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

FEB 28 WAS A DO OR DIE MOMENT FOR ARTIS CEO

[SNAKEYBOY]

No one could blame him for not seeing the rapid rise in interest rates....buying public securities was also his new strategy. and he was acccumulating FCR/D big.  

Feb 28 is when Manji shouldd have looked at the tons of maturing debt in 2023, from debentures, to preferreds, to mortgages etc, all rolling at signficantly higher or having to be paid off.  300m tied up in public securities at a great  bounce and FCR sitting as high as $18 and D at $17+   Frankie wrote him a letter.  

That move alone would have made Artis unstoppable- no public securities, -300m less in debt.  All in one shot.  The most obvious and costly blunder to date. No one at the time thought holding on to those was a good idea- especially after losing FCR control!

[DZtrader]

Can't blame him for not seeing the rapid rise in interest rates................are you mad? The kid at the koolaide stand anticipated a rapid raise in rates, every man and their dog anticipatef a rapid raise in rates. IF he didn't, he should not be where he is. There is no excuse for that poor of a judgement from a ceo.........................buying other reits into that environment, don

[jmkOttawa]

Could not disagree with you more DZtrader

[SNAKEYBOY]

The point I was trying to get across was end of Feb he was staring at significant debt expires and neglected to free up instant liquidity in public securities at around break even.  Basic risk management 

[DZtrader]

Hey JMK, how so? Not foreseeing interest rate rise? Or buying other reits into that environment? To me, seems fairy hard to defend either of those scenarios but would enjoy to hear you take on them, thanks.

[jmkOttawa]

I don't think Samir anticipated the magnitude of market response to REIT's that were already trading at an important discount, otherwise he would not have taken the postions in FCR and Dream Office. None of us did, otherwise we all would have liquidated our REIT postions mid 2022. Hindsight is 20/20. By the same token, I have a feeling that we will be surprised at the recovery when it does

[DZtrader]

Hmmmm.................I hear you and respect your opinion. I just didn't see too many other reits taking on variable rate mortgages heading into what was known as a hiking cycle. Actually, never saw ANY reits buying up other reits, in particular when theirs were going down the toilet. I do however agree that we should experience some nice and swift upside when the turn comes. Hopefully Artis

[jmkOttawa]

Thank you. Good luck to all!