WINNIPEG, March 15, 2018 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.PR.A) (TSX: AX.PR.E) (TSX: AX.PR.U) (“Artis” or the “REIT”) announced that its trustees have declared the following quarterly cash distributions:
- $0.353875 per Series A preferred unit (“Series A Unit”) of Artis for the quarter ending March 31, 2018. The cash distributions will be made on March 29, 2018 to Series A Unitholders of record on March 29, 2018. As at the date hereof, there are an aggregate of 3,450,000 Series A Units issued and outstanding.
- $0.296875 per Series E preferred unit (“Series E Unit”) of Artis for the quarter ending March 31, 2018. The cash distributions will be made on March 29, 2018 to Series E Unitholders of record on March 29, 2018. As at the date hereof, there are an aggregate of 4,000,000 Series E Units issued and outstanding.
- On February 22, 2018, Artis announced that it has delivered formal notice to the holder(s) of its Series C preferred units (the “Series C Units”) that, on March 31, 2018, the REIT will redeem all of the 3,000,000 outstanding Series C Units at a price of US$25.328125 for each Series C Unit, being US$25.00 plus US$0.328125 in accrued and unpaid distributions thereon up to but excluding March 31, 2018.
Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial 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 December 31, 2017, Artis’ commercial property comprises approximately 24.8 million square feet of leasable area.
During the three months ended December 31, 2017, Property Net Operating Income (“Property NOI”) by asset class, including Artis’ proportionate share of properties held in joint venture arrangements, was approximately 53.6% office, 21.2% retail and 25.2% industrial. Property NOI by geographical region, including Artis’ proportionate share of properties held in joint venture arrangements, was approximately 4.4% in British Columbia, 23.1% in Alberta, 6.7% in Saskatchewan, 14.3% in Manitoba, 12.2% in Ontario, 8.0% in Arizona, 17.6% in Minnesota, 9.1% in Wisconsin and 4.6% in U.S. â Other.
Property NOI is a non-GAAP measure. Artis calculates Property NOI as revenues less property operating expenses such as utilities, repairs and maintenance and realty taxes. Property NOI does not include charges for interest or other expenses not specific to the day-to-day operation of the REIT’s properties.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Artis Real Estate Investment Trust
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