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

New Press Release - ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF SALE OF NINE U.S. INDUSTRIAL PROPERTIES

WINNIPEG, MB, Aug. 12, 2024 /CNW/ - Artis Real Estate Investment Trust ("Artis" or the "REIT") (TSX: AX.UN) announced today that it has closed on the previously disclosed sale of a portfolio of nine industrial properties located in the Greater Phoenix Area, Arizona, and the Twin Cities Area...read article.

[rad10]

Another 140 million US towards debt reduction!  Good to see the ongoing execution from Samir / Sandpiper.  Still underwater on common units, but the investment thesis was sound.  DRIPping away and getting my ACB down

[Frankie10]

Rad the full proceeds of $200M USD or ~$270M CAD will go to pay down debt. First the proceeds are used to pay the mortgages on the properties, then the remainder is likely used to pay down revolving debt. Mortgages and reliving credit, it's all debt bro.

[rad10]

  absolutely!  The net overall debt reduction (There was a significant mortgage on the offloaded property) is considerably less though.  It's great to see this plan start to unfold.

[Northforce13]

"The net overall debt reduction (There was a significant mortgage on the offloaded property) is considerably less though." ?:   The sale price of $197.4-million (U.S.) represents a price per square foot of $173 (U.S.), and the properties had approximately $58.8-million (U.S.) of mortgage The mortgage was very small compared to the sale price, same thing for the other large

[rad10]

  im just a little guy.  60 large is still significant to me.

[jmkOttawa]

This is great news!! Wonderful execution by Samir and bringing the debt ratio below 45 per cent de-risks the REIT significantly. Chapeau to Mr Manji!

[rad10]

  facts!!!  A lot of glass half empty people on this board. Trump campaign unravelling too!!  Bonus.