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Bullboard - Stock Discussion Forum Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

Alternate Symbol(s):  T.AX.UN | ARESF | T.AX.PR.I

Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and select markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin. The properties are divided into... see more

TSX:AX.PR.E - Post Discussion

Artis Real Estate Investment Pref Shs Series E > CASH MONEY MANJI. How much does he got?
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Post by EstevanOutsider on Jul 01, 2023 5:27pm

CASH MONEY MANJI. How much does he got?

$286 sold or under unconditional sale

$37 million from dream office disposition (still own 14$)

$186.7 re-financing linked to 300 Main (likely a competetive rate)

* multiple proceeds from cominar dispositions ? 

potential liquidity sources:

FCR: $249 million (8% ownership?)
Dream Office $82 million

Cominar pref 18% = $100 million; Cominar equity = $100 million (low side?)

Recent deal in the US last week for a major industrial portfolio went down at $220 sq ft. Using $200 sq foot to value Artis' US industrial portfolio would be it at around C$1.1 billion

Overall I see substantial sources of liquidity to retire a significant number of Artis' near term and beyond debt maturities depending on how Manji decides to execute. Manji could immediate retire around 50% of all Artis debt w/ at-hand liquidity levers should he wish to/forced to use them.

Not sure why the market is so fearful or why this REIT is so shorted?

Comment by SNAKEYBOY on Jul 01, 2023 6:30pm
REITS across the board are being assigned a 10x AFFO multiple give  or take.  PMZ/HR/AX are all there right now.  And its hard to see AFFO improve in this environment.   Before the current climate REITS like these were 12-15x AFFO mutliples.
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