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

Artis continues to sell and newly list office buildings

[InvestSmarter]

Some ARTIS Buildings for sale found online.

Alberta EMC Building = Sold (I Believe). No longer on artis' website.

Winnipeg Offices For Sale (237 days old):
365 Osborne Street
https://www.realtor.ca/real-estate/25266968/365-osborne-st-winnipeg

Bell MTS Building I & II (Last Updated Sept 26th?)
https://www.collierscanada.com/en-ca/properties/bellmts-tenanted-downtown-portfolio-for-sale/can-333-main-street-191-pioneer-avenue-179-pioneer-avenue-winnipeg-manitoba-canada/can2013423
https://listingsprod.blob.core.windows.net/ourlistings-can/64b3a245-9e2c-48a2-8977-7f815e158e3e/70c5c22a-88f3-40ba-9dc6-d4e5e2ba6eae

Arizona
2550 West Union Hills Drive - 24 days ago
https://www.crexi.com/properties/1181094/arizona-union-hills-office-plaza

Colorado
161 Iverness (Old AT&T Building)
https://businessden.com/2023/08/08/vacant-dtc-office-building-lists-for-50m-less-than-owner-paid/

We know AX has a bunch of buildings up for sale. Most of what I can find are offices in Canada. Most of the BIG deals are probably not on the general market and does privately.
 

 

[Catchtherally]

He should try Facebook market place - I find it works well for disposing of items I don't want.  Looks like a 9.5% cap rate on the Arizona office... might be what it takes to move office.

[EstevanOutsider]

Nice research. So Artis is selling Iverness for $21 million ($50 million less than 2016 purchase price?). That's only $80 psf! Seems quite low. Can't find it listed on any real estate site and can't see the link content as I don't have a membership. Any idea where it is listed or how much? Thanks

[spacegimp]

So they paid $65 million for this , wow  https://www.loopnet.com/Listing/61-Inverness-Dr-E-Englewood-CO/26302296/

[EstevanOutsider]

it apepars to be erroneous information. artis owns 161 iverness not 61 iverness which you are showing on your link. quickly went thru colorado visible sales in denver and saw no reason to believe that beautiful building artis owns is worth only $80 sf. perhaps the original author is also misinformed.

[EstevanOutsider]

I actually talked to Mr Manji today and asked about this office potentially for sale in Denver, while he wouldn't disclose any specific details on properties he indicated the building is worth less than what Artis paid but it was also reflected in recent IFRS valuations.  I also asked about Cominar's preferred units and he indicated that the intention was to preserve liquidity until

[Catchtherally]

I have lots of respect for Samir due to his communication with shareholders. It seems like he genuinely cares which is reassuring. Thanks for sharing this information Este. Enjoy your weekend. 

[garyreins]

All those points, particularly the NCIB in december is somewhat moot if he is even remotely successful in his strategic review outcome. Not sure I'll be happy with the shares being cancelled in the $5's in Dec/Jan, much the same old and long game.   Also his optimism does not mean much to me, he was optimistically buying FCR/D and  NCIB shares 40% higher.  I will make

[Catchtherally]

Yes I am still under the impression it was a 3 year plan and it is coming to an end. If things have changed to a long game I expect we will hear that when they announce the result of the review

[DZtrader]

Hey Este, great you made the request and even better that he indeed took the time to reach back out to you. You mention you asked him about Cominar, did you directly ask him what percentage of the Iris preferreds units are currently held by Artis and if so did he give you a direct answer or just brush it off? We do not know what % of the Iris preferred units we (Artis) own. Whoever owns the

[DZtrader]

Foot notes appearing on the bottom of my last post are credited to Frankie, not mine.

[EstevanOutsider]

I did not ask about that. It would be useful to know for sure! Sounded to me there is uncertainity there given transaction liquidity is low which is something we know across the entire space, and until interest rates stabalize and more certainity on their direction, visibility sounds limited when it comes to valuations but they retained the best quality assets.   

[DZtrader]

Thanks Este, good to know. Glad to hear they are doing the logical thing at least holding the quality. I am very curious as most here are as to just how deep they are going with regards to sales. I have long noted I am hopeful it is minimal. I have a sneaking suspicion we might just follow through with the reversal we saw on Friday. Still cautious but starting to feel some mojo is ahead! Take

[jmkOttawa]

Mojo ahead would be very, very good..!!

[DZtrader]

Well we never truly know but it looks like things are starting to look a little more encouraging. Lots of caveats of course but coming out of a seasonaly weak period reasonably well oversold is never a bad position to start. Some big enough data coming out next week as well as earnings season kicking in. CPI will loom very large and its a bit of a wild card from where I am sitting, having said

[DJ441c]

Thanks  for  that    would also be nice to know  how many tenants are in the 300 Main apartment complex    My guess  is substantially  less than  100