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

AX.un dividends of 9%

[houbahop]

is starting to look attractive.
Not many stocks or bonds left with this kind of returns.

And trading at half (?) its NAV (???) makes the downside risk limited.

In @ $6.60 earlier this week and will add more once an uptrend is established.
In the meanwhile, bring in this 9% dividend.

[garyreins]

 A 9% dividend not covered by affo is as phoney as a 3 dollar bill.  A small speculative buy is ok but if they cut your underwater indefinitely 

[Frankie10]

Interest rates will come down... interest expense will fall given high exposure to variable rate debt... we've been over this... I have genuine sympathy for every one of your teachers as a kid. 

[garyreins]

I'll believe it when I see it.  noi is declining as well

[Torontojay]

 The pumper will always put a positive spin on it no matter what. Stay away from these people. 

[Frankie10]

Someone piss in your cereal this morning? Interest rates falling, Artis' exposure to variable rate debt... these are just facts... I bet on Artis in a big way when Q4 came out and I publicly shared my analysis. I disclosed that I stretched every dollar I had by buying call options instead of common units... and it paid off... why can't you just say good job and move on? Why do you linger

[DZtrader]

Frankie, T.J./Snake breath and a couple other aliases, sole purpose is to get under people's skin, that is their only apparent M O . T.,J. character has so much as alluded to this and took pleasure in it.  It's like someone uninvited showing up to a party and is not welcome and yet won't leave. Low class individual. Nobody wants him around, he has zero interest in the stock but

[jmkOttawa]

I muted him  and am no longer subject to his malignant comments. Just one click and you're done.

[Frankie10]

Fair. Back on mute TJ and Gary go. Prob gonna give the whole board a break. Made back lots here in a short period... just gonna kick my feet up and keep my thoughts to myself on this one for a bit. See you when there is news worth discussing. Be good. 

[jmkOttawa]

Since Artis is massively exposed to floating rates and the rates are on a down cycle, the only thing that is as phoney as a three dollar bill is your poorly thought out post. Artis is committed to maintaining the current distribution and the consequence of leasing up 300 Main as well as reduced interestrates, continued NCIB activity, and the recently announced disposition of a half empty office

[rad10]

NAV is overstated, but Artis has done a lot right the last few months.

[DJ441c]

can you tell me why you feeel overstated     plz

[garyreins]

All reit navs are overstated. That's why HR AND NWH can't sell stuff without taking writedowns

[Torontojay]

Accounting values mean absolutely nothing in the real world. 

[rad10]

  NAV IFRS > $11 Canadian .......  it's a bit stretched don't you think?  

[Frankie10]

Rad, you think cap rates aren't high enough? Which asset class or geography do you think should be higher? I agree, some REITs have assets marked at very low cap rates (such as Allied)... but I think current cap rates reflect fair value in an orderly liquidation. Rates falling should be an inflection point in cap rates for REITs such as Artis who have been meaningfully increasing cap rates for

[rad10]

Frankie - office occupancy isn't the greatest and that's half their NOI.  Meaningful increase in cap rates can only come about through increased occupancy in their office portfolio.  (Or further sales of the worst performing assets) Like most REITS I think the stated NAV is inflated. Buying units at 6.75 and thinking there are 14 bucks worth of assets behind each unit is

[Frankie10]

Agreed. NAV is not FMV. I could write you a paper on all the reasons... have a nice weekend.

[jmkOttawa]

Well put Frankie..!!