WINNIPEG, Sept. 15, 2016 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.UN) (“Artis” or the “REIT”) announced that its trustees have declared its regular monthly cash distribution of $0.09 per trust unit (“Unit”) of Artis for the month of September, 2016. The cash distributions will be made on October 14, 2016 to Unitholders of record on September 30, 2016.
As at the date hereof, there are an aggregate of 149,332,398 Units issued and outstanding.
Artis is a diversified Canadian real estate investment trust investing in office, industrial and retail properties. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States. As of June 30, 2016, Artis’ commercial property comprises approximately 27.1 million square feet of leasable area.
During the three months ended June 30, 2016, Property Net Operating Income (“Property NOI”) by asset class, including Artis’ proportionate share of properties held in joint venture arrangements, was approximately 50.0% office, 24.1% retail and 25.9% industrial. Property NOI by geographical region, including Artis’ proportionate share of properties held in joint venture arrangements, was approximately 5.2% in British Columbia, 35.4% in Alberta, 6.2% in Saskatchewan, 12.7% in Manitoba, 10.7% in Ontario and 29.8% in the U.S.
Property NOI is a non-GAAP measure. Artis calculates Property NOI as revenues, measured in accordance with International Financial Reporting Standards, less property operating expenses such as utilities, repairs and maintenance, and realty taxes, and does not include charges for interest and amortization.
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SOURCE Artis Real Estate Investment Trust