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

Iris

[Frankie10]

Iris is the only thing that matters between now and March 1. The path Samir chooses for Artis may have a material impact on valuation. Hopefully at a minimum, the uncertainty around Iris will finally come to an end. Time to start running the REIT like a public company, Samir.

[DJ441c]

can any accounting expert  give an opinion on current  value of Iris   thanks!

[Frankie10]

Not an official valuation - but I personally believe the prefs are worth all, if not close to all, the equity value of Iris; and, the commons, which rank subordinate to the prefs, are therefore worth little to no proportion of the equity value of Iris. This has been my opinion for years now. You can see the equity value of Iris flow from the commons to the prefs over the past years by viewing

[DZtrader]

Hey Frankie, hope you are great. I recall reading this from you on more than one occasion and I would concur with you. I wouldn't assign much of any value to the Commons. Worst thing that could happen is you would be incorrect and that would be an upside surprise (sort of). To further support your theory, the non disclosure from Manji with regards to this is all one would need to know.

[Frankie10]

DZ! Upside or downside surprise, IMHO, would singularly depend on whether Artis owns more or less than 32.64% of the total prefs outstanding. I think I'm the only one who finds it interesting that we have a situation where the prefs and commons are at odds with each other, given that Artis and Koch own the prefs, while the commons are controlled via 54.79% by Artis + Sandpiper + Halcyon

[DJ441c]

thanks   for all the IRis   thoughts yet still have no idea  how many $$  these  prefs are worth    the silence by management  I agree  tells you a lot I would appreciate if somonewith accouning background (possibly)  could ask a pointed question at the annual meeting re  this   if not  forthcoming in the annual 2024

[Frankie10]

Sorry, I thought it was obvious. The approximate value of the prefs would be whatever they're valued on the balance sheet plus some interest til March 1. It's been compounding at 18% per year. I hope Artis owns 50% of the total prefs. That would be nice.