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

Concludes strategic review…..

[Olhausen]

Nothing mentioned about

1. the success or failure of the strategic review. To date I haven't seen any evidence of SP gap to NAV closing. 

2. the total cost of the strategic review. I'm not convinced it was productive for shareholders, and cannot determine if there was any value for shareholders given the total cost of SR is not known.

[tylerreddick]

90% of the time these "strategic reviews" are nothing but an intentional distraction from poor performance.

[jmkOttawa]

The success of the strategic review was clearly stated/ 1.1 billion CAD in asset sales at IFRS values which allowed the Debt to asset ratio to drop below 40 percent and improved the ability of the REIT to obtain financing under much better terms and allowed the flexibility to use the NCIB to run full steam for both the commons and prefs. They did a super job!!

[Olhausen]

Hi JMK, I hear you and I agree with you that sales transactions at IFRS enabled desirable outcomes to redeploy the proceeds more effectively.  I'm pleased to that  end.   I am trying to articulate something a little different    “The Artis Board and newly formed Special Committee are looking forward to initiating a strategic review that will aim to address the

[garyreins]

I agree with olhausen. The goal was articulated as closing the gap and they did not achieve that so basically the NAV is inflated and the market conditions don't allow for this.  It was smoke and mirrors

[Olhausen]

Edited previous post Hi JMK, I hear you and I agree with you that sales transactions at IFRS enabled desirable outcomes to redeploy the proceeds more effectively.  I'm pleased to that  end.   I am trying to articulate something a little different    “The Artis Board and newly formed Special Committee are looking forward to initiating a strategic review

[jmkOttawa]

Early March, the REIT was trading at 5.70 +/- and is currently over 30 per cent higher. In addition it has distributed its entire AFFO which is 8-10 per cent depending on where you look at in that time frame.  I would not call that unsuccessful in the REIT space where all Canadian REIT's are significantly under loved for the moment. With the debt reduced significantly and the

[Olhausen]

I think the low you refer to is early Mar  2024, 6-7 months after the SR was announced. The SR was announced Aug 2023 at a SP of around $7.00. It was called after it slid from loftier valuations in the region of  >$9'ish for about the previous 2 years.  To be clear, I'm not calling this SP action from the low  Mar'24 of $5.70 unsuccessful either. The