Artis REIT: Safe and Cheap

Artis units have fallen sharply since my 3/5 article (Artis REIT: Liquidation Sale?).  A financial market crash and an economic recession make it unlikely that the company or significant parts of it can be sold in the near-term, but the strategic initiatives executed over the past year leave Artis well positioned to weather the storm and … Continue reading Artis REIT: Safe and Cheap

Ladder Capital: Well Positioned For A Distressed Market

Ladder is a commercial mortgage REIT with a diversified portfolio designed to preserve capital and flexibility to take advantage of period market disruptions.  A few weeks ago CEO Brian Harris said (4Q19 conference call transcript): Having just raised $750 million a few weeks ago, we have plenty of dry powder and we were deploying it … Continue reading Ladder Capital: Well Positioned For A Distressed Market

Colony Credit: Hoping the End Is Near

Colony Credit reported non-disastrous 4Q19 results with $0.37 Core EPS and undepreciated book value of $17.81/share Colony Capital announced that it intends to sell its agreement to manage Colony Credit Colony Credit hired brokers to sell The Row NYC Hotel CEO Kevin Traenkle resigned 4Q19 results (press release and conference call) came with no major … Continue reading Colony Credit: Hoping the End Is Near

Artis REIT: Liquidation Sale?

Artis 3/3 unit price is a 16% discount to IFRS Net Asset Value of $15.56/unit Artis trades at 8X 2020 FFO, well below the 15X average for all Canadian REITs The strategic initiatives announced in November 2018 have been aggressively implemented and the benefits are fully reflected in the unit price The share price now … Continue reading Artis REIT: Liquidation Sale?