WINNIPEG, March 15, 2016 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.PR.A) (TSX: AX.PR.U) (TSX: AX.PR.E) (“Artis” or the “REIT”) announced that its trustees have declared the following quarterly cash distributions:
- $0.328125 per Series A preferred unit (“Series A Unit”) of Artis for the quarter ending March 31, 2016. The cash distributions will be made on March 31, 2016 to Series A Unitholders of record on March 31, 2016. As at the date hereof, there are an aggregate of 3,450,000 Series A Units issued and outstanding.
- US$0.328125 per Series C preferred unit (“Series C Unit”) of Artis for the quarter ending March 31, 2016. The cash distributions will be made on March 31, 2016 to Series C Unitholders of record on March 31, 2016. As at the date hereof, there are an aggregate of 3,000,000 Series C Units issued and outstanding.
- $0.296875 per Series E preferred unit (“Series E Unit”) of Artis for the quarter ending March 31, 2016. The cash distributions will be made on March 31, 2016 to Series E Unitholders of record on March 31, 2016. As at the date hereof, there are an aggregate of 4,000,000 Series E Units issued and outstanding.
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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 December 31, 2015, Artis’ commercial property comprises approximately 26.2 million square feet of leasable area.
During the three months ended December 31, 2015, Property Net Operating Income (“Property NOI”) by asset class, including Artis’ proportionate share of properties held in joint venture arrangements, was approximately 24.8% retail, 49.7% office and 25.5% industrial. Property NOI by geographical region, including Artis’ proportionate share of properties held in joint venture arrangements, was approximately 6.6% in British Columbia, 34.6% in Alberta, 6.6% in Saskatchewan, 11.9% in Manitoba, 10.6% in Ontario and 29.7% 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.
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
