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

Cominar plans 200 meter residential towers at Gare Centrale

[EstevanOutsider]

an iconic location currently CP Rail headquarters with the REM high speed transportation train now steps away underneath.

report from today

https://www.lapresse.ca/affaires/marche-immobilier/2024-05-24/centre-ville-de-montreal/des-tours-jumelles-au-dessus-de-la-gare-centrale.php?utm_source=dlvr.it&utm_medium=twitter

[Frankie10]

Very cool. Still zero clarity on the future of Artis' investments in Iris - and indirectly, Cominar. A reorg is required for the prefs - clearly. How things will be structured will be interesting. 

[jmkOttawa]

Brilliant news! It would be super as well if Cominar refinanced and redeemed the prefs paying 18 per cent so that the common equity can begin to return to value.

[Frankie10]

Iris prefs are redeemable by Artis starting March 1, 2025. The three parties involved have a deadline to figure out how to restructure and move forward. I trust Samir will choose the most beneficial path for Artis - it is very comforting to me knowing how much skin he has in the game (personally and thru Sandpiper).

[babybunny]

Interesting.  I think Artis would be wise to hang onto the IRS prefs and keep clipping the 18% coupon.  I am quite sure Koch will hang onto their prefs as long as possible. Are they callable at any point?  If so, I suspect IRIS will call them at the first opportunity ... unless Koch controls the IRIS voting. IRIS is a frustratingly complex investment vehicle, particularly since we

[Frankie10]

The 18% is simply accounting at this point. A mechanism to slowly transfer the value of the commons to the prefs.  To answer your question sir, they are redeemable by Iris at any time as per audited financials. Iris (and Cominar) do not have the liquidity necessary to redeem them. A capital injection would be required by either raising funds from common holders or via debt. Iris is just a