WINNIPEG, July 15, 2016 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.PR.G) (“Artis” or the “REIT”) announced that its trustees have declared a quarterly cash distribution of $0.3125 per Series G preferred unit (“Series G Unit”) of Artis for the quarter ending July 31, 2016. The cash distributions will be made on July 29, 2016 to Series G Unitholders of record on July 29, 2016.
As at the date hereof, there are an aggregate of 3,200,000 Series G 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 March 31, 2016, Artis’ commercial property comprises approximately 26.2 million square feet of leasable area.
During the three months ended March 31, 2016, Property Net Operating Income (“Property NOI”) by asset class, including Artis’ proportionate share of properties held in joint venture arrangements, was approximately 24.6% retail, 50.0% office and 25.4% industrial. Property NOI by geographical region, including Artis’ proportionate share of properties held in joint venture arrangements, was approximately 6.5% in British Columbia, 33.2% in Alberta, 6.2% in Saskatchewan, 13.0% in Manitoba, 10.6% in Ontario and 30.5% 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