WINNIPEG, MB, Sept. 15, 2020 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.PR.A) (TSX: AX.PR.E) (“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 September 30, 2020. The cash distributions will be made on September 30, 2020 to Series A Unitholders of record on September 30, 2020. As at the date hereof, there are an aggregate of 3,361,200 Series A Units issued and outstanding.
- $0.342 per Series E preferred unit (“Series E Unit”) of Artis for the quarter ending September 30, 2020. The cash distributions will be made on September 30, 2020 to Series E Unitholders of record on September 30, 2020. As at the date hereof, there are an aggregate of 3,797,730 Series E Units issued and outstanding.
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 June 30, 2020, Artis’ commercial property comprises approximately 23.8 million square feet of leasable area.
During the three months ended June 30, 2020, Property Net Operating Income (“Property NOI”) by asset class, including Artis’ proportionate share of properties held in joint venture arrangements, was 47.5% office, 17.2% retail and 35.3% industrial. Property NOI by geographical region, including Artis’ proportionate share of properties held in joint venture arrangements, was 2.6% in British Columbia, 15.8% in Alberta, 6.7% in Saskatchewan, 11.7% in Manitoba, 10.6% in Ontario, 11.0% in Arizona, 22.5% in Minnesota, 10.9% in Wisconsin and 8.2% in U.S. – 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.
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SOURCE Artis Real Estate Investment Trust
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