Artis Real Estate Investment Trust Q2 2020 Earnings Call Transcript

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

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Armin, can you maybe, I guess, in your prepared remarks there, you kind of hinted at maybe some sort of JV development fund or something like that. Could you maybe expand on that a little bit?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Yes. That is helpful. And then just switching gears a little bit. Jim, you talked about having a lot of mortgage debt coming due in the next 12 months. What sort of rates are you seeing right now?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : And then would you be looking to fix more of that?

Question: Jonathan Kelcher - TD Securities Equity Research - Analyst : Fixed rates, is that right?

Question: Matt Logan - RBC Capital Markets, Research Division - Analyst : Armin, looking through the Q2 bad debts, can you give us a little bit of color on the operating performance of your Canadian office assets? And how those compared to your office properties in the U.S.?

Question: Matt Logan - RBC Capital Markets, Research Division - Analyst : Well, would it be fair to say the difference between Canada and the U.S. from an office standpoint might be more tenant specific as opposed to cultural differences or how the tenants are perceiving the value of office space on one side of the border or the other?

Question: Matt Logan - RBC Capital Markets, Research Division - Analyst : And have you done any notable office leasing on either side of the border since the pandemic began? Or have the -- has the leasing mostly been in the industrial portfolio?

Question: Matt Logan - RBC Capital Markets, Research Division - Analyst : That's good color. Maybe just changing gears here. The fair value marks during the quarter were about $12 million. Can you tell us what drove those write-ups and tell us if there have been any changes in your valuation inputs from an IFRS standpoint?

Question: Matt Logan - RBC Capital Markets, Research Division - Analyst : And last question for me, just on your disposition program. Last quarter, you talked about selling about $100 million to $200 million in 2020 and laid out a 2021 target for about $600 million. Are those plans still largely unchanged? And maybe just an update on where those stand?