple.   8.2% dividend is still quite juicy!

[Reece1986b]

Cominar is achieving some real success selling properties lately. I would imagine the 18% Cominar junior preferreds owned by Artis will be redeemed as soon as Cominar is in a financial position to do so.  "At March 31, 2023, the REIT had preferred investments of $122,630..." (Artis Q1 2023 MD&A, page 37) Artis has more real estate it intends to sell and Artis has the D

[Frankie10]

Meaningful value being built here. Monetizing assets at full value and purchasing heavily discounted assets is incredibly accretive, and is the reason I opened a position here. As we monetize assets, we bring debt into a more manageable position and afford ourselves the flexibility to invest in heavily discounted and quality oppertunities. Anyone fixated on unit price with no understanding and

[SNAKEYBOY]

The caveat with frankies statement is that  artis is selling what they know can sell in this environment....what % of assets would not be able to fetch NAV right now or in the future potentially, and what happens when the good industrial properties and retail run out? Either way its a good move for the balance sheet but can they continue selling assets indefinitely to pay down debt and fund

[Reece1986b]

Artis NAV reported as $17.09 (page 6, Artis Q1 2023 MD&A). Artis closed today at $7.27. That is about 43% of NAV. The industrial and retail assets appear to possibly be worth near-IFRS NAV given the ease with which they are being sold in volume. Net operating income is ~ 50% retail/industrial according to Artis themselves here: https://www.artisreit.com/our-portfolio/portfolio