Artis Real Estate Investment Trust Q1 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Matt Kornack - National Bank Financial, Inc., Research Division - Analyst : Can you just walk us through the NOI contribution from, I think, it's 360 Main in terms of how those units will come online and how we should expect kind of NOI to trend. I understand apartments they can be negative in the beginning as you're in lease-up, but eventually, obviously, that turns to the positive.

Question: Matt Kornack - National Bank Financial, Inc., Research Division - Analyst : And can you provide what kind of your pro forma stabilized NOI would be from that building?

Question: Matt Kornack - National Bank Financial, Inc., Research Division - Analyst : Okay. Samir, I'm not sure if I'm going to get any answer on this, but I'll try. One of your equity securities is in the process of doing an SIB. Would that qualify as an opportunistic point to get some liquidity out of your equity securities?

Question: Matt Kornack - National Bank Financial, Inc., Research Division - Analyst : Fair enough. And with regards to 161 Inverness, can you give us a sense of to -- how you think that property will be repositioned and the leasing prospects for, I guess, smaller spaces as opposed to trying to go after a single tenant for all of it.

Question: Matt Kornack - National Bank Financial, Inc., Research Division - Analyst : And ballpark, how much would be the investment to get it to that positioning?

Question: Matt Kornack - National Bank Financial, Inc., Research Division - Analyst : And then the last 1 for me, just with regards -- I think I may have asked last call, but I'm not sure if there was -- if I ultimately got the answer. But with regards to the way the U.S. office portfolio is funded or lending there, can you give me a sense as to what the secured financing looks like on that portfolio? And are there any assets where it would be accretive to the REIT to give it back to the lender? Or is that not something that you're considering at all?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Just following up on Mario's last question there. The assets that you have in the held for sale, what would the average IFRS cap rate be on those?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Okay. And then switching to operations, specifically the Madison portfolio. It looks like you guys have a fair amount of leasing to do in that portfolio this year, and you've done a good job. You got 44% already taken care of. But is there any sense on the other 55%, 56% or so that you still have to take care of? Are there any -- in other words, are there any known tenants that are not going to renew?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Okay. And then how -- like I think you guys are 18% vacant there, but there's no -- you didn't put a CBRE number in there. How would you guys compare to the overall market?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Well, no. How are you guys in Madison versus the overall Madison market? Do you outperform? Rather you're in line?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Okay. And then just lastly, Samir, I'm not sure on the filing rules, but for your equity security dispositions in Q1 and post Q1, if any of that was FCR or Dream Office would you guys have to file?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Okay. Do you -- care to add any color to that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 12, 2023 / 5:00PM, AX_u.TO - Q1 2023 Artis Real Estate Investment Trust Earnings Call

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Okay. Fair enough. I think last quarter, you said that you guys had 3 securities, 1 not named and obviously, FCR and Dream. Is that still the case? Or are you down to just those 2?