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

Artis buybacks filed this morning

[EstevanOutsider]

+213,366 on commons

4100 and 3100 on prefs e and i.

Fwiw, Fcr insider buy of 7800 units filed this morning too

[Frankie10]

Thank you for sharing. Personally, I love the pref buybacks (buying back debt at a significant discount). That said, I hope Samir has a plan to repay the $250M debtenture coming due, without using the credit facility.  

[EstevanOutsider]

$142 million assets held for sale + $35 million in cash = $177 million + $73 million of FCR units (worst case scenario?) No burden to credit facility and eliminate of interest payments!  Not convinced that is how it unfolds as I think he has something else up his sleeve.    

[Frankie10]

The assets held for sale have been sitting there for quarters now with no agreement to sell in place as that would have been announced in Q2 earnings. Doubtful on the FCR sales... this would mean selling more FCR at a lower price then in prior quarters. FCR and Dream Office, although liquid, are the only assets at IFRS values that don't approximate their underlying fair market values

[InvestSmarter]

Samir said on the CC that no new assets are being put up for sale and no new mortgages are being put in place due to the strategic review, so that all options are left open for the committee.    

[Frankie10]

Incorrect. He said no new investment or acquisitions (around 15:00 mark of webcast) https://playback.conferenceconsole.com/recordings/rec24205041_20230803125040.mp3

[InvestSmarter]

I am correct. No new mortgages, leaving assets unencombered for the strategic review. There will be no material changes in Artis until this strategic review is complete, leaving all options open to the committee.   Jimmy Shan Okay. And then just lastly, on the liquidity side, I think you do have some unencumbered assets, $1.7 billion. Maybe can you remind me like why you are not

[SNAKEYBOY]

Yeah a analyst asked about refinancing unencumbered and he said no... pending strategic review

[jmkOttawa]

I disagree that he is unreliable Frankie. He is well aware that a motivated seller shows weakness and he has no desire to give away properties. He knows the market will turn around in time and is very patient.

[babybunny]

Samir is even more patient than our stoical friend Snakeyboy

[SNAKEYBOY]

If you read what I said his ambition (the private/ public disconnect) is at historic margin.  When artis traded at 11 and NAV was 18 it was desirable. Now you have 6.75 and 16, much wider. Crystallize the asset value and buy back shares.  Go BIG not 100m but 1 billion