The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jonathan Kelcher - TD Securities Equity Research - Analyst
: Just sticking with Fred's line of questioning on the dispositions there. If you -- well, I guess first on the $109 million or so that you've -- you affirm
on, but haven't closed, what sort of cap rate -- weighted average cap rate or how much NOI quarterly or annually is involved with those assets?
Question: Jonathan Kelcher - TD Securities Equity Research - Analyst
: Okay. So sort of $6 million to $7 million of annualized NOI coming off the books when these close? Is that fair?
Question: Jonathan Kelcher - TD Securities Equity Research - Analyst
: Okay. And secondly, so Samir, you said that you haven't finalized plans with regards to 2024 dispositions. I think, us waiting for the committee kind
of makes sense. But there is -- there will be $160 million assets on the balance sheet as held for sale. Like can we assume that those are going to
go and then you're looking beyond that? Or you might have no further dispositions in 2024?
Question: Jonathan Kelcher - TD Securities Equity Research - Analyst
: Okay. And then I guess just sticking with that, do you have leverage targets, either debt to EBITDA or debt to gross book value targets that you
could share?
Question: Jonathan Kelcher - TD Securities Equity Research - Analyst
: Okay. So would it be fair to say the majority of proceeds from any dispositions will be targeted towards debt repayment? And I'm thinking versus
the NCIB, really?
Question: Jonathan Kelcher - TD Securities Equity Research - Analyst
: Okay. And then just on operations, and maybe this goes into the assets that you've sold in Winnipeg, but the vacancy in the Winnipeg office seems
a little elevated, same with Grand Prairie Retail. Can you maybe comment on those?
Question: Khing Shan - RBC Capital Markets, Research Division - Analyst
: I just wanted to -- a clarification on your distribution comment. I guess, should we assume that the distribution is expected to stay the same until
we know what the outcome of the strategic review is, or how are you thinking about that?
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NOVEMBER 03, 2023 / 5:00PM, AX_u.TO - Q3 2023 Artis Real Estate Investment Trust Earnings Call
Question: Khing Shan - RBC Capital Markets, Research Division - Analyst
: Okay. And then just a question on leasing costs. I did notice leasing costs have moved up a fair bit versus a year ago. Can you give us sort of a
general sense of what TI and leasing cost per foot is to lease office across your various markets, and sort of how it's been trending in the last few
quarters?
Question: Khing Shan - RBC Capital Markets, Research Division - Analyst
: Okay. So maybe just to use those bookends 20s and $70s is, I imagine the average is somewhere in between, but what would -- like what 70s would
be in which market?
Question: Khing Shan - RBC Capital Markets, Research Division - Analyst
: Okay. So maybe like in Winnipeg, like what would be the -- what is the NERs look like then today maybe versus a year ago? Because it's sort of hard
to look at it just at face rent.
Question: Mario Saric - Scotiabank Global Banking and Markets, Research Division - Analyst
: Just 1 quick 1 for me. On the strategic review, is it fair to say that the expectation would be that some sort of resolution would surface by the end
of the year from a timing perspective?
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